Month-End Close Overview
The Month‑End Close feature currently focuses on the transaction review portion of your month‑end workflow. It helps you quickly spot and correct issues in your clients’ books directly inside Financial Cents and sync those corrections back to QuickBooks Online.
Soon, we will introduce additional reports, such as Account Reconciliation, Vendor and Account Review, W-9 Requests, and Quality Control Reports, but this first release only includes transaction review.
What you can do today
While this feature focuses on transaction review, Financial Cents is building a comprehensive month-end close solution that will include:
✅ Transaction Review (Available Now)
Automatically flag transaction errors
Ask clients about transactions
Enables editing and categorization directly in Financial Cents
Pushes approved changes back to QuickBooks Online
Supports two‑way QuickBooks Online sync
Gives you full control over file review inside your Projects
🚧Coming Soon:
Account Reconciliation: Identify which accounts have been reconciled. View all client accounts, last reconciliation dates, and unreconciled transaction counts.
Vendor and Account Review: Identify new and duplicate vendors/customers/ accounts and request W-9s from vendors or clients for 1099 Preparation.
Quality Control Reports: Final review of financial statements to ensure everything looks as expected, including P&L Statements, Balance Sheets, Statement of Cash Flows, A/P Aging Report, & A/R Aging Report.
Instead of juggling spreadsheets, different tools, and client questions scattered over email, you get one centralized review hub that gives you full control over file review inside your Projects.
Available Transaction Review Reports
During a review cycle, you'll have access to the following reports:
Uncategorized Transactions - Identifies uncategorised transactions that need to be reviewed and assigned
Transactions without Payees - Lists transactions missing a recorded payee
Transactions without Class -Finds entries missing class/department tracking
Transactions without Location - Finds entries missing location tracking
Expenses and Bills without Attachments - Detects records lacking supporting documentation
Inconsistent Expenses - Flags expense categories that don't align with typical patterns
Large Transactions - Surfaces high-value transactions that may need extra scrutiny
These help you prioritize and triage which items demand manual attention and client follow-up first.
How to Set Up Month‑End Close for a Client
Getting Started: Add MEC Licenses
Before setting up Month-End Close for clients, you'll need to add Month-End Close licenses.
Navigate to Settings > Membership.
Click on Month-End Close
Click on +Purchase Licenses
Under Additional Licenses, specify how many new licenses need to be purchased.
⚠️Please note: If you are currently using ReCats Licenses and would like to upgrade to the MEC license, please contact our support team and they'll be able to get you switched over.
How to Set Up Month-End Close Transaction Review for a Client
Navigate to the client’s profile.
Click on the Month‑End Close tab.
Click Set up for client and follow the prompts to connect their QuickBooks Online company file.
Configuring Your Reports
Each Month-End Close report can be customized with configuration settings. To access these:
Go to your client's profile and click on the Month End Close tab.
Click into any Month-End Close report. Each Report will have different configuration settings
Uncategorized Transactions report will allow you to select which Accounts to review, exclude transactions by specific vendor, description, type, or account, and settings for automatically share transactions with your clients.
Transactions without Payees report will allow you to exclude transactions by specific vendor, description, type, or account.
Transactions without Class - report will allow you to exclude transactions by specific vendor, description, type, or account.
Transactions without Location - report will allow you to exclude transactions by specific vendor, description, type, or account.
Expenses and Bills without Attachments - report will allow you to exclude transactions by specific vendor, description, type, or account.
Inconsistent Expenses report will allow you to set up flags for inconsistent expenses by selecting categories or descriptions, and allows you to choose a historical transaction time frame for analysis.
Large Transactions report allows you to set criteria for high-value transactions (greater than or equal to, less than or equal to), and exclude transactions by vendor, description, type, or account.
Use the configuration settings at the top of the report
Set thresholds such as "flag all transactions over $X" or exclude specific accounts or vendors
Changes made to one report will automatically save to all other reports
⚠️Please note: The reports available in your Month-End Close section depend on which report types you have enabled in your settings. If you toggle off specific report types (like "Transactions without Class"), they won't appear when you add the Month-End Close section to projects.
Configuring Month End Close - Client Report settings
You can configure your Month End Close Report Settings for each individual Client. The following settings can be configured:
Client Reminders - Remind your client to review their transactions.
Team Notifications - Select which team members should receive notifications when a client comments, uploads documents, or adds notes to transactions.
Import Transactions - Import transactions, accounts, classes and tax codes from QuickBooks.
⚠️Please note. This option overrides existing transactions. Please "approve" any changes first before importing.
Disconnect Integration - Delete integration with QuickBooks Online. This frees up an MEC License.
Add All Month-End Reports to a Project (Quick Add)
You can quickly add a complete Month-End Close section along with all enabled reports into any client project.
Navigate to the client project where you want to add the reports.
Confirm the Accounting Period is set correctly for the month you're reviewing.
Click + Team Tasks at the top of the project.
Select Month-End Close Section from the dropdown.
A new section named Month-End Close will appear in your project, with all enabled reports automatically added as individual tasks
Note: The system will auto-populate the accounting period from your project settings if available.
Add Month-End Reports to Any Task
You can embed month-end review reports into any task within your workflow projects. You don't need to be in a specific "Transaction Review" section.
Click on any existing task (or create a new one)
Click the task to open task options
Scroll down to the Month-End Close section within the task
Click + Add Report
Select the desired report from the dropdown list
Choose the appropriate accounting period (this should auto-populate if set at the project level)
Click Apply to attach the report to the task
⚠️ Please Note: Confirm the selected accounting period matches the month you're closing before adding reports.
Available Actions in Transaction Review Reports
Rather than following rigid workflow steps (since each firm has unique processes), focus on these available actions within each report:
Review & Analysis Actions:
Approve Transactions: Mark items as approved or requiring attention.
Customize Columns: Adjust report views to show the data most relevant to your. review
Filter and Sort: Use exception categories to focus on specific issue types.
View Approved List: See all transactions you've already approved and undo actions if needed.
Client Communication:
Send Questions to Client: Ask for clarification directly from the Notes Memo section.
Share to Portal: Transactions shared to the client portal (note: this won't trigger immediate email notifications unless you select "Send Now" - otherwise follows your established reminder settings)
Track Responses: Client responses appear back in the same workspace
Transaction Management:
Make Edits: Correct categories, add classes or locations, attach missing documents
Batch Updates: Apply changes to multiple transactions simultaneously by checking off all relevant transactions and clicking Bulk Update
Push Changes: Send approved corrections back to QuickBooks Online in batch
Two-Way Sync: Changes made directly in QBO are reflected in Financial Cents
💡Pro Tip: Best Practices
You don’t have to wait until month end to start reviewing. You can run mini‑reviews mid‑month to catch issues early, reducing the end‑of‑month scramble.
Monitor & Improve: Keep an eye on how many exceptions show up, which clients consistently need more cleanup, and adjust your rules or workflows over time.