Month End Close
What Steps are necessary to complete a Month End Close
Procedure and Checklist
for Small Business Accounting
What is a month end close? A high level overview of the 4 basic steps include entering all deposits and checks, reconciling financial balances, printing and saving reports and finally moving from the current month to the new accounting period.
Small Businesses walk thru these steps each month end to make sure financial reports are accurate. The result of completing each month in a timely manner is so that the owners can determine profitability each month during the year. The bank reconciliation which is included as a part of the month end close steps confirms all transactions for the monthly period were recorded and is a critical part of the process.
Tips and tricks
Review and reconciled these 5 accounts each month
- Accounts Receivable
- Accounts Payable
- Gross Wages
If you are a larger company there may be additional accounts that need to be reviewed for accuracy each month such as fixed assets, prepaid expenses, loan accounts and tax liabilities. If you are distribution or manufacturing company it may include WIP, Finished goods and cost of goods sold. For a month end close checklist follow the links below to request a month end close checklist in excel for your small business.
Request – Small Business Month-End Close Checklist
- View Sage 50 Month-End Checklist
- View QuickBooks Month-End Checklist
- View Sage 100 Month-End Checklist
Small Business Quarter End Close Checklist
Small Business Year End Close Checklist
- Sage 50 Year End Close Checklist
- QuickBooks Year End Close Checklist
- Sage 100 Year End Close Checklist