✓
Download all bank statements for the monthAll checking, savings, and business credit card accounts.
⚠ Critical✓
Collect all receipts and invoicesPhysical receipts, email receipts, scanned documents. Nothing missing.
✓
Download payroll reports (if applicable)Gusto, ADP, or QuickBooks Payroll summary reports for the period.
✓
Collect loan statements and credit card billsNeeded for accurate liability balance reconciliation.
✓
Confirm all client invoices are recordedCheck that invoices sent match entries in the accounting software.
✓
Categorize all uncategorized bank feed transactionsReview auto-categorizations for accuracy. Fix any miscodings.
⚠ Critical✓
Record all cash purchases not in the bank feedPetty cash, reimbursements, and cash transactions need manual entry.
✓
Enter all bills received (Accounts Payable)Even if not yet paid — accrue when received.
✓
Post all payments made to vendorsMatch each payment to its corresponding bill.
✓
Record all owner draws or contributionsMoney put in or taken out of the business by the owner.
✓
Post payroll journal entriesRecord gross wages, taxes withheld, and net pay — not just the bank transfer.
✓
Reconcile all bank accounts to statement ending balanceZero difference = clean books. Any variance must be found and corrected.
⚠ Critical✓
Reconcile all credit card accountsEvery card used for business must be reconciled monthly.
⚠ Critical✓
Review outstanding checks older than 30 daysChecks not cashed may need to be voided and reissued.
✓
Reconcile loan balances to statementsConfirm principal and interest split is recorded correctly.
✓
Confirm PayPal/Stripe/Melio balances (if applicable)Payment processors hold balances — treat them as bank accounts.
= Adjusted Bank Balance
$0.00
✓
Record depreciation expenseFor fixed assets owned by the business.
✓
Accrue unpaid expenses (accrual basis)Expenses incurred but not yet paid or billed.
✓
Adjust prepaid expensesMove monthly portion from prepaid to expense account.
✓
Record deferred revenue adjustmentsRevenue collected but not yet earned.
✓
Review accounts receivable agingIdentify invoices 30, 60, 90+ days overdue.
✓
Review accounts payable agingAny bills coming due soon? Flag for client.
✓
Check inventory adjustments (if applicable)Count vs. books — adjust COGS if needed.
✓
Confirm sales tax liability balanceVerify collected sales tax matches the liability account.
✓
Run Profit & Loss report — scan for unusual amountsCompare to prior month. Any large swings? Know why before sending to client.
⚠ Review✓
Run Balance Sheet — verify all accounts look correctTotal assets must equal total liabilities + equity. If not, something is wrong.
⚠ Review✓
Run Cash Flow StatementIdentify operating, investing, and financing activities.
✓
Run AR Aging report — send to client with notesFlag invoices past 30 days for follow-up.
✓
Export all reports to PDFName files clearly: "Smith_LLC_PL_Jan2025.pdf"
✓
Save work in client folder (Google Drive or secure location)Organized by Year / Month / Client. Keep backups.
✓
Send monthly summary email to clientInclude: reports attached, 2–3 key highlights, any questions or flags.
✓
Lock the period in accounting software (if available)Prevents accidental changes to closed months.
✓
Record your time and send invoice (if billing hourly)Issue invoice within 24 hours of delivering reports.
📝 Month-End Notes & Issues
Record any discrepancies, client questions, or follow-up items here