Month End Close Checklist

Close the books faster with a fixed sequence and owners.

Checklist steps

  1. Set the cut-off and freeze entries

    Communicate the deadline to all teams.

  2. Reconcile bank accounts

    Every account cleared to statement.

  3. Reconcile receivables and payables

    Chase unmatched items and disputes.

  4. Post accruals and prepayments

    Consistent policy applied every month.

  5. Update fixed assets and depreciation

    Additions, disposals and monthly charge.

  6. Review the trial balance

    Compare to prior month and investigate variances.

  7. Produce and circulate reports

    P&L, balance sheet, cash flow and commentary.

  8. Log issues for next month

    Anything that slowed the close down.

Frequently asked questions

How long does this take?

Around 440 minutes end to end once the team knows the steps. Times per step are listed above.

Can I edit this checklist?

Yes. Save it to LemPlates and you can add, remove or reorder steps, assign owners and set due dates.

How often should this be run?

Run it every time the process happens and review the steps at least every six months.