Free template
Club Month-End Close Checklist
A free month-end close checklist for private clubs: outlet cutoff, member billing, processor reconciliations, inventory, accruals, deferrals and reporting.
By Tim Lenahan, Founder, Bubs · Updated
This club month-end close checklist covers every step a private club's accounting office takes to close the books: cutoff in the outlets, member billing and receivables, cash and processor reconciliations, inventory and cost of sales, payroll and accruals, deferred revenue, the general ledger review and the board package. Each task has a suggested owner and a due day counted in business days after month-end (BD+1 is the first business day after the month closes). Copy it, assign names to the owners, and adjust the days to your club's calendar.
For the reasoning behind each step and how to shorten the close, read the club month-end close guide.
How to use the checklist
- Assign one owner per task. A role is fine in the template; put a name in your copy.
- Keep the due days. A close runs on sequence: statements wait on charges, departmental results wait on inventory.
- Record completion. Tick the box, initial and date it. The reviewer signs off each section.
- Carry exceptions forward. Anything unresolved goes on an open-items list reviewed at the next close.
Owner abbreviations: CTRL controller, AC accountant or staff accountant, AR accounts receivable or member billing, AP accounts payable, PR payroll, F&B food and beverage director or outlet managers, GP head golf professional, CAT catering manager, GM general manager.
Before month-end
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Publish the close calendar with due days and owners | CTRL | BD−5 |
| ☐ | Remind department heads of cutoff: all checks closed, all charges entered, all invoices submitted | CTRL | BD−3 |
| ☐ | Confirm events on the last days of the month are billed or accrued | CAT | BD−2 |
| ☐ | Schedule physical inventory counts for F&B and retail on the last day | F&B, GP | BD−2 |
| ☐ | Confirm payroll period dates and the accrual days in the month | PR | BD−2 |
| ☐ | Collect expected vendor invoices and receiving reports | AP | BD−1 |
Outlet cutoff and sales
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Confirm every register and outlet is closed out for the final day | F&B, GP | BD+1 |
| ☐ | Resolve open checks and tabs; no open checks carried into the new month | F&B | BD+1 |
| ☐ | Review voids, comps and discounts for the month; investigate unusual items | F&B, CTRL | BD+2 |
| ☐ | Confirm registers that worked offline have synced all transactions | F&B | BD+1 |
| ☐ | Reconcile sales by outlet to the general ledger | AC | BD+2 |
| ☐ | Confirm service charges and gratuities are recorded in the correct accounts | AC | BD+2 |
| ☐ | Review sales tax collected by jurisdiction and category | AC | BD+3 |
Member billing and receivables
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Confirm all outlet, golf, event and guest charges have posted to member accounts | AR | BD+1 |
| ☐ | Post monthly dues and recurring fees | AR | BD+1 |
| ☐ | Post assessments and installment billings due this month | AR | BD+1 |
| ☐ | Calculate F&B minimum shortfalls for periods ending this month and post them | AR | BD+2 |
| ☐ | Post late fees per club policy | AR | BD+2 |
| ☐ | Review member credits, adjustments and write-offs for approval | CTRL | BD+2 |
| ☐ | Review open disputes; resolve or carry with notes | AR | BD+2 |
| ☐ | Review a sample of statements for accuracy before release | AR, CTRL | BD+3 |
| ☐ | Issue member statements | AR | BD+3 |
| ☐ | Run autopay for card and ACH on the scheduled date | AR | Per schedule |
| ☐ | Reconcile the member AR subledger to the general ledger control account | AC | BD+3 |
| ☐ | Produce the AR aging and review accounts past 60 and 90 days | AR, CTRL | BD+4 |
| ☐ | Reconcile non-member receivables (event clients, outside organizations) | AR | BD+4 |
See accounts receivable aging and the F&B minimums guide.
Cash, bank and processor reconciliations
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Reconcile every bank account to the bank statement | AC | BD+3 |
| ☐ | Reconcile card processor deposits to card tenders by day, including fees and chargebacks | AC | BD+3 |
| ☐ | Reconcile ACH receipts to member payments | AC | BD+3 |
| ☐ | Reconcile cash deposits to register cash tenders; investigate overs and shorts | AC | BD+3 |
| ☐ | Record processing fees in the correct expense accounts | AC | BD+3 |
| ☐ | Review undeposited funds and clear stale items | AC | BD+4 |
| ☐ | Reconcile petty cash and change funds | AC | BD+4 |
Inventory and cost of sales
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Complete physical counts: food, beverage (liquor, beer, wine), retail | F&B, GP | BD+1 |
| ☐ | Enter counts and review variances against the system | F&B, GP, AC | BD+2 |
| ☐ | Record transfers: F&B to banquets, retail to events and prizes, employee meals | AC | BD+2 |
| ☐ | Calculate cost of sales by department (opening + purchases − transfers − closing) | AC | BD+3 |
| ☐ | Review cost-of-sales percentages against budget and prior month; investigate outliers | CTRL | BD+4 |
| ☐ | Record retail markdowns and inventory adjustments approved by the golf professional | AC | BD+3 |
Stored value and liabilities to members
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Reconcile gift card and gift certificate balances to the liability account | AC | BD+3 |
| ☐ | Reconcile tournament prize credits and credit books to the liability account | AC | BD+3 |
| ☐ | Reconcile member deposits and credits on account | AC | BD+3 |
Payables and accruals
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Enter all vendor invoices dated in the month | AP | BD+2 |
| ☐ | Accrue goods received but not invoiced | AP, AC | BD+3 |
| ☐ | Accrue utilities, services and other recurring expenses not yet invoiced | AC | BD+3 |
| ☐ | Reconcile AP subledger to the general ledger | AC | BD+4 |
| ☐ | Review vendor statements for missing invoices | AP | BD+4 |
Payroll and staff
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Approve timecards for the final pay period of the month | Department heads | BD+1 |
| ☐ | Accrue wages and payroll taxes for days worked but not paid | PR, AC | BD+3 |
| ☐ | Record service charge distributions and tips paid through payroll | PR, AC | BD+3 |
| ☐ | Reconcile payroll registers to the general ledger by department | AC | BD+4 |
| ☐ | Accrue paid time off and bonuses per club policy | AC | BD+4 |
See service charge vs gratuity for how each is treated.
Deferred revenue and prepaid items
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Recognize dues billed in advance (annual or quarterly) for the month | AC | BD+3 |
| ☐ | Recognize prepaid F&B minimum credits used or expired | AC | BD+3 |
| ☐ | Hold event deposits as liabilities until the event is served; recognize revenue for events held this month | AC | BD+3 |
| ☐ | Recognize initiation fees per the club's accounting policy | CTRL | BD+3 |
| ☐ | Amortize prepaid expenses (insurance, software, maintenance contracts) | AC | BD+3 |
Fixed assets and capital
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Record capital additions and disposals | AC | BD+4 |
| ☐ | Record depreciation | AC | BD+4 |
| ☐ | Record capital assessment collections in the designated fund or account | AC | BD+4 |
| ☐ | Reconcile restricted or designated capital funds to their bank accounts | AC | BD+4 |
General ledger review
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Post all recurring and adjusting journal entries, with support attached | AC | BD+4 |
| ☐ | Review all journal entries for approval | CTRL | BD+5 |
| ☐ | Reconcile every balance sheet account; clear suspense and clearing accounts | AC | BD+5 |
| ☐ | Record intercompany or inter-entity entries, if any | AC | BD+5 |
| ☐ | Review the trial balance for unusual balances | CTRL | BD+5 |
| ☐ | Review nonmember income for tax reporting, if the club is a 501(c)(7) | CTRL | BD+5 |
See general ledger and nonmember income and 501(c)(7).
Reporting and the board package
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Produce departmental income statements (golf, F&B, retail, events, racquets, and so on) | AC | BD+6 |
| ☐ | Produce the balance sheet and cash flow | AC | BD+6 |
| ☐ | Compare results to budget and prior year; write variance explanations | CTRL | BD+7 |
| ☐ | Review key operating measures (rounds, covers, average check, cost of sales, payroll percentage, AR days) | CTRL, GM | BD+7 |
| ☐ | Review with the general manager | CTRL, GM | BD+8 |
| ☐ | Distribute the finance committee and board package | CTRL | BD+10 |
For which measures to include, see club KPIs, and for a standard statement layout, the USFRC guide.
Closing the period
| ✓ | Task | Owner | Due |
|---|---|---|---|
| ☐ | Lock the period in the accounting system to prevent back-dated entries | CTRL | BD+6 |
| ☐ | File the close binder or folder: reconciliations, entries, support and sign-offs | AC | BD+8 |
| ☐ | Update the open-items list for the next close | CTRL | BD+8 |
| ☐ | Note what slowed this close and one change for next month | CTRL | BD+10 |
Quarter-end and year-end additions
At quarter-end, add:
- Post F&B minimum shortfalls for quarterly periods
- Review quarterly assessments and installment plans
- Review estimated tax payments, if applicable
At year-end, add:
- Full physical inventory for every department
- Fixed asset register review and impairment review
- Annual minimum shortfalls and carry-forward balances
- Unclaimed member credits and gift card balances per applicable rules
- Audit preparation: schedules, confirmations and the auditor's request list
- Nonmember income calculation for the year
- Budget load for the new year
Sign-off
| Section | Completed by | Date | Reviewed by | Date |
|---|---|---|---|---|
| Outlet cutoff and sales | ||||
| Member billing and receivables | ||||
| Cash, bank and processor | ||||
| Inventory and cost of sales | ||||
| Stored value | ||||
| Payables and accruals | ||||
| Payroll | ||||
| Deferred revenue | ||||
| Fixed assets and capital | ||||
| General ledger review | ||||
| Reporting | ||||
| Period locked |
Shortening the close
Most of the days in a club close go to moving data between systems and reconciling the seams: POS to member billing, member billing to the ledger, the processor to the bank. When outlet sales, member charges, payments and the general ledger live in one system, many of the reconciliations above become confirmations rather than investigations.
Bubs club accounting posts sales, tenders, member charges and payments to a general ledger built on a USFRC-aligned chart of accounts as they happen, and member billing posts dues, minimum shortfalls and statements from the same records. See Bubs for controllers.