11/06/2024

[Company Name] Highlight Items With Issues

Month End Closing Checklist
Current Update Date [DATE]

Section # Day Issue Activity Description Owner Progress Due Date

Email reminder to company regarding time entry and
General G-1 -5 None expense entry. Not Started #VALUE!
Meeting to go over upcoming close, cover expected
General G-2 -4 None issues, known changes, time off, etc. Not Started #VALUE!
Review of preliminary trial balance - identify any
General G-3 -4 None unexpected items for early investigation/resolution. Not Started #VALUE!

Ensure all monthly entries previously recorded have

General G-4 -3 None been properly approved, reviewed and posted. Not Started #VALUE!

Identify any new leases and evaluate for capital vs.

General G-5 -3 None operating. Not Started #VALUE!
Ensure all newly hired employees have submitted
General G-6 -3 None necessary paperwork. Not Started #VALUE!
Perform post-mortem of the close process. Identify
General G-7 10 None what worked, what needs to change, and Not Started #VALUE!
opportunities to create more value.

Cash C-1 2 None Obtain Bank Statements. Not Started #VALUE!

Prepare Bank Reconciliations (tip - create a line for
Cash C-2 2 None each account, especially if different people are Not Started #VALUE!
responsible for different accounts).
Review outstanding check listing for items significantly
Cash C-3 3 None aged and determine resolution. Not Started #VALUE!
Bank Reconciliations and final entries reviewed and
Cash C-4 4 None approved. Not Started #VALUE!
Receivables AR-1 2 None Obtain AR Agings. Not Started #VALUE!
Receivables AR-2 2 None Reconcile AR Aging to General Ledger. Not Started #VALUE!
Review AR Aging to identify collectability issues.
Receivables AR-3 3 None Not Started #VALUE!
Meet with relevant parties on specific AR accounts
Receivables AR-4 3 None with collectability issues and determine resolution. Not Started #VALUE!
Document resolution.
Prepare a rollforward of bad debt. Tie bad debt
Receivables AR-5 4 None expense to income statement account(s). Not Started #VALUE!
Receivables AR-6 4 None Review reconciliations. Not Started #VALUE!
Gather all documentation for new prepaid assets for
Prepaid Exp PE-1 0 None the period. Not Started #VALUE!
Prepaid Exp PE-2 0 None Prepare account reconciliation for all prepaids. Not Started #VALUE!
Prepaid Exp PE-3 1 None Determine current and long-term amounts. Not Started #VALUE!
Prepaid Exp PE-4 1 None Review reconciliations. Not Started #VALUE!
Other Assets OA-1 1 None Obtain detail of all other asset amounts. Not Started #VALUE!
Other Assets OA-1 1 None Reconcile detail of other assets to GL. Not Started #VALUE!
Identify all new asset purchases and disposals during
Fixed Assets FA-1 1 None the period. Ensure appropriate classification, lives, Not Started #VALUE!
etc.
Review repair and maintenance accounts for possible
Fixed Assets FA-2 1 None fixed asset additions. Not Started #VALUE!
For new assets, if a replacement asset, ensure the
Fixed Assets FA-3 1 None disposed asset is recorded. Not Started #VALUE!
Prepare the fixed asset rollforward for the period. Roll
assets and accumulated depreciation. Note, use detail
Fixed Assets FA-3 2 None of additions and disposals to tie into rollforward. Not Started #VALUE!

Tie depreciation expense to the income statement

Fixed Assets FA-4 2 None account(s). Not Started #VALUE!
Fixed Assets FA-5 2 None Record monthly depreciation entry. Not Started #VALUE!
Prepare footnote support and cash flow support.
Fixed Assets FA-6 2 None Not Started #VALUE!
Fixed Assets FA-7 2 None Review reconciliations/rollforwards. Not Started #VALUE!
Rollforward intangibles, record additional
Intangibles I-1 -1 None amortization. Not Started #VALUE!

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[Company Name] Highlight Items With Issues

Month End Closing Checklist
Current Update Date [DATE]

Section # Day Issue Activity Description Owner Progress Due Date

Identify any indicators of impairment for evaluation.
Intangibles I-1 -1 None Not Started #VALUE!
Email all departments surrounding invoices necessary
Accts Payable AP-1 -5 None for processing - reminder that all invoices to be Not Started #VALUE!
submitted to accounting.

Accts Payable AP-2 -3 None Perform accounts payable cut-off. Not Started #VALUE!
Review credit card statements and expense reports.
Accts Payable AP-3 1 None Request support as necessary and ensure amounts Not Started #VALUE!
have been properly coded.

Accts Payable AP-4 1 None Reconcile AP subledger to general ledger. Not Started #VALUE!
Accts Payable AP-5 2 None Review reconciliations. Not Started #VALUE!
Communicate with service providers (legal,
accountants, consultants, etc) for any unbilled
Accrueds AE-1 0 None amounts related to services rendered during the Not Started #VALUE!
period.

Accrueds AE-2 -1 None Calculate estimated Payroll Accrual. Not Started #VALUE!
Accrueds AE-3 2 None Prepare accrued bonuses calculation. Not Started #VALUE!
Accrueds AE-4 2 None Prepare accrued warranty expense analysis. Not Started #VALUE!
Accrueds AE-5 2 None Calculate accrued interest expense. Not Started #VALUE!
Accrueds AE-6 2 None Calculate commission expense. Not Started #VALUE!
Accrueds AE-7 2 None Identify all other necessary accruals. Not Started #VALUE!
Debt D-1 1 None Prepare debt rollforward. Not Started #VALUE!
Debt D-2 1 None Reconcile debt on GL to bank Not Started #VALUE!
Calculate short-term and long-term, as well as 5-year
Debt D-3 1 None maturity schedule. Not Started #VALUE!
Review rollforward and classification calculation.
Debt D-4 1 None Not Started #VALUE!
Intercompany IC-1 3 None Reconcile intercompany accounts. Not Started #VALUE!
Intercompany IC-2 4 None Review reconciliation. Not Started #VALUE!
Rollforward equity - obtain support for all changes in
Equity E-1 5 None equity. Not Started #VALUE!
Equity E-2 5 None Review rollforward. Not Started #VALUE!
Prepare preliminary balance sheet, income statement
Reporting R-1 6 None and cash flow statement. Not Started #VALUE!
Perform analysis of preliminary financial statements,
Reporting R-2 6 None document causes for fluctuations, and identify any Not Started #VALUE!
necessary adjusting entries.
Review analysis of preliminary financial statements.
Reporting R-3 7 None Not Started #VALUE!
Generate financial package and prepare for
Reporting R-3 8 None distribution. Not Started #VALUE!
Distribute and meet with necessary decision makers
Reporting R-3 9 None and process owners to go over financial results. Not Started #VALUE!

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[Company Name] Highlight Items With Issues

Month End Closing Checklist
Current Update Date [DATE]

Section # Day Issue Activity Description Owner Progress Due Date

Email reminder to company regarding time entry and
General G-1 -5 None expense entry. Sally Closer Complete 1/26/2016
Meeting to go over upcoming close, cover expected
General G-2 -4 Issue issues, known changes, time off, etc. Controller In Process 1/27/2016
Review of preliminary trial balance - identify any
General G-3 -4 None unexpected items for early investigation/resolution. Sally Closer Complete 1/27/2016

Ensure all monthly entries previously recorded have

General G-4 -3 None been properly approved, reviewed and posted. Sally Closer Complete 1/28/2016

Identify any new leases and evaluate for capital vs.

General G-5 -3 None operating. Sally Closer Complete 1/28/2016
Ensure all newly hired employees have submitted
General G-6 -3 None necessary paperwork. Sally Closer Complete 1/28/2016
Perform post-mortem of the close process. Identify
General G-7 10 None what worked, what needs to change, and Controller Not Started 2/10/2016
opportunities to create more value.

Cash C-1 2 None Obtain Bank Statements. Carley Cash Complete 2/2/2016
Prepare Bank Reconciliations (tip - create a line for
Cash C-2 2 None each account, especially if different people are Carley Cash In Process 2/2/2016
responsible for different accounts).
Review outstanding check listing for items significantly
Cash C-3 3 None aged and determine resolution. Carley Cash In Process 2/3/2016
Bank Reconciliations and final entries reviewed and
Cash C-4 4 None approved. Controller Not Started 2/4/2016
Receivables AR-1 2 None Obtain AR Agings. Alison Reci Complete 2/2/2016
Reconcile AR Aging to General Ledger.
Receivables AR-2 2 Issue Alison Reci In Process 2/2/2016
Review AR Aging to identify collectability issues.
Receivables AR-3 3 None Alison Reci In Process 2/3/2016
Meet with relevant parties on specific AR accounts
Receivables AR-4 3 None with collectability issues and determine resolution. Alison Reci Not Started 2/3/2016
Document resolution.
Prepare a rollforward of bad debt. Tie bad debt
Receivables AR-5 4 None expense to income statement account(s). Alison Reci Not Started 2/4/2016
Receivables AR-6 4 None Review reconciliations. Controller Not Started 2/4/2016
Gather all documentation for new prepaid assets for
Prepaid Exp PE-1 0 None the period. Carley Cash Complete 1/31/2016
Prepaid Exp PE-2 0 None Prepare account reconciliation for all prepaids. Carley Cash Complete 1/31/2016
Prepaid Exp PE-3 1 None Determine current and long-term amounts. Carley Cash Complete 2/1/2016
Prepaid Exp PE-4 1 None Review reconciliations. Controller Complete 2/1/2016
Other Assets OA-1 1 None Obtain detail of all other asset amounts. Alison Reci Complete 2/1/2016
Other Assets OA-1 1 None Reconcile detail of other assets to GL. Alison Reci In Process 2/1/2016
Identify all new asset purchases and disposals during
Fixed Assets FA-1 1 None the period. Ensure appropriate classification, lives, Fredrick Keeper Complete 2/1/2016
etc.
Review repair and maintenance accounts for possible
Fixed Assets FA-2 1 Issue fixed asset additions. Fredrick Keeper In Process 2/1/2016
For new assets, if a replacement asset, ensure the
Fixed Assets FA-3 1 None disposed asset is recorded. Fredrick Keeper Complete 2/1/2016
Prepare the fixed asset rollforward for the period. Roll
assets and accumulated depreciation. Note, use detail
Fixed Assets FA-3 2 None of additions and disposals to tie into rollforward. Fredrick Keeper Complete 2/2/2016

Tie depreciation expense to the income statement

Fixed Assets FA-4 2 None account(s). Fredrick Keeper Complete 2/2/2016
Fixed Assets FA-5 2 None Record monthly depreciation entry. Fredrick Keeper Complete 2/2/2016
Prepare footnote support and cash flow support.
Fixed Assets FA-6 2 None Fredrick Keeper Complete 2/2/2016
Fixed Assets FA-7 2 None Review reconciliations/rollforwards. Controller Complete 2/2/2016

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 11/06/2024

[Company Name] Highlight Items With Issues

Month End Closing Checklist
Current Update Date [DATE]

Section # Day Issue Activity Description Owner Progress Due Date

Rollforward intangibles, record additional
Intangibles I-1 -1 None amortization. Sally Closer Complete 1/30/2016
Identify any indicators of impairment for evaluation.
Intangibles I-1 -1 None Controller Complete 1/30/2016
Email all departments surrounding invoices necessary
Accts Payable AP-1 -5 None for processing - reminder that all invoices to be Sally Closer Complete 1/26/2016
submitted to accounting.

Accts Payable AP-2 -3 None Perform accounts payable cut-off. Sally Closer Complete 1/28/2016
Review credit card statements and expense reports.
Accts Payable AP-3 1 None Request support as necessary and ensure amounts Sally Closer Complete 2/1/2016
have been properly coded.

Accts Payable AP-4 1 None Reconcile AP subledger to general ledger. Sally Closer Complete 2/1/2016
Accts Payable AP-5 2 None Review reconciliations. Controller Complete 2/2/2016
Communicate with service providers (legal,
accountants, consultants, etc) for any unbilled
Accrueds AE-1 0 None amounts related to services rendered during the Sally Closer Complete 1/31/2016
period.

Accrueds AE-2 -1 None Calculate estimated Payroll Accrual. Sally Closer Complete 1/30/2016
Accrueds AE-3 2 None Prepare accrued bonuses calculation. Sally Closer Complete 2/2/2016
Accrueds AE-4 2 None Prepare accrued warranty expense analysis. Sally Closer Complete 2/2/2016
Accrueds AE-5 2 None Calculate accrued interest expense. Sally Closer Complete 2/2/2016
Accrueds AE-6 2 None Calculate commission expense. Sally Closer Complete 2/2/2016
Accrueds AE-7 2 None Identify all other necessary accruals. Controller In Process 2/2/2016
Debt D-1 1 None Prepare debt rollforward. Sally Closer Complete 2/1/2016
Debt D-2 1 Issue Reconcile debt on GL to bank Sally Closer In Process 2/1/2016
Calculate short-term and long-term, as well as 5-year
Debt D-3 1 None maturity schedule. Sally Closer In Process 2/1/2016
Review rollforward and classification calculation.
Debt D-4 1 None Controller Not Started 2/1/2016
Intercompany IC-1 3 None Reconcile intercompany accounts. Sally Closer In Process 2/3/2016
Intercompany IC-2 4 None Review reconciliation. Controller Not Started 2/4/2016
Rollforward equity - obtain support for all changes in
Equity E-1 5 None equity. Sally Closer Not Started 2/5/2016
Equity E-2 5 None Review rollforward. Controller Not Started 2/5/2016
Prepare preliminary balance sheet, income statement
Reporting R-1 6 None and cash flow statement. Sally Closer Not Started 2/6/2016
Perform analysis of preliminary financial statements,
Reporting R-2 6 None document causes for fluctuations, and identify any Sally Closer Not Started 2/6/2016
necessary adjusting entries.
Review analysis of preliminary financial statements.
Reporting R-3 7 None Controller Not Started 2/7/2016
Generate financial package and prepare for
Reporting R-3 8 None distribution. Controller Not Started 2/8/2016
Distribute and meet with necessary decision makers
Reporting R-3 9 None and process owners to go over financial results. Controller Not Started 2/9/2016

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ht Items With Issues 1 Yes No

Close Period 1/31/2016

Date Complete Comments

1/26/2016
Name of missing participant(s) - email to
follow-up and face to face as necessary.

1/28/2016

1/28/2016

1/28/2016

1/30/2016

2/2/2016

2/2/2016
Does not reconcile, need to look into accounts
1234 and 1235.

1/31/2016
1/31/2016
2/1/2016
2/1/2016
2/1/2016

2/1/2016

Identified multiple items that maybe

capitalizable.

2/1/2016

2/3/2016

2/2/2016
2/2/2016
2/2/2016
2/2/2016

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ht Items With Issues 1 Yes No

Close Period 1/31/2016

Date Complete Comments

1/30/2016

1/30/2016

1/26/2016

1/28/2016

2/1/2016

2/1/2016
2/2/2016

1/31/2016

1/30/2016
2/4/2016
2/4/2016
2/4/2016
2/4/2016

2/1/2016
Does not reconcile. Contact bank.
Update once reconciled.

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