3 Tips for a Smooth Year-End Close

December 22, 2023
December 22, 2023 Meissner

3 Tips for a Smooth Year-End Close

CAM Reconciliations and Estimates

If you’re a property accountant or financial manager, the end of the year is an especially busy time ‍♀️ ⏰ You’re finalizing property budgets and CAM estimates, and wrapping up other projects, on top of the usual month-end and year-end close routines. To prepare for a smoother year-end close and CAM reconciliations, here are a few tips from Meissner’s Controller, Kevin Sullivan:

1. Review your general ledgers now to see if any expenses or accruals have been missed from earlier in the year.  For example, eleven months of financials have been completed, but there are only 10 landscaping bills. Run a 12-month monthly income statement and a current year and prior year YTD statement to help identify these items.

2. Contact key vendors to see if they any trailing bills to submit. This will help prevent being presented with an invoice for October 2023 in March 2024, when you thought you had that CAM reconciliation final.

3. For accrual-basis properties, ensure property managers and accountants get together to review in-process projects to cover pending billings that may need to be accrued on 12/31.

What are your tips for year-end close preparation?  Please share here, so we can all benefit from your wisdom and experience. Happy Holidays and best wishes for a SMOOTH New Year!!

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