A clear close helps leaders work from records that have been reviewed, not figures that are still changing. Assign an owner to each step and keep evidence of important decisions.
1. Check transaction completeness
- Confirm income, giving and expense records for the period are entered.
- Review draft transactions and outstanding bills or receipts.
- Check classification of unusual, large or restricted-fund transactions.
2. Review banking and cash
- Reconcile each relevant bank and cash account to its statements.
- Investigate unmatched items and unexpected balances.
- Record and explain corrections using the agreed approval process.
3. Review funds and budgets
- Check restricted and designated fund balances against the underlying records.
- Compare actual expenditure against budgets and investigate material differences.
- Identify commitments or liabilities not yet reflected in cash balances.
4. Prepare and review reports
- Examine the trial balance, income and expense statement and balance sheet.
- Check month-to-month movements and unusual trends.
- Document the review, sign-off and any post-close adjustments.
Using Oikona: Core ledgers, bank reconciliation, funds, budgets and month-end readiness can support this workflow. The checklist is independent of any specific plan entitlement.
Educational guidance only; verify your organisation's accounting, reporting, tax and legal requirements with a qualified adviser.