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Dealership Month End Checklist
Use this when you close the month. Check off each item as you finish it. Mark any item that does not apply as N/A.
1 Set the cutoff
Agree on the date and time the month ends in your records. Run each report through that same cutoff.☐
Assign a person to each section. Pull the sales, inventory, bank, lender and accounting reports you’ll use.☐
2 Check sales and inventory
Match delivered deals to the sales report. Flag missing, canceled or unwound deals.☐
Compare the vehicle list with the inventory balance. Check recent purchases, trades and sold units.☐
If you finance inventory, compare your floorplan lender’s statement with your vehicle list and check for missing payoffs.☐
3 Check cash and unpaid balances
Match bank and card activity to your books. List outstanding checks and deposits that have yet to clear.☐
Review money still owed to the store. Use page 2 to check deals waiting on lender funding.☐
Compare unpaid bills with vendor statements and flag any missing bills or credits.☐
4 Review expenses and service
Have accounting review payroll, commissions, taxes and other entries for the month.☐
If you have a service or parts department, review open repair orders and parts inventory differences.☐
5 Sign off and follow up
Give each unresolved item an owner and a due date. Save the final reports and follow-up list together.☐
Have the person responsible for the books review the totals and sign below.☐
Deals Still Waiting on Lender Funding
Contracts in transit are deals you’ve sent to a lender and are still waiting to be paid for. Use this page to see what was owed when the month closed and who is following up.
Check the deals against the money received
Pull the list of unpaid deals at month-end. If a payment arrived after the cutoff, leave that deal on the month-end list.☐
Match lender payments to deals. Check the amount you expected against what actually came in.☐
Flag short payments or deposits covering multiple deals. Confirm any fees or adjustments with accounting before closing the item.☐
Add up the amounts still owed. Compare your list with the contracts-in-transit balance in your books on the same date.☐
Use the table to record the next action, who owns it and when it’s due.☐
Example. You expected $12,000 and received $11,400. There’s a $600 difference. Ask the lender whether the rest is still due or whether it was deducted.