Checklist for your Monthly Close

A nonprofit monthly close checklist ensures fund accounting accuracy, grant compliance, and audit readiness. It involves reconciling all bank and credit card accounts, verifying restricted vs. unrestricted donations, allocating shared expenses, and generating board-ready financial statements.

If you have a hired accountant, they should be doing this for you with your participation. Typically, you & your staff have to provide good information to the accountants, such as completing your expense reports within 5 days of the end of the month, ensuring all revenue is documented, and that your accountants have access to view your bank account transactions.

A standard checklist for your monthly close can be found here, courtesy of the Wallace Foundation.