The Month-End Close Checklist

Month-End Close Checklist for Financial Excellence

1️⃣ Pre-Close Activities

→ Ensure all entries from the previous month are approved and back up your financial systems.

2️⃣ Transactional Review

→ Confirm all transactions are recorded and reconcile bank statements to the general ledger.

3️⃣ Accruals and Adjustments

→ Record accruals for expenses not yet invoiced and adjust for any prepaid expenses.

4️⃣ Financial Statements Review

→ Inspect the income statement for irregularities and ensure the cash flow statement reconciles with the balance sheet.

5️⃣ Reporting & Analysis

→ Prepare and analyze month-end financial statements, identifying any significant variances.

6️⃣ Finalization

→ Validate all journal entries and confirm all reconciliations are complete and approved.

7️⃣ Continuous Improvement

→ Conduct a review meeting post-close to refine processes and document any challenges.

8️⃣ Compliance and External Reporting

→ Prepare regular reports for compliance and ensure adherence to regulatory standards.

9️⃣ Backup and System Maintenance

→ Secure all month-end documents and check for system updates.

Sharpen your financial close process with these key steps.

Excel is not just a tool, it’s a leverage for detailed financial control.

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