#month-end-close
Streamline month-end closing procedures and checklists
A framework for elevator and escalator maintenance contractors to recognize FMA and O&G contract revenue ratably under ASC 606, track lumpy repair costs by job, and separate capitalizable modernization work from routine service revenue.
A practical guide to applying ASC 606 revenue recognition to marketing and creative agency retainers, covering standing-ready vs. activity-based retainers, deferred and unbilled revenue journal entries, and the due-diligence risks of booking full retainers as revenue on invoice date.
Commingling trust and operating funds is illegal in all 50 states with fines from $1,000 to $25,000 per violation, and CAM reconciliation errors can trigger tenant audits years later — here's how three-way reconciliation and a property-specific chart of accounts keep commercial books compliant.
A coworking space earns revenue across five distinct streams and must defer prepaid membership revenue, allocate CAM charges, and split costs by square footage to accurately price hot desks against private offices.
Budget vs. actual (BvA) variance analysis compares planned numbers to real results every month, flags variances that cross both a dollar and percentage threshold, and turns recurring misses into a corrected forecast instead of a repeated surprise.
How small businesses should book prepaid insurance, rent, software, and retainers — the initial entry, monthly amortization schedule, IRS 12-month rule, and a written de minimis policy that keeps monthly profit comparable and unlocks year-end tax deductions.
How self-storage operators should structure a chart of accounts by unit type, reconcile SiteLink or storEDGE with the general ledger, treat move-in discounts as contra-revenue, handle auction proceeds, and report physical occupancy, economic occupancy, and NOI per square foot.
Accrued payroll records wages, taxes, and PTO employees earned before period-end but are paid after it. Learn how to calculate the accrual, post the month-end journal entry, and reverse it next month to avoid double-counting.
Bank feed rules cut bookkeeping time 40–60% and push error rates below 0.5%, but rule-only matching tops out at 60–70% accuracy. This guide shows how to set up rules that hold, catch silent drift, and decide where AI belongs.
A practical walkthrough of the LCNRV rule under ASC 330 — how to calculate net realizable value, book the write-down, handle obsolete or damaged inventory, and avoid the phantom-profit trap of overstated inventory on the balance sheet.
A suspense account is a temporary ledger account that holds an unidentified transaction or an unexplained trial-balance difference so the month-end close can finish on time. This guide covers when to use one, how to record and clear the entries, and how it differs from a clearing account.
A monthly bank reconciliation done in 30 to 90 minutes is the cheapest fraud control a small business has. This guide walks through the two-column worksheet, how to handle outstanding checks and deposits in transit, the recurring items that trip people up, and the internal controls that turn the exercise into real protection.
