The month-end close checklist

1. Cash and reconciliations (days 1–2)

1. Download statements for every bank, credit card and loan account.
2. Reconcile each bank account to the statement balance.
3. Reconcile each credit card account.
4. Reconcile payment processors (Stripe, PayPal, Shopify) including fees and payouts.
5. Review and clear uncleared transactions older than 60 days.
6. Confirm loan balances and split principal and interest.

2. Revenue and receivables (days 2–3)

7. Confirm all invoices for the month were issued.
8. Match customer payments to open invoices.
9. Review the receivables aging and follow up on balances over 30 days.
10. Record deferred revenue for amounts billed but not yet earned.
11. Review revenue by customer and product for unusual swings.

3. Expenses and payables (days 2–3)

12. Enter all vendor bills received for the month.
13. Review the payables aging and confirm due dates.
14. Categorize every expense and attach receipts.
15. Record payroll, taxes and benefits from the payroll report.
16. Review recurring subscriptions for anything unused.

4. Adjustments (days 3–4)

17. Accrue expenses incurred but not yet billed.
18. Amortize prepaid expenses.
19. Record depreciation of fixed assets.
20. Update inventory and cost of goods sold.
21. Reconcile intercompany balances if you have more than one entity.
22. Record any sales tax liability.

5. Review (day 4)

23. Compare the P&L to last month and to budget; explain large variances.
24. Review the balance sheet: every account should have support.
25. Check gross margin and key ratios for anything unexpected.
26. Confirm there are no transactions in suspense or "uncategorized".
27. Lock the period in your accounting software.

6. Reporting (day 5)

28. Produce the P&L, balance sheet and cash flow statement.
29. Write a short note on what changed and why.
30. Share the package with the owner and schedule a review call.