How To Create Month End Close Checklist. Start With The Financial Statements Line Items!

In this video I show you how I create a month-end close checklist, which acts as a guide for the whole accounting team to close the month and produce financial statements.
The idea is simple, by looking at each line item on the financial statement, we can think of the accounting task needed to finalize this line item.
Go ahead and download my free close template:
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All views expressed on my channel are mine alone. Not intended as financial or professional advice.

[@ashchilly]

You know, NO ONE, JUST NO ONE, is this generous! You're a blessing to all of us who wanna step up and apply for a controller role, anywhere in the world! Thanks! Hope God bless you abundantly!

[@TheFinancialController]

Thank you so much!

[@a.s2292]

Absolutely totally agree. God bless you!!!! ❤

[@fplyardie6200]

Wish I could like this comment a million times

[@fegeraga7582]

Awesome, Bill! This is more than generous!!! You are a big blessing to accountability and the corporate world. Thank you so much.

[@maria-silviaionescu8857]

Thanks for this! I’m currently transitioning to a new role and this has helped me a lot to understand what I’ll be doing, prepare for it better and perform better faster hopefully.

[@victorberrios7]

Thank you for your videos! Your free help and advice are invaluable!

[@felixmoki9801]

Thank you bill, informative, Infact i was looking for this today morning,. Perfect timing. I love your work, thanks Man,

[@steve6429]

Extremely helpful real world overview of the month end process. Thank you!

[@TheFinancialController]

I would agree :)

[@MrPecastaings]

Bill, you are the only one that help me to understand what about the accountability with the USGAAP, I´m from Mexico and for a lucky situation I´ll be on charge with USA to work as a SENIOR ACCOUNTER. Here in Mexico we work with the NIIF´s and PCGA. You are an excellent teacher and partner as Accountant. Thank very much and God Bless you

[@hackit9578]

Brilliant content , I've been looking for this information for ages. Thank you for sharing this with us :)

[@TheFinancialController]

Thanks Keshnie!

[@mustaphaoyinlola2692]

Could you please assist with the file of you were able to download it? I would really love to adopt this on my new role..... thanks

[@priyankac179]

Thank you for this video! More of similar content and more frequent videos will be highly appreciated.

[@TheFinancialController]

Thanks Priyanka, sure

[@augustaezenwa5635]

Thank You so Much You have no idea how much I am blessed by You. Thank You for blessing yourself and other's with your generosity.

[@TheFinancialController]

You are so welcome

[@interestedme956]

After 3 years this visdoe ..i am here to get help .to learn from you sir..❤

[@davidmativo9946]

This is awesome stuff, thank Bill for sharing!

[@TheFinancialController]

Thanks David!

[@PhuongTran-ie8er]

It's great content. Thank you so much, Bill. I wish you all the best. Please keep doing your great work.

[@TheFinancialController]

Thanks 🙏

[@raheem2217]

Have got a clear picture of Month end closure. I was looking for this for a long time. Thanks. A video on intercompany reconciliation, AP to GL reconciliation would be much helpful.

[@draconian45]

You are awesome my friend. This really helps.

[@diygrandma3471]

Thank you, thank you. I'm starting a new job after being out of accounting for awhile and I was afraid I would forget how to do something. Your videos are a great refresher for me. I'm a fan now.

[@TheFinancialController]

Great! Thanks!

[@healingrelaxation4121]

Brilliant and Informative, Helped a lot, Thanks!

[@IKONKAR739]

Thank you for this video! Really helpful.

[@yaumichelle7162]

This is excellent and very useful. Thank you so much. Bill

[@rebeccak-d8561]

Excellent content. It gave me some new ideas. Thank you

[@razazaidi674]

I really enjoy ur all videos sir, very much lucrative. Thanks alot

[@lealca87]

This man is brilliant!! This info will help me a lot.. Thank you sir!

[@TheFinancialController]

I agree lol kidding thanks

[@louisnforna8101]

Great. This is going to help me in my new role. It was difficult for me to achieve the various tasks/operations in a systematic way

[@manisymone8622]

Had to subscribe right away! Love the content already. Thanks!

[@TheFinancialController]

Welcome aboard!

[@ronicocaubat596]

This vlog serves a great help to me thanks for sharing

[@running4fun863]

Super Thanks , yes what an honest person and so helpful . I cannot thank you enough.

[@TheFinancialController]

Our pleasure!

[@babus4511]

This is the essence of knowledge of Accounting and monitoring what a manager requires! thanks for imparting knowledge.

[@TheFinancialController]

Thanks!

[@marvelouss719]

Babu... month end close process is something all accounting managers should develop. This is not taught in accounting courses, but how do you ensure everything is accounted for?

[@naibesamdahl2814]

Wowew it was AWESOME!? Thank you!

[@yrli7501]

I learned a lot from your videos. Thank you Bill!

[@TheFinancialController]

Glad it’s helpful

[@mraga5651]

Excellent content. Many thanks for this

[@ibrahimmahmoud7341]

Really all your videos are amazing , I am very happy with following you, Thanks a lot Bill

[@TheFinancialController]

Thanks 🙏

[@richasharma2880]

This is exactly what I needed. Thank you very much.

[@TheFinancialController]

You're very welcome!

[@hannah071094]

This is great! Your channel is literally gold! I am going to use this to help me build handover notes. Keep up the awesome content!!

[@TheFinancialController]

Thank you Hannah!

[@innocentihesikoma8829]

I must confess that you’re a great teacher of our time. Any link for pdf download please

[@pettycashweb]

Great stuff!!! I owe u for this..

[@toniedwards419]

Great video! Thank you 🙂

[@Bella-pb7hk]

Thank you again Bill. Can't thank you enough.

[@aaroacademy]

Thank you, So, much for your content.

[@bedofsunflowers1194]

Thank you so much, Bill for sharing!

[@TheFinancialController]

My pleasure!

[@kilincon]

Thanks a lot, very useful.

[@unigirl123]

thank you so much!!! I wish I had this but it's never too late, will be implementing this right away.

[@TheFinancialController]

Glad it was helpful Katie!

[@paulowuor6022]

You are a Financial controller indeed. much apprecited

[@TheFinancialController]

Thanks Paul!

[@TheLearningabc]

really I'm searching for that explanation from long time Thanks a lot

[@TheFinancialController]

Glad to hear that

[@LeeWilliams-ki6dn]

Awesome Bill

[@richasharma2880]

This is very helpful.

[@evedcme]

wow! brilliant! all in good time for Christmas :)

[@TheFinancialController]

Merry Christmas and thanks for watching

Great stuff, as always!

[@TheFinancialController]

Thank you! Cheers!

[@thecramptons]

Great video!!!!

[@kellieoh6616]

great video brilliant 👏 👏 thank you

[@aneezasonisoni9866]

Thanks for such a great clarification.

[@TheFinancialController]

Thanks for watching;)

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i am a senior accounting and finance student and I am doing my best to improve my skills so later on I will be able to compete other fresh graduates to get the job and your channel is helping me too much I literally did not find your gold info on any other web or channel thank u so much

[@TheFinancialController]

Thanks Joseph!

[@MB-ub4sd]

Nice, didn't expect the Google sheets / Excel formatting tips with the Data Validation and Conditional formatting.

[@RomkeJellema]

Nice video! Small tip: for the dates in the deadline column, you could insert formulas refererring to the date as is filled for 'Month Ending'. For example: bank reconciliation, would be: ='Month Ending'+'the number (1) in column D'. This way you would only need to change the date in 'Month Ending' whenever you are closing a new month. When you only want to get working days as outcome, that's possible as well (in Excel, maybe not in Google Sheets?), but I would need to look up how. Anyway, thanks for this video!

[@TheFinancialController]

Thanks for this tip Romke!

[@marvelouss719]

Absolutely!

[@anz3e]

Yes I thought that exactly, but problem with that is it wouldn't account for weekends.

[@golfinonotturno9697]

@@anz3e If you work 5 days with 2 days rest, you can create a column with 4 if Statements. Column B = Deadline Working Day Column C = Adjusted Deadline Working Day (If Statements Column) Column D = Deadline Date ('Month Ending' (Day 0) + Adjusted Deadline Working Day) you add to the Adjusted Day working deadline (Column C): 0 days if deadline day = 5 or less 2 days if the deadline day is => 6 4 days if => 11 6 days => 16 8 days => 21 (not sure you'd need more as that would bring you over the current month, which should go against the month-end process itself). it would be something like this example: (In Column C, you write this formula): =IF(B7=6,B7=11,B7=16,B7=21,B7

[@ayobamialbert3676]

@@anz3e my exact reservation

[@lolaodeyemi9410]

This is super super helpful!!!! Thank you!!!

[@TheFinancialController]

Thanks Lola!

[@thedogonwitchpriestess6759]

Your channel is very informative. Ty

[@TheFinancialController]

Thank you for watching:)

[@SarelleSirius]

Thank you! I just got a job as an accounting manager and have a lot of knowledge on accounting but have to make a month end process from scratch

[@TheFinancialController]

You got this!

[@dianseptopramono7878]

So Lucky to subscribe this channel.. thank you Mr Bill

[@TheFinancialController]

Thanks

[@martynab9993]

I need to create month end checklist at my new job and i would defo follow this format!! great video thank you

[@TheFinancialController]

Glad you liked it!

[@eiengel8563]

You are the man 🙏

[@viviannevi7164]

Invaluable!! Thank you.

[@TheFinancialController]

Thank you!

[@cindyperez2837]

Super helpful!! thank you Bill :)

[@TheFinancialController]

Thanks Cindy!

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[@TheFinancialController]

Wow, thank you

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Very helpful content. Thanks for sharing:)

[@TheFinancialController]

Thanks for watching!

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Thank you very much.

[@TheTruthSeeker756]

Thanks Man!

[@kathylondon296]

Super training for me as Head Bookkeeper .You are the best 👍

[@TheFinancialController]

Great to hear!

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Very helpfull 🔥🥰

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Fabulous content. Greatful for your support dear

[@anooopmurali]

Thanks for creating great contents 👍

[@TheFinancialController]

Glad you like them!

[@dr.wezisunkutumd8745]

Great stuff. I salute.

[@TheFinancialController]

Thanks friend

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Appreciate your efforts 💐

[@TheFinancialController]

Thank Ahmed 🧐

[@jaderachid2843]

Love it!

[@TheFinancialController]

Thanks 🙏

[@kathird8580]

Nice 🎉

[@一点一滴学英文]

very useful info, thanks so much

[@TheFinancialController]

Thank you!

[@natanaelcastro5418]

Amazing content. Helps achieve month end process much easier

[@TheFinancialController]

Thanks

[@marvelouss719]

Nathanael, it also accomplishes the completeness of financial reporting/financial statements.

[@tlterrell]

I appreciate you!

[@cmaman1]

Thanks 😊

[@amiinkhalif]

awesome !

[@sanakaroui8643]

Thank you so much for this video

[@TheFinancialController]

Most welcome 😊

[@hassanmohammed7308]

Thanks

[@Daniel.CadT81]

You are awesome

[@abhishekhinge3392]

Amazing content 👍🏻

[@TheFinancialController]

Thank you

[@rpstudylinks438]

This is really helpful. The first video that gave a concise way of knowing closing procedures.

[@TheFinancialController]

Thanks for watching 😎

[@josephtoma6468]

Great work

[@TheFinancialController]

Haaa my cousin thanks man. Hope you are staying safe

[@KiShorKrishna07]

Nice one.. But i got a suggestion, u can use remove duplicate option in excel rather than removing the blank lines one by one.. U can save some time.

[@TheFinancialController]

I actually didn't know remove duplicate can remove blank rows. Nice job Kishor!

[@mauymimi]

thank you so much wow for your file

[@brushmasterspaintingfranchise]

great stuff like always. Whats best to do with this information once closed out? is there a difference if its cash and accrual? thx bro

[@ActronJimmy]

You rock. Thank you.

[@TheFinancialController]

Thanks jimmy

[@shoniataylor4966]

I need this so bad

[@hex-2748]

Hi Bill, I'll be a Senior Accountant soon. I'm just finishing my turnover activities. Your videos helped me a lot. I want to see myself as a Financial Controller in the future. I have a question, do petty cash needed to be replenish in every month-end or is it done when it already hit a threshold before being exhausted? I hope you can give a valuable insight. Thank you.

[@stephenadeya8662]

Wonderful

[@TheFinancialController]

Thanks Stephen

[@Hehe_8585]

Question: How would you record deposit in transit from the prior month in the bank reconciliation for this month? The deposit from let's say January shows up in the bank statement for February but not in the cash books.

[@nikhilpparamban8089]

U r awesome..

[@raheefabdulmajeed7846]

Thank you

[@TheFinancialController]

You're welcome

[@lamiaaitbouskri278]

u are the best

[@TheFinancialController]

Thanks!

[@amiramir-bh5dk]

Thanks a lot, Bill for the great video. This was the first step ( preparation of checklist) for the end-month closing operation. How about doing the closing operation in detail based on a real-life model (plus their required adjusting journal entries) as you do in most of your videos plus, I mean a process from the beginning to the last step.

[@TheFinancialController]

Ok will do

[@amiramir-bh5dk]

@@TheFinancialController 🙏🎎

[@reginac6955]

Excellent question! This is exactly what I need. wonder if he created the videos... I don't see it..

[@maithilibandekar9080]

Thanks Bill this is really helpful! Can you please also do a video on Power BI?

[@TheFinancialController]

Ok will do

[@comfortmutenda1131]

Hi Bill hope u good, I have been tasked to create a month end process for a company that prepares its reports and accounts from bank statements , they're still in a process of implementing an ERP , how do I go about it ? thanks

[@cliffclairespicyreviews3502]

Can you make video on working on these task?

[@Tina-gp4rg]

Can you please make a video for IFRS 16? With real-life examples. We learn it in theory, but how it is applicable in real-life? Thank you very much.

[@samk.970]

This is so good. Now wondering if there is an FP&A checklist :)

[@TheFinancialController]

Ok I will think about that for a video