Month-End Close Checklist: Stay on Top of Your Financials! 💼📊
- FinSightAccounting
- Oct 11, 2024
- 1 min read
Updated: Oct 13, 2024
The end of the month can be a hectic time for any finance team. A well-structured month-end close checklist can ensure accuracy, streamline the process, and keep your financials in check. Here’s a brief look at some key steps:
Reconcile Bank Accounts: Ensure all cash transactions are recorded and match your bank statements.
Review and Post Accruals: Capture any unpaid expenses or revenue earned but not yet received.
Reconcile Accounts Receivable & Payable: Confirm that all invoices have been issued and payments recorded.
Review Payroll: Verify that all payroll entries and related taxes are accurately posted.
Review Financial Statements: Generate and review the income statement, balance sheet, and cash flow to ensure accuracy.
Close Subledgers: Close AR, AP, and other subledgers to prevent further entries.
Back Up Data: Always ensure that your financial data is backed up and secure.
By following this checklist, you’ll reduce errors and have a clear financial snapshot heading into the next month!
How does your month-end close process look? Let’s discuss strategies to make it more efficient!
Download a basic example of Month End Close and modify it based on your company needs.
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