Free Monthly Close & Reconciliation Checklist for STR Property Managers

What These Month-End Checklists Include

Built for STR property managers, general managers, and accountants, these templates go beyond simple task management to provide a rigorous trust accounting workflow that ensures every dollar is accounted for before owner payouts. Key benefits include:

• Prevent Profit Leakage: Capture missed cleaning fees, maintenance markups, and unbilled utilities before the books close.
• Ensure Legal Compliance: Maintain a clear audit trail for trust funds, guest deposits, and lodging taxes.
• Standardize Workflows: Assign clear ownership and deadlines across operations and accounting teams.
• Eliminate Payout Errors: Use the 3-Way Reconciliation proof to verify bank balances match total liabilities.

Checklist #1 | Monthly Close Checklist

A workflow with task assignments, deadlines, and verification sources:

• Phase A: Pre-Close Expense & Accrual Capture (T-Minus 10 to T-Minus 3).
• Phase B: Revenue & Income Integrity (T-Minus 2 to Day 1).
• Phase C: Operational Tie-Out & Audit (Day 2).
• Phase D: Trust Compliance & 3-Way Reconciliation (Day 3 to Day 5).
• Phase E: Distribution & Payout (Day 6 to Day 10).

Checklist #2 | Reconciliation Checklist

A mathematical proof that verifies: Bank Balance = (Owner Liabilities + Unearned Revenue + Tax Owed + Reserves).

This reconciliation checklist is your "zero-gap check", the final safeguard ensuring every dollar is accounted for before cash leaves your account.

Monthly Close Checklist (Further Details)

Phase A: Pre-Close Expense & Accrual Capture (T-Minus 10 to T-Minus 3)

Gather all property-level expenses to ensure you're not paying for owner costs out of pocket.

• Vendor Cutoffs: Ensure all cleaner and maintenance invoices are received on time.
• Markup Audits: Apply contractual coordination fees to work orders.
• Utility Catch-Up: Check for missing bills to prevent double-billing owners in subsequent months.

Phase B: Revenue & Income Integrity (T-Minus 2 to Day 1)

Verify that gross revenue from your Property Management System (PMS) matches actual cash deposits.

• Resolution Center Claims: Verify guest damage reimbursements are correctly credited to owners.
• Channel Payout Sync: Match Airbnb/VRBO payout reports to bank deposits.
• Cancellation Audits: Ensure no-show fees are captured and split per management agreements.

Phase C: Operational Tie-Out & Audit (Day 2)

Protect against the most common STR accounting errors with operational verification.

• "Ghost" Cleaning Check: Cross-reference booking calendar against payroll to ensure every cleaning was billed.
• Owner Stay Audit: Capture turnover fees for non-revenue stays.
• Work Order Verification: Ensure billed expenses have documented proof of completion.

Phase D: Trust Compliance & Reconciliation Checklist (Day 3 to Day 5)

The most critical phase for regulatory compliance, ensuring guest and owner funds are handled as fiduciary responsibilities.

• Tax Set-Aside: Calculate and move lodging taxes (HOT) to a payable account so they aren't accidentally paid out.
• Reconciliation Checklist: Rigorous verification that Bank Balance = (Owner Liabilities + Unearned Revenue + Tax Owed + Reserves).
• Reserve Replenishment: Ensure minimum maintenance reserves are maintained.

Phase E: Distribution & Payout (Day 6 to Day 10)

Execute transparent payments to owners with proper documentation:

• Variance Checks: Review significant payout changes to prepare for owner inquiries.
• Statement Release: Provide a review window for owners before cash leaves the bank.
• ACH Execution: Complete timely final distribution of funds.

Customization Guidelines‍

Tailor the templates to your specific portfolio and software stack:

1. Adjust T-Minus Dates: Change deadlines based on whether you pay owners on the 5th, 10th, or 15th.
2. Assign Owners: Update the "Owner" column to match your team structure (Virtual Assistants, Ops Leads, etc.).
3. Integrate Verification Sources: Link directly to your PMS reports (Guesty, Hostaway, Track) in the "Verification Source" column.

Ongoing Maintenance

Monthly Reviews

• Status Review: Use dropdown menus to ensure no Phase D tasks are skipped before Phase E begins.
• Zero-Gap Check: Ensure the "Reconciliation Gap" in the 3-Way Proof is exactly $0.00.
• Status Dropdowns: Update tasks from "In Progress" to "Complete" only after verification sources are attached.

Quarterly Reviews

• Contract Audit: Verify management fee tiers match any updated owner contracts.
• Vendor Review: Confirm all recurring vendors meet the T-Minus 10 invoice cutoff.

Summary & Recommended Use

These templates give property managers:

• A clean, audit-ready financial foundation.
• Protection against "ghost cleanings" and missed markups.
• Consistent, transparent reporting that reduces owner churn.

Best practices:

1. Make a copy for every new month.
2. Use dropdown status tracking for real-time team progress.
3. Never pay owners if the 3-Way Reconciliation Gap is not zero.

Questions or Need Help?

If you need support or want help automating this process, email: info@topkey.io.