Close Health
Ahead of Schedule
Tasks Complete
14 / 37
Department Status
Tax
Management
Accounting
Project Mgmt
Accounts Payable
Payroll
Treasury
Close Timeline
PRE-CLOSE
Days -3 to Day 0Send close calendar and cut-off deadlines to all contributors
AccountingPull job cost reports for all open contracts
Project MgmtConfirm percent complete estimates with project managers
Project MgmtReview open purchase orders for AP accrual needs
Accounts PayableConfirm payroll processing schedule aligns with close timeline
PayrollT+1
First Business DayPost all labor costs to jobs
PayrollPost all material and subcontractor costs to jobs
Accounts PayablePost equipment usage and rental charges to contracts
Accounts PayableRun AP accruals — goods and services received but not invoiced
Accounts PayablePost payroll entries and any payroll accrual for straddle pay periods
PayrollRecord cash receipts and disbursements through month-end
TreasuryRun fixed asset depreciation — equipment, vehicles, trailers
AccountingPost prepaid expense amortization — insurance, bonds, licenses
AccountingComplete bank reconciliation
TreasuryT+2
Second Business DayCalculate revenue earned by contract — percentage of completion
AccountingUpdate estimated cost at completion for all open contracts
Project MgmtRecord overbillings and underbillings — billings in excess / costs in excess
AccountingPost remaining accrual journal entries
Accounts PayableComplete AR subledger reconciliation
AccountingComplete AP subledger reconciliation
Accounts PayableT+3
Third Business DayReconcile retainage receivable
AccountingPost any anticipated loss reserves on over-budget contracts
AccountingComplete all balance sheet account reconciliations
AccountingPost adjusting entries identified during reconciliation
AccountingRun preliminary trial balance and income statement
AccountingPreliminary flux analysis — investigate material variances
AccountingT+4
Fourth Business DayGenerate WIP schedule
AccountingPost tax provision entries — income tax, sales/use tax, property tax
TaxGenerate draft financial statements — P&L, balance sheet, cash flow
AccountingJob profitability report by contract
Project MgmtPrepare detailed variance explanations for management review
AccountingManagement review of financial statements and WIP schedule
ManagementT+5 · HARD CLOSE
Fifth Business DayPost any final adjustments from management review
AccountingLock the period in the ERP/GL system
AccountingDistribute financial reporting package to stakeholders
AccountingUpdate contract backlog and forecast based on actuals
Project MgmtClose retrospective — document issues and process improvements
Management