End-of-Month Reporting Checklist

 

📊 End-of-Month Reporting Checklist: A Step-by-Step Guide to Accurate Financial Close

A well-executed month-end close process is crucial for ensuring financial accuracy, regulatory compliance, and data-driven decision-making. Whether you're a growing startup or a large enterprise, having a structured approach to month-end reporting minimizes errors, uncovers financial insights, and prepares your organization for audits or strategic reviews.

To help you streamline your closing process, we’ve created a comprehensive, categorized end-of-month reporting checklist that covers everything from reconciliation to reporting and compliance.

🔹 1. Period Closing & System Accuracy

Start by ensuring your financial systems are prepared for a clean period close.

  • ✅ Open and close the accounting period in your financial system (e.g., SAP, QuickBooks)

  • ✅ Verify system uploads for transaction and report accuracy

  • ✅ Check document sequencing to detect missing or duplicate entries

  • ✅ Review parked and in-process documents before final close

🔹 2. Bank & Cash Reconciliation

Reconciling your cash and bank accounts is essential for confirming liquidity and spotting errors.

  • ✅ Reconcile all bank statements and investigate discrepancies

  • ✅ Verify and adjust cash clearing accounts

  • ✅ Review petty cash and mobile money transactions for accuracy

🔹 3. Accounts Receivable & Revenue Recognition

Make sure all revenue has been properly captured and reported.

  • ✅ Record and invoice all sales transactions

  • ✅ Reconcile accounts receivable with the general ledger

  • ✅ Analyze the AR aging report to follow up on overdue accounts

  • ✅ Perform foreign currency revaluation for outstanding receivables

🔹 4. Accounts Payable & Expense Management

Ensure all vendor transactions are complete and accurate.

  • ✅ Review and process all supplier invoices

  • ✅ Reconcile AP balances with the general ledger

  • ✅ Clear vendor accounts and related accruals

  • ✅ Validate open purchase orders against received invoices

🔹 5. Fixed Assets & Depreciation

Maintain accurate fixed asset records and calculate depreciation correctly.

  • ✅ Run and post depreciation entries

  • ✅ Update asset register with acquisitions/disposals

  • ✅ Reconcile asset schedules to the GL

  • ✅ Account for asset revaluations and retirements

🔹 6. Inventory & Cost of Goods Sold (COGS)

Proper inventory valuation is critical to accurate profit measurement.

  • ✅ Perform inventory valuation aligned with invoices/POs

  • ✅ Reconcile inventory with general ledger balances

  • ✅ Investigate discrepancies between trading and accounting systems

  • ✅ Adjust for physical inventory shrinkage with proper approvals

🔹 7. Payroll & Employee Expenses

Payroll must be reflected accurately in your books.

  • ✅ Post payroll journal entries and reconcile with GL

  • ✅ Confirm recoveries and deductions are properly recorded

  • ✅ Approve and reimburse employee expense claims

🔹 8. Tax Compliance & Regulatory Filings

Meet all your statutory obligations and avoid penalties.

  • ✅ Verify accuracy of tax accounts and returns

  • ✅ File VAT, sales tax, and other applicable taxes on time

  • ✅ Reconcile deductions like pensions and social contributions

🔹 9. Intercompany & General Ledger Reconciliation

Keep your books aligned across entities and accounts.

  • ✅ Reconcile intercompany balances across business units

  • ✅ Verify and post all intercompany transactions

  • ✅ Reconcile subledgers to the general ledger

  • ✅ Apply correct foreign currency adjustments

🔹 10. Financial Statements & Reporting

Create the reports that give leadership clarity and direction.

  • ✅ Generate P&L, Balance Sheet, and Cash Flow reports

  • ✅ Compare actuals to budget and forecasts

  • ✅ Analyze profitability, margins, and trends

  • ✅ Validate the trial balance for accuracy

🔹 11. Internal Review & Strategic Analysis

Turn data into actionable insights for better business outcomes.

  • ✅ Document and explain key financial variances

  • ✅ Review financial ratios and performance metrics

  • ✅ Update KPIs and dashboards for leadership visibility

  • ✅ Prepare for monthly or quarterly executive review meetings

🔹 12. System Security & Data Backup

Protect your financial data and ensure business continuity.

  • ✅ Back up financial systems and data

  • ✅ Securely store and restrict access to sensitive documents

✅ Why a Robust Month-End Close Matters

An organized month-end close is more than a compliance task—it’s a strategic necessity that supports growth, improves stakeholder trust, and enables better business planning.

🤝 Ready to Optimize Your Month-End Close Process?

At Juttan Consultancy, we help businesses streamline financial operations, implement automated reporting workflows, and maintain compliance with ease.

📩 Let’s help you take control of your month-end process.
 Visit www.juttanconsultancy.com to learn more about our outsourced accounting and financial process optimization services.

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