Month-end close checklist and journals

What the month-end close checklist and journals does

Closing the month the same way every time is what makes the figures trustworthy. This workbook lists the steps of a month-end close, from bank reconciliations and accruals to depreciation and review, with an owner, due date and status for each and a percentage done, and has a journal sheet for the adjusting entries, with a balance check.

Who it is for

Accountants, finance managers and owners who close the books each month and want a repeatable routine that nothing slips through.

How to use the workbook

1. Set the month at the top and assign owners and dates.
2. Work down the checklist and mark each step Done.
3. Post the adjusting entries on the Journal sheet and check they balance.
4. Review the percentage done and file the completed close.
5. Save a copy under a new name for each month or year, so earlier records stay as they were.

What is inside

• Twenty close steps in a sensible order
• Owner, due date and status for each
• Percentage complete
• Adjusting journal sheet with balance check
• Notes column for exceptions

The workbook has these sheets: Instructions, Checklist, Adjusting journals. The main table has the columns Step; Owner; Due date; Status; Notes. Yellow cells are for you to fill in and grey cells calculate by themselves, so leave the grey cells alone. The example rows show how it works; type over them with your own entries.

Tips for getting it right

• Close within five working days if you can.
• Reconcile cash, debtors and creditors before you post adjustments.
• Keep the signed checklist with the month's records.
• Add steps specific to your business.

Why keep this record

Accounting records let you answer three questions at any time: what came in, what went out and who owes whom. Kept consistently they also make tax returns, loan applications and the sale of a business much easier, because the evidence is already organised. Entering transactions the day they happen is far cheaper than reconstructing them at year end.

Questions people ask

Do I need to know Excel formulas? No. Type into the yellow cells and the rest is worked out for you. The formulas are visible if you want to see how a figure is reached.

Can I add rows or change the layout? You can add your own columns to the right and your own notes. If you insert rows inside a table, copy the grey formula cells down so the new rows calculate too.

Will it work on my phone or in Google Sheets? Yes for viewing and typing, but dropdown lists and the charts look best in desktop Excel or LibreOffice.

Keeping it safe and up to date

Good accounting records are a legal duty as well as a management tool: keep the supporting receipts and invoices with the workbook, and keep each year's copy for at least five years. Work on a copy, never on your only file, and back it up.

Read how to keep business records for KRA for the wider picture. See more accounting templates or ask us for a custom one.

The workbook works in Microsoft Excel, LibreOffice and Google Sheets. It is a tool to help you work out and record figures, not tax, legal or accounting advice, and it is not affiliated with the Kenya Revenue Authority. If something does not work as described, contact us and we will put it right.

Related guides, calculators and templates

• Guide: How to keep business records for KRA: what to save and for how long
• Guide: Bank reconciliation step by step: match your books to your bank
• Guide: Fixed assets and capital allowances explained for small businesses
• Another template: Balance sheet template
• Another template: Bank reconciliation statement
• Another template: Chart of accounts and general ledger

Need something different? Request a custom template, browse all guides or see every Excel template.