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A practical month-end close checklist
A monthly close gives the business a consistent stopping point for reviewing its records. Treat the checklist as a working sequence that ends with resolved differences and readable reports, not simply a collection of checked boxes.
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General information, not legal or tax advice.
Collect the statements before reconciliation
Intuit recommends reconciling accounts monthly. Gather bank and credit card statements and identify missing periods before starting. Keep a separate list of outstanding receipts and payroll reports so an incomplete file is visible to the owner.
Sources: QuickBooks Support (Intuit)
Match activity and resolve the difference
QuickBooks reconciliation uses the statement ending balance and date. Intuit instructs users to match transactions until the difference is $0.00 and to consult an accountant before accepting an unresolved difference. Investigate missing or duplicated activity instead of entering a balancing amount without support.
Sources: QuickBooks Support (Intuit)
Review open customer and vendor balances
As a bookkeeping practice, examine unpaid invoices, outstanding bills and deposits awaiting completion. Intuit’s year-end guide specifically calls for checking Undeposited Funds. Retain explanations for old balances so the next close does not restart the same investigation.
Sources: QuickBooks Support (Intuit)
Read the reports as a connected set
Run the Balance Sheet and Profit and Loss for the intended dates, as described in Intuit’s reporting review. Compare unusual movements with supporting records. Ask whether a change reflects business activity, a timing difference or an entry needing correction before distributing the reports.
Sources: QuickBooks Support (Intuit)
Control changes after the review
QuickBooks lets you set a closing date and require either a warning or a warning plus a password for changes. Agree on who can approve changes to reviewed periods and keep a record of corrections. The setting helps preserve the reviewed report while allowing necessary adjustments through a deliberate process.
Sources: QuickBooks Support (Intuit)
Sources: closing and reconciliation
Build a dependable monthly close
Tidwell reconciles accounts and maintains current books, with open questions organized for the owner and CPA.