Month-End Close Checklist for Small Business

This is a month-end close checklist for a small business that keeps its books in QuickBooks, Xero or a similar system. Work down the list in order, tick each step, and lock the month at the end. It reduces the guesswork in closing and shows where a second pair of eyes helps.

By Jake McKenna, FounderPublished Last reviewed

Free download

Download the printable checklist (PDF)

PDF. No email form. Every step on this page with a box to tick and columns for who did it, the date and notes.

How do I use this checklist?

Download: month-end close checklist (printable PDF). It is free, and there is no email form. It has the same steps with a box to tick for each and columns for who did it, the date and notes. You can also copy the list into a spreadsheet. Run it once a month, at about the same point each month, and note who did each step. If a step does not apply to your business, mark it "n/a" so you know it was considered, not forgotten.

New to the idea? Read what month-end close is first.

The checklist

1. Get the records in

  • [ ] Download or confirm bank and credit-card feeds are complete for the month
  • [ ] Enter any receipts, bills and invoices not yet in the system
  • [ ] Confirm payroll entries for the month are posted
  • [ ] Record any cash or owner transactions

2. Categorize and clean

  • [ ] Review uncategorized transactions and assign categories
  • [ ] Look for duplicates
  • [ ] Check that personal and business spending are not mixed
  • [ ] Move anything in a holding or suspense account to where it belongs

3. Reconcile

  • [ ] Reconcile each bank account to the statement
  • [ ] Reconcile each credit card to the statement
  • [ ] Reconcile loan balances to lender statements
  • [ ] Investigate any difference, however small

4. Receivables and payables

  • [ ] Review unpaid customer invoices; note anything overdue
  • [ ] Review unpaid bills; confirm none are missing
  • [ ] Apply customer payments to the right invoices
  • [ ] Decide whether any receivable looks unlikely to be paid

5. Adjustments

  • [ ] Record expenses that belong to the month but are not yet billed
  • [ ] Record income earned but not yet invoiced, where relevant
  • [ ] Record prepaid costs spread across months
  • [ ] Record depreciation if you track it

6. Review

  • [ ] Compare the profit and loss to last month
  • [ ] Compare it to your budget, if you have one
  • [ ] Look at the balance sheet for odd balances, such as negative assets
  • [ ] Check that cash on the balance sheet matches the bank
  • [ ] Ask about any large or unusual movement

7. Report and lock

  • [ ] Produce the profit and loss, balance sheet and cash summary
  • [ ] Share with the owner or management
  • [ ] Note open questions for next month
  • [ ] Lock the period so past months cannot be changed by accident

Who should do each step?

A typical split:

Step Usually done by Reviewed by
Records in, categorize Bookkeeper Controller or owner
Reconcile Bookkeeper Controller
Receivables and payables Bookkeeper Owner
Adjustments Bookkeeper or accountant Controller
Review and report Controller Owner
Lock period Controller or owner n/a

The split between recording and reviewing is what helps catch errors. Bookkeeper vs accountant vs controller explains the roles, and what a fractional controller is shows where review fits.

What if the checklist shows a problem?

Common finds are unreconciled differences, missing receipts and categories that make the profit look wrong. Fix them before reporting. If the problems go back several months, you may need cleanup first: see catch-up bookkeeping.

Can English Oak run this for me?

English Oak can run much of this. Our month-end bookkeeping and bookkeeping work covers reconciliations, payables and receivables and statement preparation, and our fractional controller work covers close oversight and management reporting. Fees are one fixed monthly amount; see pricing.

We do not prepare tax returns, audit or give investment advice. This is general information, not tax advice.

Tips for making the checklist stick

  • Pick a fixed day each month to start, and keep it.
  • Use the same order every time so nothing gets skipped.
  • Write the name and date next to each section when it is done.
  • Keep a short list of recurring problems and fix the cause, not only the symptom.
  • Ask someone other than the person who did the work to review sections 3 and 6.

Need this done for you? See our Bookkeeping service, or pricing. English Oak Financial does not prepare tax returns, perform audits or give investment advice. This guide is general information, not tax, legal or investment advice.

Common questions

What should be on a month-end close checklist?

Getting records in, categorizing, reconciling accounts, reviewing receivables and payables, making adjustments, reviewing the statements, and locking the period.

How often should I close the books?

Monthly is the usual rhythm for a small business. It keeps problems small and reports current.

Is there a month-end close checklist for Excel or Google Sheets?

Yes. The PDF on this page prints with columns for who did each step, the date and notes. You can also paste the list into a spreadsheet and add your own columns.

Which steps are easy to miss?

Two steps that are easy to miss: reconciling every account, including credit cards and loans, and locking the period. Skipping either lets errors creep back in.

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