Month-end close: make the review repeatable
A close checklist helps an owner understand which records are complete, what still needs attention, and who approved the period. This free Academy preview turns that idea into a short practice routine.
Define what complete means for your business
Pick a month and a cutoff date. Identify the accounts, sales activity, purchases, inventory, and outstanding balances that belong in the review. A green dashboard alone cannot establish that all source documents were received.
The useful question is: can another authorized person trace a reported number back to the records and decisions that support it?
A five-part review sequence
- Gather missing invoices, receipts, bills, credit notes, and statements.
- Reconcile cash and card accounts, explaining timing differences and exceptions.
- Review customer and supplier balances, including deposits and partial payments.
- Check inventory counts, receiving records, and cost information for the period.
- Review proposed corrections and reports, then document approval and remaining questions.
Your business may need additional steps. Loans, fixed assets, payroll, taxes, and unusual transactions can require a qualified professional's review. This preview does not determine your legal or tax obligations.
Practice: which items are ready to close?
| Fictional item | What is known | Next action |
|---|---|---|
| Customer payment | Bank deposit found; invoice reference missing | Confirm which invoice it pays |
| Supplier shipment | Goods received; freight bill not received | Document the missing cost and review treatment |
| Bank fee | Statement and fee amount verified | Prepare the supported correction for review |
| Inventory count | Two units short; cause unknown | Investigate before approving an adjustment |
Suggested answer: each item has a different next step. Keep the evidence and status visible. A missing document and a verified correction should not be treated as the same kind of exception.
Leave a review trail
- Save the period, account, and statement references.
- Note what changed, why it changed, and who approved it.
- Keep unresolved questions with their supporting records.
- Export or retain the review packet according to your business recordkeeping needs.
Put the checklist beside your own workflow
Read the month-end close checklist, explore month-end close software, or continue to the subscriber course. The full Academy is included with an active paid subscription.
Common questions
Does completing a checklist guarantee accurate books?
No. The checklist organizes the review; the quality and completeness of the source records and approvals still matter.
Can I use this for a service business?
Yes, adapt the review to your business. Inventory steps may be irrelevant, while job costs, deposits, or unbilled work may need attention.
Continue learning with Allie
Course 4: Reconciliation and Closing. The full course requires an active paid subscription.
General education and product information. Fictional examples are labeled. Confirm accounting, tax, and legal matters with a qualified professional.