Start with cash
Reconcile bank and payment activity before treating month-end reports as final. Cash differences can flow into several other balances.
Review what is still open
Open customer and vendor balances deserve a deliberate review.
Review overdue receivables
Review unpaid vendor bills
Look for duplicate or missing payments
Resolve uncategorized transactions
Review unusual journal activity
Finish with reports
After the underlying records are reviewed, examine the financial reports for unexpected balances or trends that need explanation.