1. Pre-Close Preparation
- ☐ Confirm all bank feeds, credit card feeds, and payment processor feeds are updated.
- ☐ Collect missing invoices, receipts, payroll reports, and vendor statements.
- ☐ Confirm sales, revenue, and billing data has been posted.
- ☐ Review prior-month open items and unresolved reconciliation issues.
2. Cash and Bank Reconciliation
- ☐ Reconcile bank accounts to statements.
- ☐ Reconcile credit cards and payment processors.
- ☐ Review outstanding checks and deposits in transit.
- ☐ Investigate unmatched transactions and duplicate entries.
3. AP, AR, Payroll, and Accrual Review
- ☐ Reconcile AP aging and AR aging to the general ledger.
- ☐ Review unpaid vendor bills and overdue customer balances.
- ☐ Confirm payroll entries, taxes, and benefit accruals.
- ☐ Review accruals, reversals, and deferred balances.
4. Prepaids and Fixed Assets
- ☐ Review purchases above prepaid or capitalization thresholds.
- ☐ Update prepaid and fixed asset schedules.
- ☐ Record amortization and depreciation entries.
- ☐ Reconcile schedules back to the general ledger.
5. General Ledger and Financial Review
- ☐ Review month-over-month account variances.
- ☐ Investigate unusual account spikes or drops.
- ☐ Identify duplicate journal entries or repeated amounts.
- ☐ Review income statement, balance sheet, and cash flow trends.
6. Final Close Review
- ☐ Confirm all reconciliations are complete.
- ☐ Confirm key schedules agree to the general ledger.
- ☐ Review open items and document follow-ups.
- ☐ Lock or close the accounting period if applicable.