Close Management
Build the close plan
Define the close date and work backward through:
- data and subledger cut-off;
- bank, payroll, billing, payables, inventory, fixed assets, and intercompany close;
- recurring and non-recurring entries;
- balance-sheet reconciliations;
- consolidation, eliminations, currency translation, tax, and reporting;
- variance review, controller review, executive sign-off, and lock.
Each task needs an ID, entity, process, owner, reviewer, planned start/end, predecessor, required input, evidence, materiality, status, blocker, and completion timestamp.
Daily control
- Update status from evidence, not verbal assurance.
- Identify critical-path delays and quantify downstream impact.
- Escalate blocked, overdue, high-risk, and material unresolved items.
- Prevent premature completion where entries, reconciliations, or reviews are pending.
- Record late adjustments and assess whether the close must reopen.
Readiness gates
- subledgers and interfaces complete;
- material entries posted and approved;
- key accounts reconciled;
- intercompany differences resolved or approved;
- statements tie and material variances are explained;
- open items are below threshold or formally accepted;
- reviewers have signed off and the ledger lock decision is recorded.
After close, compare planned vs actual duration, late tasks, late entries, recurring exceptions, and manual effort. Assign improvement actions with owners and due dates.
1---2name: close-management3description: Plan and control month-end, quarter-end, and year-end close activities. Use for close calendars, dependency management, status tracking, bottleneck escalation, readiness checks, and post-close improvement.4---56# Close Management78## Build the close plan910Define the close date and work backward through:1112- data and subledger cut-off;13- bank, payroll, billing, payables, inventory, fixed assets, and intercompany close;14- recurring and non-recurring entries;15- balance-sheet reconciliations;16- consolidation, eliminations, currency translation, tax, and reporting;17- variance review, controller review, executive sign-off, and lock.1819Each task needs an ID, entity, process, owner, reviewer, planned start/end, predecessor, required input, evidence, materiality, status, blocker, and completion timestamp.2021## Daily control22231. Update status from evidence, not verbal assurance.242. Identify critical-path delays and quantify downstream impact.253. Escalate blocked, overdue, high-risk, and material unresolved items.264. Prevent premature completion where entries, reconciliations, or reviews are pending.275. Record late adjustments and assess whether the close must reopen.2829## Readiness gates3031- subledgers and interfaces complete;32- material entries posted and approved;33- key accounts reconciled;34- intercompany differences resolved or approved;35- statements tie and material variances are explained;36- open items are below threshold or formally accepted;37- reviewers have signed off and the ledger lock decision is recorded.3839After close, compare planned vs actual duration, late tasks, late entries, recurring exceptions, and manual effort. Assign improvement actions with owners and due dates.
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