A year-end close checklist lists the work a finance team completes after the fiscal year ends: the month-end close for the last month, plus the annual lines, such as the physical count, the fixed asset and debt reviews, the true-up of estimates and the auditor's request list. Each line needs a preparer, a separate reviewer and evidence.
The template below runs with or without Rever. The Agent column names the Rever agent that prepares or checks a line where Rever is in use, from the agents' published scopes. A line marked "People" turns on judgment and stays with your team. The reviewer is always a person.
How to use the template
- Download the CSV and add your own dates and names. Most teams set the order first, because the accrual true-up depends on the subledger tie-outs and the flux review depends on both.
- Start the count, the confirmations and the vendor master review before year-end; they need people outside finance.
- Keep the evidence with the line. A reviewer who opens a line should find the support beside it, and the auditor will ask for the same file.
- Run the month-end lines first. The month-end close checklist covers them in order.
- If you joined the company this year, the checklist doubles as an inventory of what your predecessor left open; a new controller's first 30 days covers that review.
The year end close checklist
| Line | Preparer | Reviewer | Evidence | Agent |
|---|---|---|---|---|
| Agree the year-end calendar, owners and dependencies | Controller | CFO | Close calendar with owner and date per line | Close Orchestrator tracks tasks, dependencies and blockers |
| Confirm cut-off for receiving, shipping and billing | Staff accountant | Controller | Receiving and shipping logs and invoices near year-end | Matcher compares delivery dates with invoices; Revenue Assurance tests billing against delivery |
| Count inventory and roll the count to year-end | Operations, with a staff accountant | Controller | Count sheets and the count-to-ledger tie-out | Inventory reviews existence, movements and cut-off |
| Review inventory valuation and reserves | Cost accountant | Controller | Costing support and slow-moving and obsolete analysis | Inventory highlights slow-moving stock and stock valued in error |
| Reconcile each bank account to the year-end statement | Staff accountant | Controller | Bank statements and signed reconciliations | Matcher reconciles bank activity to the books |
| Review the AR aging and the allowance for doubtful accounts | AR lead | Controller | Aging, allowance calculation and receipts after year-end | Deduction tests short payments and deductions; the allowance stays with people |
| Tie out AP and search for unrecorded liabilities | AP lead | Controller | Payables aging and invoices received after year-end | Matcher ties invoices to receipts; Spend Guard screens for duplicates |
| True up accruals: goods received not invoiced, payroll, bonus, interest | Staff accountant | Controller | Accrual schedules with support | Journal prepares the entries for approval |
| Schedule the opening-period reversals | Staff accountant | Controller | Reversal schedule | Close Orchestrator checks that required reversals are completed |
| Amortise prepaid and deferred balances | Staff accountant | Controller | Amortisation schedules tied to the ledger | Journal recomputes prepayments and amortisation |
| Record fixed asset additions, disposals and depreciation; review for impairment | Fixed asset accountant | Controller | Asset register, invoices and depreciation run | Journal recomputes depreciation; asset schedules and impairment stay with your reviewer |
| Update lease schedules | Staff accountant | Controller | Lease agreements and schedules | People |
| Tie debt and interest to lender statements and test covenants | Controller | CFO | Lender statements and covenant calculations | Journal and Matcher agree principal, rate and settlements |
| Roll forward equity | Controller | CFO | Equity records and board minutes | People |
| Agree intercompany balances and record eliminations | Staff accountant | Controller | Both sides agreed, with differences explained | Matcher agrees balances; Close Orchestrator carries differences into the close |
| Confirm vendor and customer balances | AP and AR leads | Controller | Statements and confirmation replies | Matcher agrees statements line by line; Evidence keeps the replies |
| Calculate rebates and vendor credits receivable | AP lead | Controller | Contracts, eligible purchases and claims | Entitlement recalculates what is due and what was received |
| Review revenue recognition and deferred revenue | Revenue accountant | Controller | Contracts and recognition schedules | Revenue Assurance verifies completeness and recognition |
| Prepare tax provision support | Tax lead | CFO | Provision workpapers | People; tax judgment stays with qualified reviewers |
| Review vendor master changes and user access | AP lead and IT | Controller | Master-data change log and user access list | Sentinel compares master-data changes and tests approval authority |
| Explain year-over-year movements above the threshold | Controller | CFO | Flux schedule with explanations and sources | Flux Analyst drafts explanations tied to transactions |
| Assemble the auditor's PBC list | Controller | CFO | PBC schedules and support | Evidence assembles traceable evidence packs |
| Prepare financial statements and disclosures | Controller | CFO | Draft statements tied to the trial balance | People |
| Sign off and lock the year | Controller, then CFO | Audit committee or owner | Completed checklist with each line commented | Close Orchestrator shows readiness and blockers; sign-off stays with people |
Download the template (CSV) Download the template (Excel)
Rebate receivables, deductions and the vendor master are the lines spreadsheets miss most, because no one owns them all year. The accounts payable audit checklist goes deeper on payables, and audit readiness covers the PBC list.