Month-End Revenue Close Checklist

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Month-End Revenue Close Checklist

For private SaaS controllers preparing for their first audit.

Use the checklistView evidence index

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:::tip The outcome

A month-end revenue close is complete when revenue is complete, accurate, reconciled, reviewed, and supported by retained evidence.

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What this helps you do

• Identify changes that can affect revenue before the close is finalized.
• Reconcile operational, billing, revenue-subledger, and general-ledger balances.
• Document review and exception resolution for audit support.
• Escalate ASC 606 questions before amounts are posted or financial statements are issued.

Close at a glance

Phase 1
Prepare the population

Phase 2
Validate source data

Phase 3
Assess exceptions

Phase 4
Reconcile balances

Phase 5
Review and retain evidence

Close sequence

1. Pre-close: Freeze the contract-change and billing-event population.
2. Source validation: Confirm completeness of contracts, usage, invoices, credits, and cash-related data.
3. ASC 606 assessment: Identify changes requiring documented judgment or technical review.
4. Revenue processing: Run schedules and investigate processing exceptions.
5. Reconciliation: Tie revenue, deferred revenue, contract assets, and related balances to the general ledger.
6. Review and archive: Obtain documented review and save the evidence package.

Copyable checklist

#	Close activity	Owner	Evidence to retain	Control type	Escalate when
1	Complete the contract-change log for the period.	Deal Desk / Revenue Accounting	Executed contracts, amendments, order forms, approvals	Preventive	Scope, price, term, renewal rights, or deliverables changed
2	Confirm billing, usage, and credits are complete for the close period.	Billing Operations	Billing export, usage report, credit memo log	Completeness / detective	Data is missing, late, manually adjusted, or inconsistent
3	Identify contracts requiring an ASC 606 assessment.	Revenue Accounting	Contract-review log, issue memo, approval record	Management review	A new service, material right, modification, unusual payment term, or nonstandard contract appears
4	Run revenue schedules and review processing exceptions.	Revenue Accounting	Revenue run report, exception report, resolved-error log	Detective	Schedule fails, inputs conflict, or revenue is manually overridden
5	Reconcile revenue subledger to the general ledger.	Accounting	Reconciliation, GL detail, subledger report	Reconciliation	Amounts do not agree or reconciling items are unexplained
6	Reconcile contract liabilities and contract assets.	Accounting	Rollforward, billing detail, contract-balance support	Reconciliation	Opening balance, billings, revenue, credits, and ending balance do not tie
7	Perform management review and approve open exceptions.	Controller	Review checklist, sign-off, exception tracker	Management review	Material, recurring, or unresolved exception remains
8	Archive the audit-ready close package.	Revenue Accounting	Evidence index, final reports, approvals, workpapers	Evidence retention	Support is incomplete, unapproved, or not reproducible

Escalation triggers

:::warning Stop and assess

Escalate for documented review before finalizing the close if the period includes:

• A new contract form, new product, implementation service, or bundle.
• A change to scope, pricing, term, renewal option, or customer rights.
• Unusual payment terms, material credits, refunds, concessions, or collectibility concerns.
• Incomplete usage data, manual revenue entries, or a schedule override.
• A difference between operational data, billing records, revenue schedules, and the general ledger.
• A conclusion that depends on whether a promise is distinct, whether an arrangement is a modification, or whether consideration is variable.

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Evidence index

Evidence folder	Minimum contents	Why it matters
01_Contract_Changes	Executed agreements, order forms, amendments, approval history	Supports completeness and assessment of changed arrangements
02_Billing_and_Usage	Billing exports, usage files, invoice and credit memo logs	Supports transaction inputs and cut-off
03_ASC606_Assessments	Review log, technical memos, conclusions, approvals	Documents significant judgments
04_Revenue_Schedules	Final revenue reports, error logs, manual adjustment support	Supports recognized revenue
05_Reconciliations	Revenue-to-GL, deferred-revenue, and contract-balance rollforwards	Demonstrates completeness and accuracy
06_Review_and_Signoff	Controller sign-off, exception tracker, resolution evidence	Demonstrates review and accountability

Common failure patterns

Contract changes bypass the revenue team

Risk: Revenue is recognized using old terms because a new order form, credit, or scope change did not enter the close population.

Control response: Reconcile the contract-change log to CRM approvals, executed agreements, billing events, and revenue-system exceptions.

Revenue schedules tie, but the inputs are incomplete

Risk: The schedule calculates correctly from incomplete contract, usage, or billing data.

Control response: Test completeness before relying on the schedule; reconcile source-system populations and investigate late or manual records.

The reconciliation is prepared but not reviewed

Risk: A numerical tie-out exists without evidence that someone evaluated unusual reconciling items.

Control response: Require dated reviewer sign-off, documented follow-up, and an open-exception resolution tracker.

Related resources

• Revenue Readiness Self-Assessment
• ASC 606 Overview
• Step 1 — Identify the Contract
• Step 3 — Determine the Transaction Price
• Revenue Operations Overview

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This resource is educational and should be adapted to the company's accounting policies, system design, contracts, materiality, and facts and circumstances. Significant accounting judgments should be reviewed by appropriately qualified personnel.