Month End Reporting Readiness Checklist (Free)

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11 critical items still open - these are the highest-risk gaps.

Download checklist:

Cut off and open transactions

All receipts for the period are posted and none are dated in the next periodCRITICALShipments and invoices for the period are posted, and revenue cut off matches shipping date or termsCRITICALGoods received not invoiced list reviewed and accruedCRITICALOpen purchase orders past due reviewed for accrual or cancellationUnposted or error status inventory transactions cleared or explainedCRITICALIntercompany transactions posted on both sidesPeriod lock date set after the final posting window

Inventory and costing

Inventory valuation report ties to the inventory GL accountsCRITICALNegative on hand balances listed and corrected or explainedCRITICALCycle count adjustments for the month posted and valuedStandard cost changes for the period documented and revaluation postedPurchase price variance reviewed for items above the thresholdScrap and rework transactions for the month reviewed against reason codesExcess and obsolete reserve calculation refreshedConsigned and in transit stock classified correctly

Work in process and production

WIP report ties to the WIP GL accountsCRITICALCompleted work orders closed and variances postedCRITICALWork orders with output but no recent activity reviewedLabor and machine hours reported for the period are completeOverhead absorption compared to actual overhead and variance reviewedBackflushed components checked against actual issues for sample jobs

Subledgers and reconciliations

AP subledger ties to the AP control accountCRITICALAR subledger ties to the AR control accountCRITICALFixed asset depreciation run completedBank and cash reconciliations completedForeign currency revaluation run with the period end rateRecurring journals and accruals posted and reviewed

Reports and sign off

Flash report numbers compared to prior month and budget with variance explanationsKPIs recalculated from final numbers and not the interim figuresManagement report definitions unchanged, or changes documentedReviewer sign off recorded with dateCRITICALReport files archived with the period and version

Tick each item you have completed. All critical items must be complete before reports are released to management.

Automate your close tie outs

Optional: we can review which close checks could run automatically from your ERP.

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How to use the checklist

Copy it at the start of the close, assign an owner to each group and work through it in order. Critical items are the ones where an error changes reported profit or the balance sheet, so release nothing until they are ticked. Export to Excel to keep a signed record for each period.

Assign group owners before the close starts
Record the date and person for each critical item
Keep the completed list with the period files for audit

Why tie out comes first

Operational reports such as inventory valuation and WIP are built from transaction tables, while the general ledger is built from postings. When they differ, the cause is nearly always a timing, a failed posting or a manual journal. Tie out before analyzing variances, otherwise the variance analysis is explaining noise.

Cut off in a manufacturing business

Receipts without invoices, shipments without invoices and goods in transit are where profit moves between periods. Check the transaction date rules in your ERP, because posting date and transaction date are not always the same and period locks may apply per module.

Common mistakes

Running reports before the last transaction posting window closes, ignoring error queues in the interface, and releasing KPIs from interim data are frequent. Another is changing a report definition during the close, which makes comparison to the prior month meaningless.

Frequently Asked Questions

How long should a manufacturing close take?

It varies widely with size and system. Many mid sized manufacturers aim for 5 to 8 working days. The more tie outs run automatically and early, the shorter the final days become.

Which checks matter most?

Receipt and shipment cut off, inventory and WIP tie out to the GL, and subledger tie outs. Errors there change reported profit or assets directly.

Can I adapt this for my ERP?

Yes. Export it to Excel and add the report or transaction name used in your ERP next to each item, plus the owner and the target day of the close.

Does this cover audit requirements?

No. It supports your internal process. Audit and statutory requirements depend on your jurisdiction and auditor and need to be added separately.

If close checks mean running many ERP reports by hand, Netray can build read-only checks that run the tie outs automatically and show the query used.

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Month End Reporting Readiness Checklist for Manufacturers