A clean monthly close is the foundation of trustworthy numbers. The goal is to have last month's results complete and reviewed within the first week or two of the new month. Here is a checklist built for a med spa.
1. Reconcile cash
- Reconcile every bank account and credit card to statements.
- Record merchant and financing fees separately from sales.
2. Match POS sales to deposits
- Compare daily sales in the POS with processor deposits.
- Investigate differences: refunds, chargebacks, timing and fees.
3. Count inventory
- Physical count of injectables, fillers, consumables and retail.
- Calculate product used: opening + purchases − closing.
- Record the variance between expected and actual stock.
4. Update prepaid service balances
- Record package, membership credit and gift card sales to liability accounts.
- Move redeemed amounts to revenue.
- Reconcile liability balances with the outstanding balances in the POS.
5. Record payroll completely
- Wages, commission, bonuses, payroll taxes and benefits.
- Split provider and support payroll.
- Accrue commission earned but not yet paid, if your books use accrual accounting.
6. Review bills and accruals
- Enter all supplier invoices for the month.
- Record rebates and credits received.
- Accrue significant expenses incurred but not yet billed.
7. Check sales tax
- Confirm sales tax collected on retail matches what is recorded as payable.
- Schedule the filing and payment.
8. Produce and review reports
- P&L with revenue and product cost by service line
- Balance sheet
- Cash flow summary
- Key ratios: gross margin, payroll percentage, product cost percentage
- Comparison with budget and with the same month last year
9. Hold the review meeting
Spend an hour on what changed, why, and what to do about it. Write down decisions and owners.
Lock the month
Once reviewed, close the period in your accounting software so past months are not changed by accident.
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