Monthly Bookkeeping Close

QBO is the primary accounting system. Keeper is the client portal for document requests. Asana tracks workflow status. Double/Assembly is the Accounting Hub for client communications — portal-first is the default.

Download all required bank statements and source documents before beginning the close. Confirm all statements are available for the prior month before proceeding.

Add Bank Feed Transactions

In the Bank Feed section of QBO, all outstanding transactions from the prior month must be categorized and added. Any unknown transaction should be placed in the 1999 Ask account for the client to review.

Upload ASK Transactions to Client Portal

Submit ASK transactions via Keeper — click the Ask Client button, type your question, and submit. Questions appear in the client's Keeper portal for review.

Payroll Adjustments

All prior month payroll should be entered into QBO and matched to the correct cash flows from the provider report.

Client-Specific Book Tasks

Address any client-specific tasks such as breaking out principal and interest on loans, confirming class assignment on all transactions, or other custom items.

ASK Response Update

Once clients have answered questions, update the books per their responses via the Transaction Questions tab in Keeper.

Bank & Credit Card Reconciliations

All accounts with statements must be reconciled through month-end — all bank accounts, credit cards, and loans/lines of credit.

Client Updates & Follow-Ups

At end of month, the task is marked complete regardless of any subtasks that could not be completed. Exceptions must be noted in the Close Exceptions area. If a follow-up is required, a team task should be created.

S4: Transactions Review

From Accountant Tools, select Reclassify Transactions → Profit & Loss for the prior month. Review vendor name assignment, class assignment, unusual transactions, asset purchases over $2,500, and payroll expense accounts.

S4: P&L Review (YTD by Month)

View Profit & Loss YTD by Month. Investigate any large swings from prior months. Confirm rules are created for recurring transactions (subscriptions, phone bills, etc.).

S4: Balance Sheet Review

• Cash — reconcile, investigate outstanding items older than 3 months
• Accounts Receivable — check AR aging for negative balances
• Taxes — confirm estimated payments are not categorized as tax expense; confirm penalties are split to the penalties P&L account
• Fixed Assets — review for purchases under $2,500 entered as fixed assets; anything under $2,500 should be reclassified to office expense unless it is a partial payment
• Accounts Payable — review AP aging for negative balances
• Accrued Expenses — investigate any negative ending balances
• Notes Payable — confirm interest adjustments are made
• Shareholder Distributions — confirm no business expenses are in SH Distributions

S4: Final Review

Two-step review: monthly level, then month-by-month YTD. The Accounting Supervisor (Seat 3) performs the S4 primary review and signs off before the close is considered complete.