A month-end close checklist for small businesses

A regular month-end close turns bookkeeping into reliable monthly numbers.

The checklist

1. 1Record all sales invoices and credit notes for the month.
2. 2Record all supplier invoices received, and accrue for goods or services received without an invoice.
3. 3Reconcile every bank account and credit card.
4. 4Reconcile cash on hand.
5. 5Review receivables and follow up overdue balances.
6. 6Review payables and confirm balances with key suppliers.
7. 7Record payroll, GOSI and end-of-service provisions.
8. 8Record depreciation and prepaid expense amortisation.
9. 9Reconcile the VAT accounts with the VAT return figures.
10. 10Review the income statement and balance sheet for anything unusual.

Timing

Aim to close within 10 working days of month-end. Faster closes mean faster decisions.

Tip

Keep the checklist in a shared file and tick each item with a date and initials. It also helps when someone is away.