Questions to Ask During Monthly Close (for Bookkeepers and Accountants) – Checklist Included

A consistent monthly close process helps firms deliver accurate financials, reduce rework, and keep client records up to date. Asking the right questions at each step ensures nothing is missed and gives you a predictable way to complete close tasks every month. Below are the key questions bookkeepers and accountants should ask when preparing financial statements, reviewing transactions, and finalizing reports.

Download your monthly close questions in PDF here.

These questions can be used as a checklist for your internal team or as part of your client workflow.

1. Have all bank, credit card, and loan accounts been reconciled?

Ask:

• Are all balances matched to the statements?
• Are outstanding items reviewed and cleared?
• Have unusual or old unreconciled transactions been investigated?

Reconciliation is the foundation of an accurate close. If these accounts do not match, the rest of the month end financials will not be reliable.

2. Were all client-provided documents received on time?

Ask:

• Did the client submit receipts, statements, invoices, and payroll records?
• Are there missing documents that need follow up?

Consistent information gathering prevents delays and helps firms avoid last minute hold-ups.

3. Have all income and expenses been categorized correctly?

Ask:

• Are transactions assigned to the correct accounts?
• Are there uncategorized or personal transactions?
• Are recurring transactions reviewed for accuracy?

This keeps financial reporting clean and ensures the P and L reflects the correct spending and income patterns.

4. Have all vendor bills and customer invoices been recorded?

Ask:

• Are there unpaid vendor bills that should be added or released?
• Have all customer invoices been issued for the period?
• Are aging reports consistent with accounting entries?

This improves visibility into cash flow and prevents missed revenue or overdue payables.

5. Are there duplicate or unusual transactions that need review?

Ask:

• Does the transaction history look consistent with prior months?
• Are large or unexpected items verified with the client?

This step protects the accuracy of financial statements and reduces future cleanup work.

6. Have payroll entries been posted correctly?

Ask:

Are wages, taxes, and benefits recorded in the correct period?
Are payroll liabilities and payments aligned with reports?

Payroll errors can affect tax filings, cash flow, and compliance, so verification is essential.

7. Do financial statements match supporting records?

Ask:
• Does the P and L match the general ledger balances?
• Are balance sheet accounts supported by documentation?
• Are variances from last month or last year explained?

This ensures the final reports are complete and audit ready.

8. Are adjustments, accruals, or amortization entries needed?

Ask:
• Should revenue or expenses be adjusted into the correct period?
• Are prepaid or deferred accounts updated?
• Are fixed asset purchases and depreciation reviewed?

Accrual-based adjustments help create accurate period reporting for clients.

9. Have all compliance and deadline-driven tasks been completed?

Ask:
• Are sales tax filings prepared?
• Are payroll tax liabilities submitted?
• Are industry-specific filings completed?

Missing regulatory tasks can create penalties for clients.

10. Is everything documented so next month is easier?

Ask:
• Are notes added for any unusual entries?
• Are recurring tasks updated for next month?
• Does the client need follow up or clarification?

Documentation reduces rework and supports knowledge transfer inside the firm.

Using These Questions to Improve Monthly Close Workflows

You can use this list to build a recurring monthly close checklist, assign tasks to your team, and standardize the process across all clients. Many firms use these questions as the basis for templates or internal SOPs to keep close cycles consistent every month.

A structured checklist also helps new staff onboard faster and reduces the risk of missing important steps during busy seasons.

How Jetpack Workflow Helps With Monthly Close

Monthly close involves recurring tasks, client reminders, documentation, and deadlines. Jetpack Workflow helps firms manage this by providing:

• Recurring job schedules for each client
• Checklist templates for monthly close tasks
• Deadline tracking across all staff
• Visibility into who is working on which task
• Notes and documentation in one place

This gives your firm a consistent, repeatable process every month.

Frequently Asked Questions

Why is a monthly close process important?

It ensures financial statements are accurate, up to date, and ready for tax, compliance, and advisory decisions.

When should bookkeepers perform a monthly close?

Most firms complete the close within the first one to two weeks of the following month.

What is the biggest challenge during monthly close?

Gathering missing documents from clients and reviewing uncategorized transactions.

Can these questions be turned into a checklist?

Yes. Many firms use them to create a monthly close template that repeats for all clients.