Month-End Close

Overview

A structured checklist for closing your books each month. Ensures all transactions are categorized, anomalies are reviewed, accounts reconcile, and reports are generated before moving on.

Wilson Tools Used

```
anomaly_detect
```
— find uncategorized transactions, duplicate entries, and unusual amounts that need review
```
spending_summary
```
— generate the monthly summary for reconciliation against bank statements
```
categorize
```
— apply categories to any uncategorized transactions found during close
```
transaction_search
```
— pull the full month of transactions for review

Workflow

Ask which month is being closed (defaults to previous month).
Run the close checklist in order:

Step 1: Pull all transactions Use

transaction_search

for the full month to get the complete transaction set.

Step 2: Find uncategorized transactions Use

anomaly_detect

to identify transactions without categories. Report the count and total dollar amount uncategorized.

Step 3: Categorize outstanding items Use

categorize

to assign categories to uncategorized transactions. Ask the user to confirm any ambiguous ones.

Step 4: Detect anomalies Use

anomaly_detect

to flag duplicates, unusually large transactions, and amounts that deviate significantly from patterns.

Step 5: Generate monthly summary Use

spending_summary

for the month. Compare totals against the bank statement ending balance.

Step 6: Reconciliation check Present the reconciliation:

MONTH-END CLOSE — [Month Year]
═══════════════════════════════════════
Checklist                        Status
───────────────────────────────────────
Transactions imported            ✓ 247 transactions
Uncategorized resolved           ✓ 0 remaining
Anomalies reviewed               ✓ 3 flagged, 3 resolved
Duplicates checked               ✓ None found

RECONCILIATION
Bank Statement Ending Balance    $XX,XXX
Wilson Calculated Balance        $XX,XXX
Difference                            $0
Status                           RECONCILED

MONTHLY SUMMARY
Total Income                     $XX,XXX
Total Expenses                  ($XX,XXX)
Net Income                        $X,XXX
═══════════════════════════════════════

Step 7: Archive Confirm the month is closed. Recommend exporting a PDF or CSV snapshot for records.

Without Wilson

Download your bank statement PDF for the month (Chase: Statements & Documents; Amex: Statements; most banks: Settings > Documents > Statements).
Export the month's transactions as CSV from your bank.
Open the CSV in a spreadsheet. Check for blank categories — filter the Category column for blanks.
Manually categorize each blank row.
Check for duplicates: sort by Amount, then by Date, and look for identical rows.
Sum all transactions:
```
=SUM(Amount)
```
. Compare to the net change on your bank statement (ending balance minus starting balance).
If there is a difference, sort by date and compare line-by-line against the bank statement PDF.
Common discrepancies: pending transactions that posted the next month, bank fees not yet downloaded, or split transactions.
Save the reconciled spreadsheet with the naming convention:
```
YYYY-MM-close.xlsx
```
(e.g.,
```
2026-03-close.xlsx
```
).

Important Notes

Close the books within the first 5 business days of the following month while transactions are fresh.
The reconciliation step is critical. If Wilson's total and your bank statement do not match, do not skip it. Track down every dollar of difference.
Keep a running list of recurring items that need manual attention each month (owner draws, transfers between accounts, reimbursements).
If you have multiple bank accounts or credit cards, close each one separately, then do a combined summary.

month-end-close

NPX Install

Tags

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