What should a monthly close resolve first?
Confirm records are complete, transactions are traceable and business evidence agrees with the books. IRS recordkeeping guidance emphasizes supporting records for income and expenses.
YOJE’s suggested handover checklist
- Bank, card and payment-platform monthly records
- Sales, refunds, fees and collection reconciliations
- Purchase, expense and payment evidence
- Owner funding, loans and related-party balances
- Inventory, fixed assets and unresolved items
Keep an exception log
Record the question, missing evidence, responsible person and status. Separate estimates from verified items to support review.
Prepare for annual tax work
Management reports and tax filings serve different purposes. Agree on the handover scope so annual professional work starts from organized books.
Official references
Rules and forms may change. Check the relevant year’s official guidance; this article is not a tax conclusion for a particular client.