Month-End Bookkeeping Checklist

The complete monthly close routine, so nothing slips through before you report the numbers.

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Transactions & Reconciliation

Enter and categorize all transactions for the month
Reconcile every bank and credit card account
Reconcile merchant/payment processor deposits (PayPal, Stripe, Square)
Review for duplicate or missing transactions

Receivables & Payables

Review accounts receivable aging and follow up on anything overdue
Review accounts payable and confirm all bills are entered
Write off any uncollectible invoices per your policy

Accruals & Adjustments

Record any accrued expenses not yet billed
Record any prepaid expenses to amortize
Post depreciation for the month
Review and true up any estimates carried from last month

Review & Close

Run and review the profit & loss statement
Run and review the balance sheet
Compare actuals to budget and note major variances
Lock the period so prior transactions can't be edited
Save/export financial statements for the month

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Frequently Asked Questions

How is this different from the Month-End Close Checklist?

This one goes deeper into the bookkeeping mechanics — reconciliation, accruals, and adjustments — while the Month-End Close Checklist is a higher-level version of the same routine. Many businesses use both together.

How long should month-end close actually take?

For a small business with current books, a few hours spread over the first week of the following month is typical. It grows with transaction volume and the number of accounts to reconcile.

What if my numbers don't match after reconciliation?

Work backward from the discrepancy amount — it's often a duplicate entry, a missing transaction, or a timing difference between when something cleared the bank versus when it was recorded.

Do sole proprietors need to do all of this every month?

The core steps (reconciling, reviewing the P&L) matter for everyone. Steps like depreciation or accruals scale down naturally if you have few or no fixed assets and simple, cash-basis transactions.

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