Month-End Close Checklist Guide for 2023
Month-End Close Reminders/Considerations
- Bank Reconciliation:
- Reconcile payroll bank accounts, credit cards, loans, and other Balance Sheet accounts to ensure accuracy.
- Accruals and Prepayments:
- Review and adjust any accrued liabilities or prepaid expenses.
- For Employers: Verify that employee benefits and vacation accruals are accurate.
- Inventory, if applicable:
- Perform a physical inventory count and adjust for any write-offs.
- Fixed Assets:
- Verify that fixed assets are properly reflected on the Balance Sheet.
- Book accumulated depreciation.
- Expense any small asset purchases per the company’s capitalization policy.
- Accounts Receivable and Payable:
- Review and clean up aging reports; write off uncollectible client invoices.
- For Employers – Review Payroll:
- Ensure all employee hours are accurately recorded.
- Verify that all pay rates, deductions, and benefits are up to date.
- Confirm payroll taxes have been calculated correctly.
- Review and reconcile all employee expense reports and ensure proper documentation for any reimbursements.
- Financial Statement Preparation:
- Prepare monthly income statements, balance sheets, and cash flow statements.
- Ensure all payroll-related accounts are properly reflected.
If you need further details or have questions, please contact your Linkenheimer CPA.
