Month End Close + | Financial Cents Templates

About this template

This is a full month-end-close of Client Tasks, Team Tasks, Reviewer, Quality Assurance/Controls, and Month End Meeting in one template.

Work type: Bookkeeping

Location: United States

Client industry: Generic

Version: 1 (Latest)

This template includes

51 tasks
6 client tasks

	Client Tasks Client Tasks
	Were there any fixed asset purchases (i.e. vehicles, equipment, office equipment, land, or buildings, etc) over $2,500 last month?
	Please upload sales / use tax reports prepared and filed last month.
	Please upload to sync. {bank, credit card, asset, liability statements}
	Please upload payroll reports.
	Were any new loans obtained last month?
	Were any new employees hired or terminated in the previous month?

Client Tasks Client Tasks

Were there any fixed asset purchases (i.e. vehicles, equipment, office equipment, land, or buildings, etc) over $2,500 last month?

Please upload sales / use tax reports prepared and filed last month.

Please upload to sync. {bank, credit card, asset, liability statements}

Please upload payroll reports.

Were any new loans obtained last month?

Were any new employees hired or terminated in the previous month?

	Team Tasks
	Check Bank Feeds For Month	Bookkeeper
	Bank accounts - Add Account #
	Credit cards - Add last 4 of CC
	Accounts receivable	Bookkeeper
	Accounts payable	Bookkeeper
	Retention Receivable (If necessary)	Bookkeeper
	Other assets	Bookkeeper
	Inventory (If necessary)	Bookkeeper
	Undeposited funds	Bookkeeper
	Fixed assets	Bookkeeper
	Review Fixed Assets (All Transactions are $2,500 or more, if not move to X Cap X.)
	Review X cap X (All Transactions are $2,500 or less.)
	Payroll liabilities	Bookkeeper
	Sales / Use tax liabilities	Bookkeeper
	Other Liabilities	Bookkeeper
	Wash / suspense	Bookkeeper
	Equity	Bookkeeper
	Payroll expenses (If necessary)	Bookkeeper
	Uncategorized accounts	Bookkeeper
	Uncategorized Assets
	Uncategorized Income
	Uncategorized Expenses
	Unspecified locations (If necessary)	Bookkeeper
	Unspecified classes	Bookkeeper
	Parent accounts	Bookkeeper
	Appropriate balances	Bookkeeper
	WIP	Bookkeeper
	Download Statements	Bookkeeper
	Bank Account - Add Account #
	CC Account - Add Account #
	Verify other statement downloads ( ie; vendor statements, medical. )
	Reconciliation's Of All Accounts	Bookkeeper
	Banking - Add Account #
	Credit Cards - Add last 4 of CC #
	Balance Sheet
	Reconcile other liability accounts, such as loans payable accounts.
	Final Review and Confirmation of Completion	Bookkeeper
	Set closing password in QBO	Bookkeeper
	Hand off to Reviewer via Slack Notification in Internal Channel	Bookkeeper

Team Tasks

Check Bank Feeds For Month

Bookkeeper

Bank accounts - Add Account #

Credit cards - Add last 4 of CC

Accounts receivable

Bookkeeper

Accounts payable

Bookkeeper

Retention Receivable (If necessary)

Bookkeeper

Other assets

Bookkeeper

Inventory (If necessary)

Bookkeeper

Undeposited funds

Bookkeeper

Fixed assets

Bookkeeper

Review Fixed Assets (All Transactions are $2,500 or more, if not move to X Cap X.)

Review X cap X (All Transactions are $2,500 or less.)

Payroll liabilities

Bookkeeper

Sales / Use tax liabilities

Bookkeeper

Other Liabilities

Bookkeeper

Wash / suspense

Bookkeeper

Equity

Bookkeeper

Payroll expenses (If necessary)

Bookkeeper

Uncategorized accounts

Bookkeeper

Uncategorized Assets

Uncategorized Income

Uncategorized Expenses

Unspecified locations (If necessary)

Bookkeeper

Unspecified classes

Bookkeeper

Parent accounts

Bookkeeper

Appropriate balances

Bookkeeper

WIP

Bookkeeper

Download Statements

Bookkeeper

Bank Account - Add Account #

CC Account - Add Account #

Verify other statement downloads ( ie; vendor statements, medical. )

Reconciliation's Of All Accounts

Bookkeeper

Banking - Add Account #

Credit Cards - Add last 4 of CC #

Balance Sheet

Reconcile other liability accounts, such as loans payable accounts.

Final Review and Confirmation of Completion

Bookkeeper

Set closing password in QBO

Bookkeeper

Hand off to Reviewer via Slack Notification in Internal Channel

Bookkeeper

	Reviewer Tasks
	In Financial Cents - Review close period task for competition and/or notes	Reviewer
	In QBO - Transaction Review	Reviewer
	Review any Bank Transactions still not processed for month closing, and notify team member responsible to complete (if transaction is also in Reviewer Subtask, schedule a time with team member to process with them)
	Review any Needs Attention still not processed for month closing, and notify team member responsible to complete (if transaction is also in Reviewer Subtask, schedule a time with team member to process with them)
	In QBO - Account Reconciliation	Reviewer
	Review Bank and Credit Card Accounts for reconciled through dates, confirming reconciled through month in review.
	Review Bank and Credit Card Accounts to determine what transactions are unreconciled for current month in review and prior. Consult with team member on these specific transactions.
	Review Balance Sheet Accounts for reconciled through dates, confirming reconciled through month in review.
	Review Balance Sheet Accounts to determine what transactions are unreconciled for current month in review and prior. Consult with team member on these specific transactions (May only need to be done at Year End Close)
	Review Outstanding Transactions that are uncleared. Verify status of transactions to ensure only annual reconciled accounts are present.
	Review Outstanding Transactions with team member on these specific transactions (May only need to be done at Year End Close)
	In QBO - Final Review	Reviewer
	Review and Address Accounts Payable 90+ Days - follow up with team member if necessary.
	Review and Address Accounts Receivable 90+ Days - follow up with team member if necessary.
	In QBO - Wrap-Up	Reviewer
	Verify Books are Closed for month
	Prepare Financial Reports for Month Closing
	Prepare Financial Reports for YTD
	Archive/Save Financial Reports/Statements in Sync

Reviewer Tasks

In Financial Cents - Review close period task for competition and/or notes

Reviewer

In QBO - Transaction Review

Reviewer

Review any Bank Transactions still not processed for month closing, and notify team member responsible to complete (if transaction is also in Reviewer Subtask, schedule a time with team member to process with them)

Review any Needs Attention still not processed for month closing, and notify team member responsible to complete (if transaction is also in Reviewer Subtask, schedule a time with team member to process with them)

In QBO - Account Reconciliation

Reviewer

Review Bank and Credit Card Accounts for reconciled through dates, confirming reconciled through month in review.

Review Bank and Credit Card Accounts to determine what transactions are unreconciled for current month in review and prior. Consult with team member on these specific transactions.

Review Balance Sheet Accounts for reconciled through dates, confirming reconciled through month in review.

Review Balance Sheet Accounts to determine what transactions are unreconciled for current month in review and prior. Consult with team member on these specific transactions (May only need to be done at Year End Close)

Review Outstanding Transactions that are uncleared. Verify status of transactions to ensure only annual reconciled accounts are present.

Review Outstanding Transactions with team member on these specific transactions (May only need to be done at Year End Close)

In QBO - Final Review

Reviewer

Review and Address Accounts Payable 90+ Days - follow up with team member if necessary.

Review and Address Accounts Receivable 90+ Days - follow up with team member if necessary.

In QBO - Wrap-Up

Reviewer

Verify Books are Closed for month

Prepare Financial Reports for Month Closing

Prepare Financial Reports for YTD

Archive/Save Financial Reports/Statements in Sync

	Quality Assurance/Control Tasks
	Identify and Investigate Unusual Trends in Financial Reports	Q/A Manager
	Confirm No Duplicate or Misclassified Vendors	Q/A Manager
	Investigate Old/Open AR for Collection Status	Q/A Manager
	Investigate Long Outstanding AP Items	Q/A Manager
	Trace Any Unusual or High-Value Adjustments in Current Period	Q/A Manager
	Validate Inventory Valuation Against Past Periods	Q/A Manager
	Confirm Fixed Asset Thresholds Are Consistently Applied	Q/A Manager
	Investigate Any Manual Journal Entries in the Period	Q/A Manager
	Final Sign-Off and Documentation Storage Confirmed	Q/A Manager
	Wrap-Up Confirmation	Q/A Manager
	Confirm Prepared Financial Reports for Month Closing are accurate to any updates or changes made in Review
	Confirm Prepared Financial Reports for YTD are accurate to any updates or changes made in Review
	Confirm Archived/Saved Financial Reports/Statements in Sync are the most up to date. Update the name of these reports to include the word "Final" at the end of the saved name. (This confirms review and final version, if a new version must be created and saved, ensure that version has the Final in the saved name)

Quality Assurance/Control Tasks

Identify and Investigate Unusual Trends in Financial Reports

Q/A Manager

Confirm No Duplicate or Misclassified Vendors

Q/A Manager

Investigate Old/Open AR for Collection Status

Q/A Manager

Investigate Long Outstanding AP Items

Q/A Manager

Trace Any Unusual or High-Value Adjustments in Current Period

Q/A Manager

Validate Inventory Valuation Against Past Periods

Q/A Manager

Confirm Fixed Asset Thresholds Are Consistently Applied

Q/A Manager

Investigate Any Manual Journal Entries in the Period

Q/A Manager

Final Sign-Off and Documentation Storage Confirmed

Q/A Manager

Wrap-Up Confirmation

Q/A Manager

Confirm Prepared Financial Reports for Month Closing are accurate to any updates or changes made in Review

Confirm Prepared Financial Reports for YTD are accurate to any updates or changes made in Review

Confirm Archived/Saved Financial Reports/Statements in Sync are the most up to date. Update the name of these reports to include the word "Final" at the end of the saved name. (This confirms review and final version, if a new version must be created and saved, ensure that version has the Final in the saved name)

	Month End Client Meeting
	Confirm Client Meeting Date and Time	Accountant
	Prepare Client-Facing Financial Package (P&L, Balance Sheet, Cash Flow)	Accountant
	Summarize Key Financial Highlights and Variances	Accountant
	Identify Any Areas Needing Client Input or Clarification	Accountant
	Create Month-End Dashboard or Summary Slide (if applicable)	Accountant
	Review Open Items or Follow-Up Tasks from Previous Month	Accountant
	Document Questions for Client About Outstanding AR/AP or Unusual Transactions	Accountant
	Prepare Talking Points on Trends or Advisory Opportunities	Accountant
	Present Finalized Reports to Client During Meeting	Accountant
	Document Client Feedback and Assign Follow-Up Tasks	Accountant
	Month End Meeting Completed. Documented. Follow-up assigned. Approved to close project now.	Accountant

Month End Client Meeting

Confirm Client Meeting Date and Time

Accountant

Prepare Client-Facing Financial Package (P&L, Balance Sheet, Cash Flow)

Accountant

Summarize Key Financial Highlights and Variances

Accountant

Identify Any Areas Needing Client Input or Clarification

Accountant

Create Month-End Dashboard or Summary Slide (if applicable)

Accountant

Review Open Items or Follow-Up Tasks from Previous Month

Accountant

Document Questions for Client About Outstanding AR/AP or Unusual Transactions

Accountant

Prepare Talking Points on Trends or Advisory Opportunities

Accountant

Present Finalized Reports to Client During Meeting

Accountant

Document Client Feedback and Assign Follow-Up Tasks

Accountant

Month End Meeting Completed. Documented. Follow-up assigned. Approved to close project now.

Accountant