List reconciliations, source reports, approved journals, unresolved exceptions, reviewer sign-off, report delivery, and the person authorized to lock.
Use a period close lock checklist
Make the period close handoff explicit with reconciliations, open exceptions, journal approval, reporting, and lock ownership.
Published · 8 minute read
The short answer
- Complete the checklist before locking.
- Keep journal approval separate from preparation.
- Record reopening decisions explicitly.
Define the close gates
Collect proof
Keep reconciliations, journal support, confirmations, and the final checklist together. The IRS recordkeeping guidance explains why records should support financial reporting and tax items.
Separate the decision
The bookkeeper prepares schedules and flags gaps. The controller, owner, or CPA approves journals, accepts exceptions, and decides whether the period is ready to lock.
Connect the controls
Use the close calendar and reviewer handoff rules to enforce dates and named owners. Do not treat silence as sign-off.
Keep reopen history
If a period reopens, record who approved it, why, what changed, and when it was closed again. Review the first two close cycles for recurring gates.
Questions owners ask
Who locks the period?
A finance owner or controller with authority should review the checklist and lock the period.
What if an error is found later?
Log the issue, document the impact, and obtain approval before reopening or posting a correction.