Month End Close Global Engagement Letter Template

Last updated: July 2025

Month-End Close Checklist

Purpose: To ensure an efficient and standardised process for completing accurate monthly accounting, from initial data collection through to final client reporting and close.

Preparation

☐ Confirm all transactions for the month are recorded (sales, purchases, expenses).
☐ Collect all bank & credit card statements.
☐ Gather missing documents from client (invoices, receipts, payroll data).
☐ Review cash & petty cash balances.

Reconciliations

☐ Reconcile bank accounts to statements.
☐ Reconcile credit cards & loan accounts.
☐ Match customer payments & supplier payments to invoices.
☐ Review and reconcile payroll and superannuation accounts.
☐ Check GST/VAT/BAS balances if applicable.

Month-End Adjustments

☐ Post depreciation/amortisation journals.
☐ Record accruals & prepayments if needed.
☐ Adjust for stock/inventory where relevant.
☐ Review & clear suspense/holding accounts.

Review & Sign-Off

☐ Review Profit & Loss — check for errors, miscodings, or large variances.
☐ Review Balance Sheet — confirm accounts look reasonable.
☐ Verify all reconciliations balance to zero.
☐ Ensure no unreconciled transactions remain.
☐ Save supporting workpapers & lock the period.

Reporting

☐ Generate final management reports:
- Profit & Loss
- Balance Sheet
- Aged Receivables & Payables
☐ Highlight key points or issues for client.
☐ Send reports and summary email to client.
☐ Mark job complete in practice management system.