Guide
Month-end close checklist for multi-entity groups
A multi-entity close is a chain: the group cannot close until every entity has closed and intercompany balances agree. This checklist organises the work into phases, with typical owners and an example timetable. Adapt it to your group's size, reporting deadlines and local requirements.
Updated · 6 min read · Conso 360
Key points
- Agree the close calendar and intercompany cut-off before month-end, not after.
- Reconcile intercompany balances before the consolidation run.
- Lock each entity's period once it is closed, so numbers do not move under the group close.
- Keep a review trail: who prepared, who reviewed and what was adjusted.
1. Before month-end: plan the close
- Publish the close calendar with a deadline for each entity and each phase.
- Set the intercompany cut-off date and the last day for issuing intercompany invoices.
- Confirm the exchange rate source and date, for example ECB reference rates on the last working day.
- Note changes to the group structure, such as acquisitions, disposals or new entities.
- Map any new local accounts to the group chart of accounts.
2. Entity close (each legal entity)
- Post all supplier and sales invoices for the period, and review documents still waiting for approval.
- Reconcile bank accounts and clear unmatched bank lines.
- Book accruals, prepayments and deferred income.
- Run depreciation and record fixed asset additions and disposals.
- Post payroll and related liabilities.
- Revalue foreign currency monetary items at the closing rate.
- Reconcile VAT accounts to the VAT return.
- Reconcile balance sheet accounts and review income statement variances.
- Soft-close the period so that late changes need approval.
3. Intercompany
- Make sure all intercompany transactions carry the partner company.
- Run intercompany matching across all entity pairs.
- Investigate differences and assign each one a reason and an owner.
- Agree corrections with the counterparty and post them in the entity books.
- Document accepted timing differences and any residual amounts.
For the accounting behind this step, see intercompany eliminations.
4. Group consolidation
- Load or transfer entity trial balances and check that they are complete.
- Check that every account is mapped to the group chart.
- Load exchange rates and check them against the agreed source.
- Run validation checks and resolve errors.
- Run the consolidation and review eliminations, translation differences and non-controlling interests.
- Post group adjustments and rerun the consolidation.
5. Review and reporting
- Review group results against budget, forecast and the prior period.
- Check that the equity movement reconciles from opening to closing.
- Prepare the management reporting pack.
- Obtain sign-off from the group controller or CFO.
- Hard-close entity periods and lock postings.
Who does what: an example timetable
| Phase | Typical owner | Typical timing |
|---|---|---|
| Plan the close | Group controller | Before month-end |
| Entity close | Entity accountants or outsourced provider | WD1 to WD3 |
| Intercompany | Entity accountants with the group team | WD2 to WD4 |
| Group consolidation | Consolidation team | WD4 to WD5 |
| Review and reporting | Group controller and CFO | WD5 to WD7 |
Making the close faster without cutting corners
- Process supplier invoices and bank lines continuously during the month, not at month-end.
- Use matching rules for recurring bank transactions.
- Reconcile intercompany balances mid-month as well as at month-end.
- Automate repetitive steps, but keep human review on judgement and exceptions.
- Hold a short review after each close to remove one recurring delay at a time.
Conso 360 supports this across entities with multi-entity accounting and AI-assisted document processing with a review queue.
This guide is general information for finance professionals, not accounting, tax or audit advice. Apply it to your own facts with your advisers and auditors. Standard references are to IFRS Accounting Standards as issued by the IASB.