Month End Close Checklist for QuickBooks Enterprise
A structured month end close inside QuickBooks Enterprise ensures financial statements are accurate, inventory is reconciled, liabilities are validated, and documentation is audit ready. Without a defined checklist, close cycles extend and errors accumulate.
If you require structured close execution support, see our QuickBooks Enterprise Accounting Services page.
Step 1: Complete Bank and Cash Reconciliations
- Reconcile all bank accounts
- Reconcile credit cards
- Match deposits to receivables
- Investigate unreconciled items
For structured close execution, see QuickBooks Enterprise Month End Close Services.
Step 2: Reconcile Accounts Receivable
- Review aging report
- Clear unapplied cash
- Investigate old balances
- Validate revenue recognition
See QuickBooks Enterprise Accounts Receivable Outsourcing.
Step 3: Reconcile Accounts Payable
- Review vendor aging
- Match vendor statements
- Validate accruals
- Confirm cutoff accuracy
See QuickBooks Enterprise Accounts Payable Outsourcing.
Step 4: Validate Inventory and Cost of Goods Sold
- Reconcile inventory balances
- Review cost layers
- Validate bill of materials
- Reconcile COGS movement
- Confirm WIP adjustments
See
- QuickBooks Enterprise Advanced Inventory Accounting Support.
- QuickBooks Enterprise Manufacturing Edition Accounting.
Step 5: Review Multi Entity Eliminations
- Reconcile intercompany balances
- Post elimination entries
- Generate consolidated financial statements
See QuickBooks Enterprise Multi Entity Accounting Support.
Step 6: Reconcile Sales Tax
- Reconcile sales tax payable
- Validate taxable sales
- Prepare filing schedules
See QuickBooks Enterprise Sales Tax Filing Support.
Step 7: Post Adjusting Journal Entries
- Accruals
- Prepaid adjustments
- Depreciation
- Intercompany eliminations
Step 8: Review Financial Statements
- Review profit and loss statement
- Review balance sheet
- Analyze margin fluctuations
- Investigate unusual variances
Step 9: Prepare Documentation Packet
- Supporting schedules
- Reconciliation workpapers
- Inventory validation documentation
- Sales tax reconciliation schedules
For audit preparation support, see QuickBooks Enterprise Audit Readiness Support.
Common Month End Close Errors in QuickBooks Enterprise
- Inventory not reconciled
- Duplicate elimination entries
- Unapplied cash not cleared
- Accruals missing
- Sales tax liabilities misaligned
If evaluating system capability due to close complexity, see QuickBooks Enterprise vs NetSuite.
When to Outsource the Month End Close
- Close exceeds ten business days
- Inventory reconciliation delays reporting
- Multi entity structures increase
- Audit adjustments become frequent
See In House vs Outsourced QuickBooks Enterprise Accounting.
How Structured Execution Improves Close Speed
- Defined close calendar
- Standard operating procedures
- Clear task ownership
- Reconciliation governance
- Scalable accounting support
For full system support, see QuickBooks Enterprise Accounting Services.
Frequently Asked Questions
How long should a QuickBooks Enterprise month end close take?
For structured environments, five to ten business days depending on complexity and transaction volume.
Should inventory be reconciled every month?
Yes. Inventory and cost of goods sold should be reconciled monthly.
Do elimination entries need to be posted monthly?
Yes. Intercompany eliminations should be posted during each close cycle.
Does upgrading software shorten the close automatically?
No. Structured operational workflows are required regardless of system.
