Financial Close Checklist Template
A structured financial close checklist for accounting teams to manage the period-end close process. Covers journal entries, account reconciliations, financial statement preparation, variance analysis, and management reporting sign-off.
How to use this template
Complete all journal entries
Post standard, recurring, and adjusting journal entries. Ensure all entries are reviewed and approved before moving forward.
Complete all account reconciliations
Reconcile every balance sheet account per the reconciliation schedule. Obtain preparer and reviewer sign-off for each.
Prepare financial statements
Generate the income statement, balance sheet, and cash flow statement from the reconciled trial balance.
Perform variance analysis
Compare actual results to budget and prior period. Prepare written commentary explaining key variances for management.
Obtain final sign-off and lock the period
Route the financial package to the CFO or controller for final review and approval. Lock the accounting period after sign-off.
Why use this template
- Structured workflow reduces close cycle time by eliminating ad-hoc task management
- Variance analysis step ensures management receives meaningful commentary, not just numbers
- Documented reconciliation sign-offs satisfy internal control requirements
- Consistent process across periods makes external audits faster and less disruptive
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