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Month-end close checklist for bookkeepers and accounting firms
A close that depends on who is doing it is not a process. This is the checklist we would hand a new bookkeeper on day one: every client, every month, in the same order, finished inside five working days with a reviewer signing it off.
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How to use it
How to use this template
1
One copy per client, per month
Save a copy into the client file for the period before the close starts, and fill in the header.
2
Set the deadline and the reviewer
Five working days after month-end is a realistic target once bank feeds are in place. The reviewer is never the person who prepared the close.
3
Tick, initial and note
Every line gets initials and a date. Anything that cannot be finished goes in the notes with who is waiting on whom.
4
Cut what does not apply, once
Delete the lines a client will never need (no stock, no payroll) in their master copy, so the list stays honest.
5
Review the delays every quarter
Look back at which lines held up the close. It is usually the same two, and they are usually on the client side. Turn your spreadsheets into month-end machines shows where the time usually goes.
The template
The template in full
Month-end close checklist: [Client name]
Replace everything in [square brackets].
Close details
Item
Detail
Client
[Client name]
Period
[Month and year]
Prepared by
[Name]
Reviewed by
[Name, not the preparer]
Close deadline
[Date, e.g. fifth working day]
Before month-end
Close dates agreed with the client: when statements, payroll and supplier bills will be in.
Document request sent: bills, receipts, sales not yet invoiced, new loans or finance, asset purchases.
Every bank feed connected and current, including credit cards, loans and payment platforms.
Prior month locked.
Days 1 to 2: cash
Every bank, credit card and loan account reconciled to the statement closing balance, not just the feed.
Unreconciled items older than 30 days cleared or explained.
Unknown transactions coded, or sent to the client as one question list, not ten emails.
Cash takings and petty cash counted and recorded, if the business handles cash.
Days 2 to 3: sales and receivables
Every sale for the month invoiced; client asked about work done but not yet billed.
Customer payments applied to invoices; no unallocated receipts left.
Credit notes and refunds recorded.
Aged receivables reviewed: chase list sent to the client, doubtful debts flagged for the accountant.
Days 2 to 3: purchases and payables
Every supplier bill for the month entered, including late arrivals.
Statements from the main suppliers matched to the payables ledger.
Aged payables reviewed for duplicates and bills paid but still showing open.
Recurring bills and subscriptions checked: still needed, still the right amount.
Day 3: payroll and employee liabilities
Payroll posted for every pay run in the month.
Payroll liability accounts (tax withheld, superannuation or pension, other deductions) reconciled to the payroll reports.
Payroll reporting done for each pay run: Single Touch Payroll in Australia, RTI in the UK, and in the US federal and state payroll tax deposits made on schedule.
Superannuation, pension or retirement contributions paid by their due date.
Leave balances and accruals updated, if the client reports them monthly.
Days 3 to 4: GST, VAT and sales tax
Tax codes spot-checked on the month's largest transactions and on anything coded tax-free or out of scope.
GST, VAT or sales tax control account reconciled to the tax report.
Imports, reverse-charge and private-use items treated correctly.
Upcoming deadlines noted: BAS in Australia, VAT return in the UK, sales tax returns in each US state where the client is registered.
Day 4: adjustments
Accruals posted for costs incurred but not yet billed (utilities, contractors, interest).
Prepayments released for the month (insurance, annual software, rent in advance).
Income billed in advance deferred and released as it is earned.
Depreciation posted; new assets added to the register and disposals recorded.
Loan accounts reconciled to lender statements, with interest and principal split.
Stock adjusted to the count or system value, if the client holds stock.
Owners' or directors' loan and drawings accounts reviewed.
Day 5: review, lock and report
Every balance sheet account supported by a reconciliation or a schedule.
Suspense and clearing accounts at zero, or explained in the notes.
Profit and loss compared with last month and the same month last year; large movements explained.
Reviewer (not the preparer) has checked and signed off.
Period locked in the ledger (Xero calls it a lock date; QuickBooks Online calls it closing the books).
Reports sent to the client with three lines on what changed and what needs their decision.
Question list, working papers and this checklist saved to the client file.
Notes and sign-off
Open item
Waiting on
Due
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Blank
Role
Name
Date
Prepared
Blank
Blank
Reviewed
Blank
Blank
Common questions
Frequently asked questions
What is a month-end close?
The set of steps that gets a set of books complete and correct for the month: every account reconciled, every transaction coded, adjustments posted, the result reviewed, and the period locked so nothing changes after the client has seen the numbers.
How long should a month-end close take?
For a small-business client with bank feeds and a cooperative owner, five working days after month-end is a realistic target, and many firms get routine clients to two or three. The time goes on waiting for information, so the fastest closes start the week before month-end with the document request.
What is the difference between a month-end close and a year-end close?
A year-end close is a month-end close plus the annual work: stocktake, the full fixed asset review, provisions, the tax adjustments and whatever the accountant needs for the financial statements and tax return. A clean run of monthly closes makes year-end mostly a review.
Who should review the month-end close?
Someone other than the person who prepared it, with enough experience to question a balance: a senior bookkeeper, a manager or the client accountant. The review is quick when every balance sheet account already has a reconciliation or schedule behind it. What bookkeepers check when AI does the bookkeeping lists the review points that matter most.
Can AI do the month-end close?
It can do more of the preparation than it could a year ago: ledgers now suggest coding and reconciliation matches, capture tools read bills, and review tools flag miscoded and duplicate items. A person still reconciles to statements, makes the judgement calls and signs off. Our AI for accountants guide covers where it helps most. For a worked example, see the AI month-end close, step by step.