Month-End Close Procedure SOP Template
Complete monthly financial close accurately and on time
10 steps · ~30 min estimated
Steps
Step 1
Reconcile all bank accounts and resolve any outstanding discrepancies from the prior month
Step 2
Review and post all pending journal entries including accruals and deferrals
Step 3
Reconcile accounts receivable balances and follow up on overdue invoices
Step 4
Reconcile accounts payable and verify all vendor invoices have been recorded
Step 5
Review prepaid expense amortization schedules and post monthly entries
Step 6
Verify revenue recognition entries comply with accounting standards
Step 7
Run the trial balance report and investigate any variances greater than 5%
Step 8
Prepare the income statement, balance sheet, and cash flow statement
Step 9
Review financial statements for accuracy and completeness with the controller
Step 10
Archive the month-end package and distribute reports to stakeholders
About This Template
This Month-End Close Procedure SOP template provides a structured, step-by-step framework for your finance team. Each step is designed to be clear enough for someone performing this process for the first time.
You can use this template as-is or customize it for your organization's specific tools and workflow. For the best results, document each step using QuickSOP's Chrome Extension — it will automatically capture screenshots and generate a visual, interactive SOP that's easier to follow than text-only instructions.
This template includes 10 steps with an estimated completion time of approximately 30 minutes. Review and update this SOP quarterly or whenever the underlying process changes.
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