Description: Displays all current month transactions and prior month balance forwards for a specified fiscal year and fiscal period. Current month totals and year to date totals are displayed. As you can see, everything starts with the prior period’s balance sheet. This is the starting point for all of the reports because it shows the asset, liability, and equity accounts at the beginning of the period. Close the books with less runaround. Share this sheet with your accounting team to easily manage your financial month end process and keep everyone on schedule. Use the sheet for monthly, quarterly, and annual tasks. Require all month-end issues and associated solutions to be reported, tracked, documented and made available to all participants for learning and sharing. All issues should be prioritized and a time frame for resolution listed with its owners. The control group could take on the role of facilitator and coordinate the agenda, group updates, document tracking of issues and the subject matter expert assignments.