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Client Name
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Year End Date: YYYY-MM-DDMonth End:YYYY-MM-DD
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Prepared By: Insert NAME
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Reviewed By: Insert NAMEReview Date:YYYY-MM-DD
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Status of Month End Close:
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Please provide a short description of the status of your month end file and if there are any areas you are still working on.
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This is also the place to identify any open issues you are working on and what you are doing to get them resolved.
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If you need more room please feel free to add a new tab in your client checklist and call it Status Update
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TabMonthly Closing Checklist:Prepared by:Reviewed By:DateNotes
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Confirm External Trial Balance (TB) agrees to prior closed period TB in QBO
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Confirm Close of Books in QBO is turned on and marked as Closed for the Prior PeriodAccounts and Settings / Advance / Accounting
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Confirm Opening Retained Earnings/Deficit to External T2 or TB Closing NumbersOpening RE is $XXX,XXX
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Reconcile Bank Accounts
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 Identify and correct any outstanding Items older than the currrent month?
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Reconcile Credit Cards
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 Identify and correct any outstanding Items older than the currrent month?
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Reconcile Investments/GIC and record interest accrual
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Accounts Receivable- Subledger - Assess for Doubtful Accounts
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Reconcile Prepaids, Deposits, Advances
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Inventory listing - items, #, Value, Total
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Fixed Assets Continuity Schedules
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Trade Payables Subledger - Assess items over 90 days and why not paid
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Accrued Expenses (trade payables; expense reports; open PO's, received goods / services)
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Review of recurring expense list (look for missing Expenses on Trending P&L)
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Payroll Clearing
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Payroll Accruals - Vacation, WCB, Benefits, Remittances, Benefits
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Reconcile Loan Accounts - reclassify current balance and Interest Paid
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Reconcile Intercompany Accounts
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Post home currency adjustment (Currency Revaluation) if using multi-currencyFXUse the rates in your QBO Currencies module
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Reclass Debits in Liabilities and Credits in Assets (ie GST or Income Tax recoverable)
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Profit and loss detail accounts- Analytics (Budget vs Actual and/or Tending)
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Balance Sheet - Analytics (Budget vs Actual and/or Tending)
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Make any adjustments from your Analytical reviews
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Final Close & Lock Quickbooks for period
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Prepare Monthly Mgt Report or YE reports for Tax Accountants
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Summary of Unadjusted Differences - adjustments not booked but identified for future entry
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Book Mgmt and or Tax Accountants adjustments (if Any) in closed period
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Reconcile QBO Trial Balance to Tax Accountants Trial Balance and Retained Earnings to GIFI (T2)
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Filing Reminders
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Payroll Remittances (Due date / How Often)
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GST/HST (Due date / How Often)
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PST/QST (Due date / How Often)
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Worker Compensation (WCB) (Due date / How Often)
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Employee Health Tax (EFT) (Due date / How Often)
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Income Tax Installments (Due date / How Often)
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Binder Finalization
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P&LP&L by Month YTD - 6 Months Trend Minimum
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BalShBalance Sheet by Month YTD - 6 Month Trend Minimum
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Add and Link each Tab included with Checklist
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Have a question?
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Contact sales@tandemig.com
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Book a consulation https://www.tandemig.com/contact/tell-us-more/
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