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Expensify | How to use this checklist
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1. Fill in the yellow cells at the top of the Close checklist tab: the period, who owns the close, and the cutoff date.
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2. Give each step an owner and a due date. Steps 1–4 and 6 are the card and expense track. Steps 5 and 7 can run alongside them, so hand those to a second person.
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3. Update the Status column as you go. Rows turn green when they are done, and the progress counter at the top updates on its own.
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4. Use the Accrual worksheet for step 6. Section A covers card transactions already imported but not on a report. Section B estimates out-of-pocket spending from the last three closes. Agree on the materiality threshold with your accountant, and write it down.
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5. Run the audit-ready check at the bottom of the checklist before you lock the period.
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Example of a filled-in step
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Step 2 · Chase outstanding receipts · Owner: Jordan (AP specialist) · Due: Oct 3 · Status: Done · Done on: Oct 3 · Notes: 4 receipts over $75 still missing, accrued instead
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Legend
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Yellow cells: fill these in. Mint cells: calculated for you, no need to edit. Green rows: steps marked Done. Tan rows: steps marked N/A.
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How long to keep the records
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The IRS says to keep records for three years in most cases, six years if you underreport income by more than 25% of the gross income on your return, and seven years for a loss from worthless securities or a bad debt deduction. Keep employment tax records for at least four years.
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Source: IRS, "How long should I keep records?" irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records
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Want to skip the receipt chasing? Expensify imports card transactions, matches receipts to them with SmartScan, and exports approved expenses to your accounting system. use.expensify.com
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