The month-end close checklist

Fourteen steps, one page. These are the checks that catch the errors a client actually notices — the ones that cost you the relationship, not just an hour of rework.

  1. Lock the prior period. Before anything else. Otherwise a late entry silently changes a month you already reported on.
  2. Reconcile every bank and card account to the statement, not to the feed. Feeds drop transactions and duplicate them.
  3. Chase the unreconciled difference to zero. "Close enough" on the 12th of the month becomes a four-hour hunt in April.
  4. Clear the uncategorised / suspense account. It should be empty. If it is not, you are guessing at the P&L.
  5. Review the aged receivables. Anything over 60 days gets a note — the client will ask, and "I'll check" is the wrong answer.
  6. Review the aged payables for duplicates. Duplicate bills are the single most common error clients spot themselves.
  7. Check payroll posted and that the liability accounts cleared.
  8. Reconcile sales tax / VAT to the filed return, not to the ledger.
  9. Post accruals and prepayments. Insurance, subscriptions, rent.
  10. Post depreciation if it runs monthly.
  11. Scan the P&L against last month. Any line that moved more than 20% gets explained before you send anything.
  12. Scan the balance sheet for negatives that should not be negative. A negative bank balance or negative inventory is an error, not a result.
  13. Write the two-sentence summary the client will actually read. What changed, and what needs their decision.
  14. Lock the period and date your workpapers. Future-you needs to know what was known when.
The one most people skip: step 11. Comparing this month to last month takes ninety seconds and catches the miscategorised transaction that makes a client say "that number looks wrong" — which is the moment trust starts leaking, regardless of whether the books are otherwise perfect.

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