The Month-End Close Checklist
A 12-step checklist that produces investor-ready financials within 15 days of month-end.
Before you close
Confirm all bills entered, expense reports submitted, payroll booked, and revenue recognized. Reconcile every cash, credit card, and loan account.
Accruals and adjustments
Book accrued expenses (services received but not invoiced), amortize prepaids, and record depreciation. Without these, accrual reporting is a lie.
Review and lock
Generate P&L, Balance Sheet, and Cash Flow. Compare to prior month and budget. Investigate variances over a threshold (say 10% or $1k). Then lock the period so nothing changes retroactively.
Key takeaways
- Close on a checklist, not from memory.
- Accruals and prepaids are what make accrual real.
- Lock closed periods to preserve report integrity.