financial-close-checklist（财务结算清单）

Financial Close Checklist Skill

Structured, repeatable month-end and quarter-end close for accounting teams. This skill guides Sam Ledger through generating close checklists, tracking task status, flagging exceptions, and producing close summary reports for controllers, CFOs, and auditors.

When to Use This Skill

Trigger phrases:

• "Run month-end close"
• "Generate the close checklist for [month]"
• "What's left in the close?"
• "We need to close the books by Friday"
• "Tie out our AR sub-ledger"
• "Quarter-end close procedures"
• "Accelerate our close process"
• "How do I run a fast close?"
• "Close summary for the board"

NOT for:

• Entering journal entries or transactions — use qbo-automation for live QBO writes
• Tax return preparation — use tax-deadline-calendar and engage CPA
• Payroll runs — separate payroll workflow, not a close step
• External audit fieldwork — close procedures feed audit prep, not replace it
• Real-time dashboards — use kpi-alert-system for live monitoring

The Standard Close Checklist

PHASE 1: Transaction Cutoff (Days 1–2)

These steps ensure all activity belongs in the correct period.

□ 1.1  Post all cash receipts through last day of month
□ 1.2  Record all vendor bills/invoices received through month-end
□ 1.3  Confirm credit card transactions downloaded and coded
□ 1.4  Post payroll through final pay date in period
□ 1.5  Record any wire transfers or ACH payments initiated in period
□ 1.6  Confirm sales/revenue recognition cutoff (invoiced vs. shipped)
□ 1.7  Identify any transactions in wrong period → post correcting entries

PHASE 2: Sub-Ledger Reconciliations (Days 2–3)

Each sub-ledger must tie to the GL before proceeding.

2a. Accounts Receivable

□ 2.1  Run AR aging report
□ 2.2  Confirm AR sub-ledger total = GL AR balance
□ 2.3  Identify invoices > 90 days → flag for collections or bad debt reserve
□ 2.4  Post bad debt expense if reserve adjustment needed
□ 2.5  Clear any unapplied customer payments
□ 2.6  Confirm deferred revenue balance for advance payments

AR Tie-Out Formula:

GL AR Balance = Sub-Ledger Total
If difference > $0: investigate open credits, unapplied payments, timing entries

2b. Accounts Payable

□ 2.7  Run AP aging report
□ 2.8  Confirm AP sub-ledger total = GL AP balance
□ 2.9  Review bills due within 10 days → schedule payments
□ 2.10 Identify duplicate bills or credits not applied
□ 2.11 Accrue for invoices received but not yet entered (goods/services received)

2c. Bank Reconciliation

□ 2.12 Download bank statement through month-end
□ 2.13 Reconcile book balance to bank statement balance
□ 2.14 List outstanding checks (issued, not cleared)
□ 2.15 List deposits in transit (posted in books, not cleared bank)
□ 2.16 Identify bank fees and post to GL
□ 2.17 Confirm reconciled balance = GL Cash balance

Bank Rec Formula:

Bank Statement Balance
+ Deposits in Transit
- Outstanding Checks
= Adjusted Bank Balance

Must equal:

GL Cash Balance
+ Any timing JEs
= Adjusted Book Balance

PHASE 3: Accruals & Adjusting Entries (Day 3–4)

These are estimates for expenses incurred but not yet billed.

□ 3.1  Accrue payroll for days worked but not yet paid
□ 3.2  Accrue employer payroll taxes on accrued payroll
□ 3.3  Accrue any known vendor invoices not yet received
□ 3.4  Accrue interest expense on outstanding debt
□ 3.5  Record prepaid expense amortization (insurance, rent, subscriptions)
□ 3.6  Record deferred revenue recognition (earned portion of advance payments)
□ 3.7  Post depreciation/amortization for fixed assets and intangibles
□ 3.8  Record any inventory adjustments (if applicable)
□ 3.9  Post reclassifying entries for misposted transactions

Prepaid Amortization Tracker

Asset           | Total Cost | Start Date  | Months | Monthly Amort | Remaining
----------------|------------|-------------|--------|---------------|----------
D&O Insurance   | $24,000    | Jan 1, 2026 | 12     | $2,000        | $18,000
AWS Annual Plan | $6,000     | Mar 1, 2026 | 12     | $500          | $5,500
Office Lease    | $3,600     | Jan 1, 2026 | 12     | $300          | $2,700

Depreciation Schedule

Asset           | Cost    | Useful Life | Method    | Monthly Depr | Accum Depr
----------------|---------|-------------|-----------|--------------|------------
MacBook Pro x3  | $9,000  | 3 years     | Straight  | $250         | $1,500
Server Rack     | $15,000 | 5 years     | Straight  | $250         | $750

PHASE 4: Financial Statement Review (Day 4–5)

□ 4.1  Generate Trial Balance — review for unusual balances
□ 4.2  Compare P&L to prior month (flag >15% variance in any line item)
□ 4.3  Compare P&L to budget/forecast — document significant variances
□ 4.4  Verify Balance Sheet balances (Assets = Liabilities + Equity)
□ 4.5  Review Cash Flow Statement — confirm net change ties to cash account movement
□ 4.6  Confirm all intercompany eliminations (if multi-entity)
□ 4.7  Review equity rollforward (beginning + net income - distributions = ending)
□ 4.8  Confirm no accounts with unexpected zero or negative balances

Variance Analysis Template

Account          | Prior Month | Current Month | $ Change | % Change | Explanation
-----------------|-------------|---------------|----------|----------|-------------
Revenue          | $85,000     | $92,000       | +$7,000  | +8.2%    | New client X
Payroll          | $42,000     | $48,000       | +$6,000  | +14.3%   | New hire Mar 1
Software Subs    | $3,200      | $5,100        | +$1,900  | +59.4%   | ← INVESTIGATE

PHASE 5: Close Lock & Sign-Off (Day 5)

□ 5.1  Lock period in accounting system (prevent backdating)
□ 5.2  Export final Trial Balance, P&L, Balance Sheet, Cash Flow
□ 5.3  Save to close folder: /close/YYYY-MM/
□ 5.4  Obtain controller/CFO sign-off
□ 5.5  Distribute financial package to stakeholders
□ 5.6  Log close completion date and duration for process improvement tracking
□ 5.7  Note any open items / carryforward items for next month

Close Templates by Entity Type

Small Business / SMB (5-day close target)

Day 1: Transaction cutoff, download bank statements
Day 2: Bank rec, AR/AP sub-ledger tie-out
Day 3: Accruals, prepaid amortization, depreciation
Day 4: Trial balance review, variance analysis
Day 5: FS review, lock period, distribute package

Startup / SaaS Company (3-day fast close)

Day 1 AM: Transaction cutoff + bank rec
Day 1 PM: AR/AP tie-out + deferred revenue schedule
Day 2 AM: Accruals + stock comp expense entry
Day 2 PM: Trial balance + P&L vs. budget variance
Day 3:    FS review + board package prep + lock

Accounting Firm / Client Close (day-of close)

Hour 1: Pull all source data (bank, payroll, CC)
Hour 2: Post entries, run bank rec
Hour 3: Accrue + amortize + depreciate
Hour 4: Review FS, document exceptions
Hour 5: Deliver client package, lock period

Quarter-End Additional Steps

In addition to all monthly steps:

□ Q1  Reconcile all balance sheet accounts (not just AR/AP/Cash)
□ Q2  Review equity accounts — capital contributions, distributions, retained earnings
□ Q3  Compute estimated income tax provision (if C-Corp or S-Corp with tax)
□ Q4  Review fixed asset register — any disposals, fully depreciated assets?
□ Q5  Confirm loan balances match amortization schedules
□ Q6  Review contingent liabilities (pending lawsuits, commitments)
□ Q7  Prepare quarter-end management report (P&L + BS + Cash Flow + KPIs)
□ Q8  Deliver to board/investors within 15 days of quarter-end

Year-End Additional Steps

□ Y1  All quarterly steps above
□ Y2  Issue 1099-NECs by January 31 (contractors paid ≥ $600)
□ Y3  Reconcile payroll W-2s to payroll tax returns (940, 941)
□ Y4  Inventory count and valuation (if applicable)
□ Y5  Goodwill and intangible asset impairment review
□ Y6  Related-party transaction disclosure documentation
□ Y7  Engage CPA for tax return preparation
□ Y8  Prepare audit support package (if audited)

Exception Handling Protocols

When AR Sub-Ledger Doesn't Tie to GL

Step 1: Run AR aging with open invoice detail
Step 2: Compare sub-ledger total to GL AR account balance
Step 3: If difference found:
  a. Check for unposted transactions in AR module
  b. Look for manual JEs directly to AR GL account (bypassing sub-ledger)
  c. Check for duplicate customer payments not applied
  d. Review void/deleted transactions in prior periods
Step 4: Post reconciling JE with clear memo explaining difference
Step 5: Document root cause to prevent recurrence

When Bank Rec Won't Balance

Step 1: Confirm bank statement ending date matches close date
Step 2: List ALL outstanding checks — verify against prior month's list
Step 3: List ALL deposits in transit — confirm cleared in subsequent statement
Step 4: Look for duplicate transactions in GL
Step 5: Check for NSF checks posted by bank but not recorded in books
Step 6: Verify no automatic bank charges missed (wire fees, service charges)

Large Unexplained Variance (>15% MoM)

Trigger: Any P&L line item with >15% month-over-month change without explanation
Action:
  1. Pull transaction detail for that GL account
  2. Identify the specific transaction(s) driving the variance
  3. Confirm correct coding (not misposted from another account)
  4. If legitimate: document business reason in variance memo
  5. If error: post correcting JE before close

Close Summary Report Format

Produce this report after each close:

MONTH-END CLOSE SUMMARY
Period: [Month YYYY]
Close Completed: [Date]
Prepared By: [Name]
Reviewed By: [Name]

FINANCIALS AT A GLANCE
  Revenue:         $XX,XXX   (vs. prior month: +/-X%)
  Gross Profit:    $XX,XXX   (Gross Margin: XX%)
  Net Income:      $XX,XXX
  Cash Balance:    $XX,XXX
  AR Balance:      $XX,XXX   (Avg DSO: XX days)
  AP Balance:      $XX,XXX

CLOSE STATUS
  ✅ Bank reconciliation — completed [date]
  ✅ AR sub-ledger tie-out — completed [date]
  ✅ AP sub-ledger tie-out — completed [date]
  ✅ Accruals posted — [# of entries]
  ✅ Depreciation/amortization posted
  ✅ Period locked in [system]
  ⚠️  OPEN ITEMS (carry forward):
      - [Item 1]: awaiting [input/resolution]
      - [Item 2]: to be resolved by [date]

KEY VARIANCES EXPLAINED
  [Account]: [$ change] [% change] — [brief explanation]
  
ATTACHMENTS
  □ Trial Balance
  □ P&L Statement
  □ Balance Sheet
  □ Cash Flow Statement
  □ Bank Reconciliation
  □ AR Aging
  □ AP Aging

Close Duration Benchmarks

Accelerating the Close: Quick Wins

1. Automate bank feeds — eliminate manual download/import
2. Set transaction cutoff rules — no backdating without approval
3. Standardize chart of accounts — fewer coding questions = faster entry
4. Create recurring JE templates — one-click accruals, depreciation, amortization
5. Use close management software — FloQast, Blackline, or a simple Google Sheet tracker
6. Pre-schedule close calls — 15-min daily standup during close week
7. Designate a close owner — one person accountable for the checklist
8. Post-close retrospective — 15 min after each close to capture what slowed you down

Integration Points

• qbo-automation — pull actuals from QuickBooks; post accruals and JEs programmatically
• budget-vs-actual — compare close results against plan; generate variance commentary
• ar-collections-agent — escalate high-risk AR items identified in close aging review
• kpi-alert-system — set alerts on close metrics (DSO, DPO, cash balance thresholds)
• report-generator — format close summary into client-ready PDF or board deck
• thirteen-week-cash-flow — feed actual month-end cash balance as input to 13-week forecast
• tax-deadline-calendar — trigger quarterly estimated tax tasks from close data

Example Usage

User: "It's March 31st — help me close February's books for a client. They're on QBO, about $180k/month revenue, 8 employees."

Sam's response:

Close Checklist — February 2026
Client: [Name] | System: QuickBooks Online | Revenue: ~$180k/mo

PHASE 1 — Transaction Cutoff (Today)
□ Confirm all customer payments through Feb 28 posted
□ Enter any bills received in February not yet in QBO
□ Download and match credit card transactions through Feb 28
□ Confirm payroll for Feb 1–28 pay dates is posted

PHASE 2 — Sub-Ledger Reconciliations (Today)
□ Run AR aging in QBO → does it match GL 1200 balance?
□ Run AP aging → does it match GL 2000 balance?
□ Download bank statement → run bank reconciliation

PHASE 3 — Accruals (Today/Tomorrow)
□ Accrue Feb 27-28 payroll (2 days unpaid)
□ Amortize prepaid expenses (pull your prepaid schedule)
□ Post February depreciation

PHASE 4 — Review (Tomorrow)
□ Compare Feb P&L to January — flag any line >15% change
□ Confirm Balance Sheet balances
□ Review cash balance vs. bank rec

PHASE 5 — Lock & Deliver
□ Lock February period in QBO
□ Export TB, P&L, BS, Cash Flow
□ Prepare close summary → send to client

Estimated time: 4-6 hours for clean books.
Want me to start with the bank rec or the AR aging tie-out?

Reference: Close Calendar Template

MONTH-END CLOSE CALENDAR

Day 1 (Month + 1):   Bank statement available → begin bank rec
Day 2:               AR/AP tie-out, post accruals
Day 3:               Depreciation, prepaid amortization
Day 4:               TB review, variance analysis, adjusting entries
Day 5:               FS review, controller sign-off, lock period
Day 6:               Distribute financial package
Day 7–10:            Client meeting / board presentation (if applicable)

QUARTERLY EXTRAS (end of Q1/Q2/Q3/Q4):
+Day 5–6:  Full BS reconciliation, tax provision
+Day 7:    Board/investor package
+Day 10:   Quarterly filings (941, sales tax, etc.)