Month-end lives in spreadsheets, bank feeds and a dozen "quick question" emails, and the close pack is still due Monday. A clear checklist won't make the work disappear, but it shows exactly which steps are judgment and which are just preparation.
1. Collect
- Bank and credit card statements for every account
- Payment processor payouts (Stripe, Square, PayPal)
- Payroll reports
- Bills and receipts received during the month
- Open questions from the client or business owner
Hand off: gathering statements and exports, and listing what's still missing with a drafted request to the client.
2. Reconcile
- Bank accounts to statements
- Payment processor payouts to bank deposits, net of fees and refunds
- Credit cards
- Accounts receivable and payable aging
- Payroll to the general ledger
Hand off: the matching itself. An agent can tie payouts to deposits, so that 214 transactions are matched and only the handful that don't tie out are shown.
3. Review Exceptions
- Uncategorized or miscategorized transactions
- Unmatched deposits and payments
- Unusual amounts versus prior months
- Refunds and credits booked to the right period
Keep with a person: deciding what each exception means. Let the agent flag them; you decide.
4. Adjust
- Accruals and prepaid expenses
- Depreciation and amortization
- Deferred revenue
- Intercompany entries
Keep with a person: approving and posting entries. An agent can draft the support; you post.
5. Report
- P&L, balance sheet and cash flow
- Variance notes against last month and budget
- Overdue invoices and collections status
- Close pack sent to the client or owner
Hand off: drafting variance notes and the collections summary, with every number cited to the ledger. Keep: the sign-off.
Where to Start
Start with reconciliation. It's the most mechanical and the most time-consuming, and the results are easy to check. The month-end close assistant works through this checklist in order and tells you exactly what's left. Want a printable version? Get the Month-End Close & Tax-Season Checklist.