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.

20 items · 4 sections · Business Finance

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Prepare records

Collect all sales invoices issued during the month
Collect all supplier and expense receipts
Reconcile the business bank account against your records
Reconcile credit card statements
Chase any outstanding client payments

Bookkeeping

Record all transactions in your accounting system
Categorize expenses correctly for reporting
Calculate and record depreciation if applicable
Review accounts receivable and accounts payable balances
Post payroll entries for the month

Review

Generate a profit and loss statement for the month
Compare actual results against budget or forecast
Review cash flow for the upcoming month
Check inventory counts if applicable
Review any outstanding loans or debt payments

Close out

Back up financial records and export reports
File any monthly tax filings required Requirements vary by country, such as VAT returns.
Share the financial summary with stakeholders or your accountant
Archive the month's documents in a labeled folder
Set goals or adjustments for the next month