Month-End Close

Overview

A structured checklist for closing your books each month. Ensures all transactions are categorized, anomalies are reviewed, accounts reconcile, and reports are generated before moving on.

Wilson Tools Used

• anomaly_detect — find uncategorized transactions, duplicate entries, and unusual amounts that need review
• spending_summary — generate the monthly summary for reconciliation against bank statements
• categorize — apply categories to any uncategorized transactions found during close
• transaction_search — pull the full month of transactions for review

Workflow

1. Ask which month is being closed (defaults to previous month).
2. Run the close checklist in order:

Step 1: Pull all transactions Use transaction_search for the full month to get the complete transaction set.

Step 2: Find uncategorized transactions Use anomaly_detect to identify transactions without categories. Report the count and total dollar amount uncategorized.

Step 3: Categorize outstanding items Use categorize to assign categories to uncategorized transactions. Ask the user to confirm any ambiguous ones.

Step 4: Detect anomalies Use anomaly_detect to flag duplicates, unusually large transactions, and amounts that deviate significantly from patterns.

Step 5: Generate monthly summary Use spending_summary for the month. Compare totals against the bank statement ending balance.

Step 6: Reconciliation check Present the reconciliation:

MONTH-END CLOSE — [Month Year]
═══════════════════════════════════════
Checklist                        Status
───────────────────────────────────────
Transactions imported            ✓ 247 transactions
Uncategorized resolved           ✓ 0 remaining
Anomalies reviewed               ✓ 3 flagged, 3 resolved
Duplicates checked               ✓ None found

RECONCILIATION
Bank Statement Ending Balance    $XX,XXX
Wilson Calculated Balance        $XX,XXX
Difference                            $0
Status                           RECONCILED

MONTHLY SUMMARY
Total Income                     $XX,XXX
Total Expenses                  ($XX,XXX)
Net Income                        $X,XXX
═══════════════════════════════════════

Step 7: Archive Confirm the month is closed. Recommend exporting a PDF or CSV snapshot for records.

Without Wilson

1. Download your bank statement PDF for the month (Chase: Statements & Documents; Amex: Statements; most banks: Settings > Documents > Statements).
2. Export the month's transactions as CSV from your bank.
3. Open the CSV in a spreadsheet. Check for blank categories — filter the Category column for blanks.
4. Manually categorize each blank row.
5. Check for duplicates: sort by Amount, then by Date, and look for identical rows.
6. Sum all transactions: =SUM(Amount). Compare to the net change on your bank statement (ending balance minus starting balance).
7. If there is a difference, sort by date and compare line-by-line against the bank statement PDF.
8. Common discrepancies: pending transactions that posted the next month, bank fees not yet downloaded, or split transactions.
9. Save the reconciled spreadsheet with the naming convention: YYYY-MM-close.xlsx (e.g., 2026-03-close.xlsx).

Important Notes

• Close the books within the first 5 business days of the following month while transactions are fresh.
• The reconciliation step is critical. If Wilson's total and your bank statement do not match, do not skip it. Track down every dollar of difference.
• Keep a running list of recurring items that need manual attention each month (owner draws, transfers between accounts, reimbursements).
• If you have multiple bank accounts or credit cards, close each one separately, then do a combined summary.