Monthly Business Closing
A recurring checklist to reconcile accounts and close the books each month.
Run through this the same time every month to keep your finances accurate.
Tick items as you go. Your progress is saved in this browser only.
Prepare records
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Collect all sales invoices issued during the month
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Collect all supplier and expense receipts
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Reconcile the business bank account against your records
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Reconcile credit card statements
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Chase any outstanding client payments
Bookkeeping
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Record all transactions in your accounting system
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Categorize expenses correctly for reporting
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Calculate and record depreciation if applicable
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Review accounts receivable and accounts payable balances
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Post payroll entries for the month
Review
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Generate a profit and loss statement for the month
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Compare actual results against budget or forecast
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Review cash flow for the upcoming month
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Check inventory counts if applicable
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Review any outstanding loans or debt payments
Close out
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Back up financial records and export reports
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File any monthly tax filings required Requirements vary by country, such as VAT returns.
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Share the financial summary with stakeholders or your accountant
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Archive the month's documents in a labeled folder
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Set goals or adjustments for the next month