Month-End Close Checklist – Leadership Answers

Month End Close is the process of finalizing all transactional and financial data for the month and sending it to KWRI. We function on a cash based accounting system due to Profit Share being calculated and paid out monthly. This means we fully close the month both financially and transactionally every month. Once the month is closed, you can no longer make edits to Transactions that were closed in that previous period, and you can no longer make changes to data like Listings Taken or Agent Count. It also involves:

Closing Opportunities: Moving Opportunities to the Closed phase in the Command system once the transaction is completed. This ensures that all transactions are accurately reflected in the system.
Updating Compliance Documents: Ensuring all compliance documents are submitted and approved for each transaction.
Tracking Goals and Performance: Using tools like the Profit Tracker to compare actual profits with profit goals and track the total number of activities for the month.
Profit Share: The calculation and distribution of Profit Share.

Month-End Close is not an isolated event. It begins with yearly goal planning and Cap Management, and is supported by weekly Soft Closes, and active involvement in completing the Daily Company Dollar report.

To access the Google Doc version of this checklist, click here.

This checklist walks you through the steps to complete Month End Close in CommandMC:

#	Task/Step	Application	Done
1	Before the end of the month, you must validate agent count and status to ensure all associates are activated for gross deadline (6pm CT on the last calendar day of the month). Best practice is to compare this with your local board's active agents roster. Verify Roster and Licenses Monthly Review your Roster Filter by role “Unlicensed Associate” and activate any agent in the Market Center who is not currently an ACTIVE AGENT that should be	CommandMC
2	Verify System and Data Files	AccountEdge
3	Confirm your KWRI Invoice has been created & updated	AccountEdge
4	Ensure all receivables have been collected Confirm AccountEdge & AccountEdge Connect have been synced	AccountEdge
5	Verify Receivables	AccountEdge
6	Verify Payables	AccountEdge
7	Verify KW Debt, Depreciation, and/or Amortization	AccountEdge
8	Verify Payroll Tax Payable (if payroll is in-house)	AccountEdge
9	Review Undeposited Funds Account & verify balance is zero	AccountEdge
10	Verify Clearing Commission is at zero	AccountEdge
11	Review Month End Close, Standard, Reconciliation and Pending Sales Reports: CommandMC > Transactions > Month End Close > Overview Update projected closings: It's crucial to review pending sales and identify any contracts that won't close in the current month. Update the closing dates accordingly to reflect accurate projections and move them to the appropriate month. Download the End of Month reports from the Month End Close > Overview, review for accuracy, and save them to a folder you designate prior to closing the current month. Listings Taken Contract Written Contracts Closed Contracts Terminated Deposit Summary Report for the month New Associate Fee Associate Tech Fee Gmail Fee Commercial Fee Currently, there is NO WAY TO RECREATE the reports in the same format they are found under the Month-End Close menu, once the month is closed. For ease of post-month end close reporting, please save/print these reports before you close the month! This does not apply to reports in the Reports Applet. Those can be recreated at any time. CommandMC > Reports > Activity and Custom Reports Review the Standard Activity Reports for accuracy prior to closing the month. Once month-end close is completed, these numbers cannot be changed.	CommandMC Reports - Month-end close CommandMC Reports - Standard and Activity
12	Verify Listings Taken Metrics and Check for Duplicates: Compare the Listings Taken report to MLS data throughout the month to monitor if any agents have gone under contract, and if they did, have they submitted their compliance documents? Validate Listings Taken Metrics Exclude any duplicate Listings	Links in the Tasks column
13	Review Market Center-specific EOM Reports	MC Defined
14	Send financials from AccountEdge to CommandMC (make sure you remember to Save). These numbers populate the KW Financial Statement column in the Key Metrics (Month End Close Tab in Transactions). (Note: If your Profit Share is off, go back to AccountEdge and adjust the KWRI invoice accordingly. Resend financials and save)	CommandMC/AccountEdge
15	Verify agent royalty & franchise royalty match on the Key Metrics. (Though these do not need to be equal in order to close the month, it is critical to identify and correct the reason for the discrepancy). If this step is not completed before Month-End Close and a royalty adjustment is needed, it will be approved in the following month.	CommandMC
16	Verify fees paid to KWRI on KW Invoice in CommandMC	CommandMC/AccountEdge
17	Verify bonuses have been booked (if applicable)	AccountEdge
18	Verify income tax has been booked (if profitable)	AccountEdge
19	Verify HST/QST (Canada Only)	LoneWolf
20	Record direct withdrawal to KWRI	AccountEdge
21	Resend financials from AccountEdge to CommandMC (make sure you remember to Save). These numbers populate the KW Financial Statement column in the Key Metrics (Month End Close Tab in Transactions). (Note: If your Profit Share is off, go back to AccountEdge and adjust KWRI invoice accordingly. Resend financials and save)	CommandMC/AccountEdge
22	Validate Key Metrics & Financials (Check balance sheet for accurate Asset and Liability balances. Check Income Statement for any variances) If Key Metrics are out of balance	Balance Sheet & Income Statement Check Key Numbers
23	Download the KWRI invoice from Transaction/Month-End Close Save this file in the current month's report folder You will not be able to recreate this once you close the month	CommandMC
24	Verify and enter the Total Appointments and Total Market Share Appointments for the month with the Team Leader You will manually enter this number - the system will not prompt you for this information	CommandMC
25	Obtain Month-End Close approval on Key Metrics	Take Action with your Leadership team
26	Lock AccountEdge Month	AccountEdge
27	End-of-Month Backup	External Backup
28	Once all the steps above have been completed, close the month.	CommandMC

If you have questions or need assistance, please contact MCA Support by completing this form.

Related articles