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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[@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.

[@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!

[@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.

[@Es_tjb]

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

[@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

[@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?

[@josephama2220]

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!

[@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

[@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

[@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!

[@steve6429]

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

[@TheFinancialController]

I would agree :)

[@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

[@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!

[@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.

[@edithngoziukazim8092]

Your videos are very educative and helpful. Thank you

[@lealca87]

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

[@TheFinancialController]

I agree lol kidding thanks

[@priyankac179]

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

[@TheFinancialController]

Thanks Priyanka, sure

[@rpstudylinks438]

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

[@TheFinancialController]

Thanks for watching 😎

[@missyme001]

❤❤❤❤❤❤❤❤❤❤❤❤😊 You are a pure blessing and may GOD bless you and yours! ❤❤❤

[@TheFinancialController]

Wow, thank you

[@running4fun863]

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

[@TheFinancialController]

Our pleasure!

[@davidmativo9946]

This is awesome stuff, thank Bill for sharing!

[@TheFinancialController]

Thanks David!

[@felixmoki9801]

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

[@MB-ub4sd]

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

[@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

[@victorberrios7]

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

[@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!

[@TheLearningabc]

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

[@TheFinancialController]

Glad to hear that

[@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 🙏

[@paulowuor6022]

You are a Financial controller indeed. much apprecited

[@TheFinancialController]

Thanks Paul!

[@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

[@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!

[@yrli7501]

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

[@TheFinancialController]

Glad it’s helpful

[@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.

[@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..

[@kathylondon296]

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

[@TheFinancialController]

Great to hear!

[@draconian45]

You are awesome my friend. This really helps.

[@razazaidi674]

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

[@Instantnewschannel-n3b]

This vlog serves a great help to me thanks for sharing

[@richasharma2880]

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

[@TheFinancialController]

You're very welcome!

[@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.

[@ibrahimmahmoud7341]

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

[@TheFinancialController]

Thanks 🙏

[@bedofsunflowers1194]

Thank you so much, Bill for sharing!

[@TheFinancialController]

My pleasure!

[@dianseptopramono7878]

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

[@TheFinancialController]

Thanks

[@LeeWilliams-ki6dn]

Awesome Bill

[@manisymone8622]

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

[@TheFinancialController]

Welcome aboard!

[@healingrelaxation4121]

Brilliant and Informative, Helped a lot, Thanks!

[@amatmathis3042]

Is it important to learn accounting for a specific organization such as heathcare, scool districts, or grocery store. Or is all accounting knowledge about the same?

[@natanaelcastro5418]

Amazing content. Helps achieve month end process much easier

[@TheFinancialController]

Thanks

[@marvelouss719]

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

[@Bella-pb7hk]

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

[@rebeccak-d8561]

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

[@yaumichelle7162]

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

[@evedcme]

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

[@TheFinancialController]

Merry Christmas and thanks for watching

[@aneezasonisoni9866]

Thanks for such a great clarification.

[@TheFinancialController]

Thanks for watching;)

[@mdrakibulhasanmahmudcmamba5919]

Fabulous content.
Greatful for your support dear

[@cliffclairespicyreviews3502]

Can you make video on working on these task?

[@FilipaGarcia-zp1fe]

God bless you

[@cindyperez2837]

Super helpful!! thank you Bill :)

[@TheFinancialController]

Thanks Cindy!

[@IKONKAR739]

Thank you for this video! Really helpful.

[@naibesamdahl2814]

Wowew it was AWESOME!? Thank you!

[@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.

[@yoshie7181]

Can you do all of this in excel ? I love this idea to manage my bookkeepers , thanks for the video .
Do you think this would work in a calendar system ?

[@TheFinancialController]

Yes it would work

[@mraga5651]

Excellent content. Many thanks for this

[@thedogonwitchpriestess6759]

Your channel is very informative. Ty

[@TheFinancialController]

Thank you for watching:)

[@stevenmathias4630]

Hello. I recently found out about your content and I'm still getting into it. Great material! I was wondering if you could create a video and go more into depth about how these tasks are executed. I would really appreciate it! Thanks

[@TheFinancialController]

That’s the plan! Thanks for watching!

[@stevenmathias4630]

@@TheFinancialController sounds great! will be waiting for that. Thanks :)

[@aruva8995]

One of the interviewers asked me why we need to close books of accounts every month why not on a yearly basis or on a quarterly basis.I managed to answer but I would like to hear your answer 😉😊

[@TheFinancialController]

Great question. I will try to cover it

[@aaroacademy]

Thank you, So, much for your content.

[@maithilibandekar9080]

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

[@TheFinancialController]

Ok will do

[@Wanderlust_strummer]

Requesting to make video on ERP system.

[@TheFinancialController]

Good idea ok

[@pettycashweb]

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

[@richasharma2880]

This is very helpful.

[@toniedwards419]

Great video! Thank you 🙂

[@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

[@09161740439]

Very helpful content. Thanks for sharing:)

[@TheFinancialController]

Thanks for watching!

[@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

[@lolaodeyemi9410]

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

[@TheFinancialController]

Thanks Lola!

[@kilincon]

Thanks a lot, very useful.

[@eiengel8563]

You are the man 🙏

[@kellieoh6616]

great video
brilliant 👏 👏
thank you

[@ahmedismail717]

Appreciate your efforts 💐

[@TheFinancialController]

Thank Ahmed 🧐

[@shoniataylor4966]

I need this so bad

[@viviannevi7164]

Invaluable!! Thank you.

[@TheFinancialController]

Thank you!

[@sanakaroui8643]

Thank you so much for this video

[@TheFinancialController]

Most welcome 😊

[@yousufelsaiedelgouhary838]

Thank you very much.

[@dr.wezisunkutumd8745]

Great stuff. I salute.

[@TheFinancialController]

Thanks friend

[@thecramptons]

Great video!!!!

[@kathird8580]

Nice 🎉

[@anooopmurali]

Thanks for creating great contents 👍

[@TheFinancialController]

Glad you like them!

[@ssemakulabrian3588]

I can't see the link to the sample. Could you help

[@Daniel.CadT81]

You are awesome

Great stuff, as always!

[@TheFinancialController]

Thank you! Cheers!

[@TheTruthSeeker756]

Thanks Man!

[@johncorzo1450]

Hi, nice information, could you please help me with some question i do have, i'm trying to get on the road with the USGAAP, and the monthly report than a SEC and not SEC company need to report monthly, could you help me with that, please, thanks in advance to you.

[@mustaphaoyinlola2692]

This is a very useful tool...Great FC!
I'm still trying to find the free template, kindly help.

[@mustaphaoyinlola2692]

Got it but keeps giving error 'cannot open this link' please assist, I would really love to adopt this template. Thanks

[@一点一滴学英文]

very useful info, thanks so much

[@TheFinancialController]

Thank you!

[@tlterrell]

I appreciate you!

[@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

[@hassanmohammed7308]

Thanks

[@abhishekhinge3392]

Amazing content 👍🏻

[@TheFinancialController]

Thank you

[@dforyou-informativetipstra9012]

Very helpfull 🔥🥰