Monthly Close Readiness Checklist

Readiness Scorecard

Every bank and credit card account matches the bookkeeping records through last month.Sales are recorded in the month they were earned.Unpaid bills and costs paid in advance are reviewed each month.Payroll totals match the payroll reports and are recorded in the correct categories.Major purchases, such as equipment or vehicles, are updated on schedule.Money moved between the business and the owner, or between related companies, matches the supporting records.The balance sheet is reviewed along with the profit and loss statement.All accounts are checked for unusual or unsupported amounts before reports are finalized.A second qualified person reviews the reports when possible.The close is completed on a consistent schedule each month.Changes made after a prior month's reports were issued are documented.The close is complete only after the reports are reviewed and shared with the people who use them.

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