Use it at your next close
Review the foundation before delivering the reports. Follow each step, document the exceptions, and confirm who owns the follow-up. Reporting should be supported by the records behind it.
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Collect the month’s source records Gather bank statements, loan statements, invoices, rent-roll or ledger exports, and the agreed operating reports. Confirm the reporting cutoff. Reconcile bank and clearing accounts Match recorded activity to independent statements. Investigate outstanding items, unmatched transfers, and balances carried forward. Review property and entity coding Check income and expenses against the correct property, entity, and account. Document allocation methods and unusual adjustments. Match security-deposit and owner records Compare deposit and owner ledgers with the agreed control accounts and supporting schedules. Investigate differences before delivering reports. Review receivables, payables, and debt Obtain current schedules, flag old balances, and match material loan balances to supporting records. Assign unresolved questions to an owner. Support the Balance Sheet Keep schedules for material balances, transfers, deposits, and intercompany activity. Review unexpected changes and unsupported balances. Explain property-level performance Review property income, operating expenses, and agreed NOI calculations. Separate accounting changes from operational changes such as vacancy or repair activity. Deliver reports and close the loop Issue the agreed financial package with explanations, open items, and action owners. Confirm review and access responsibilities before restricting a completed period. Selections stay on this page. The checklist is a workflow starting point; the agreed accounts, reporting responsibilities, and controls determine the final close process.
Written for property managers
Turn open items into a clear scope. Does the same account remain unreconciled? Do owner balances need explanation? Is ownership asking for a clearer view of NOI?
Bring those questions to a discovery call. Greenkey can review the accounting systems, property structure, and reporting your team needs.
Discuss my property close Property management bookkeeping Tara Constantine · Founder of Greenkey Accounting Services · 20+ years of accounting experience.
