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EOM Checklist
- 16 Apr 2025
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EOM Checklist
- Updated on 16 Apr 2025
- 15 Minutes to read
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EOM Checklist
What's new?
Aspire has added an End-of-Month (EOM) Checklist to support accounting teams with financial reconciliation. The checklist provides a structured way to verify and complete common month-end tasks across multiple modules, helping you identify issues before closing the month.
Watch this video to see the product team demonstrate the new EOM Checklist feature in Aspire and how it can simplify your month-end process.
Requirements
Requires the View Drill Down Reports - EOM Checklist permission, available in the Admin → User Roles settings.
You must have access to relevant modules, such as Invoicing, Work Tickets, and Inventory.
Overview
The new EOM Checklist appears in Reports > Standard Reports > EOM Checklist and includes:
A prebuilt, interactive checklist of common accounting tasks
Direct links to related reports, searches, and modules
Visual indicators for task completion and outstanding items
Audit trail of who completed each task and when
Checklist filtering by branch and service line
The checklist helps your team track essential tasks, including:
Reviewing unapproved time
Verifying work ticket completion
Finalizing invoices and credits
Confirming inventory usage
Reviewing advanced searches (e.g., incomplete invoices or open tickets)
Each task includes guidance and a direct link to the related screen or report in Aspire. Admins can configure which users can mark items complete and monitor month-end progress.
EOM Checklist reports and actions
To access the EOM Checklist:
Select Reports from the Main Menu.
Choose Standard Reports.
Select EOM Checklist from the Accounting section.
Optional: Select New Checklist to create a new EOM Checklist, or select an existing checklist to open the report.
Once you create a new checklist or open an existing one, Aspire displays the EOM Checklist screen. This screen consists of interactive modules that guide you through the key steps of the monthly financial close. Each module contains specific subtasks that should be completed before closing the month.
Aspire filters the data based on the accounting period you choose when creating the checklist. This means the data shown in each module and its linked reports is scoped to that period. If you're comparing it to other reports or dashboards, totals might differ depending on how those views are filtered. To confirm accuracy, open the linked list and review the filters directly. Adjust them as needed to reconcile the data.
The elements of the EOM Checklist screen are described below:
Module name | Description |
|---|---|
Purchase Receipts | Review new, received, and approved purchase receipts, and clean up the Purchasing Assistant as needed. |
Work Tickets | Manage work tickets, including open, scheduled, and completed ones. Process pending approvals and invoicing. |
Opportunity | Optional. Check opportunities for contracts that have ended but are not marked as complete, resolve outstanding work tickets, and update opportunities. |
Inventory Review | Update or verify inventory balances, review variances, and address inaccuracies. |
Over/Under | Review work orders and contracts for accurate earned and invoiced revenue each month. |
Profit and Loss Report | Review profit and loss reports. Validate gross margins and drill into division-level details. |
Invoicing | Ensure invoices match contract dates, review pending batches, and validate monthly invoiced totals and deposits. |
Accounting System P&L | Optional. Compare Aspire's profit and loss details with your accounting system for accuracy. |
Update Inventory | Adjust on-hand quantities after finalizing the end-of-month checklist. |
Close Month in Aspire | Complete month-end tasks in Aspire before recording entries in your accounting system. |
Revenue Variance | Optional. Review revenue variance details to ensure earned revenue aligns with closed periods. |
Update Accounting System | Record end-of-month journal entries for revenue, expenses, and inventory. |
Review Balance Sheet | Ensure Aspire's account balances and variances align with your accounting system and adjust discrepancies as needed. |
To complete the EOM Checklist:
Select a module to open its checklist items.
Work through each subtask as directed.
Select Complete to mark the item as done.
Save changes within the module to update records.
EOM Checklist modules
The EOM Checklist gives accounting teams a consistent process for closing out the month in Aspire. Each tab in the guide below represents a key module, such as Purchase Receipts, Work Tickets, or Profit & Loss, and includes the steps needed to validate data, post transactions, and reconcile Aspire with your accounting system.
Within each module, you’ll find one or more checklist items. These tasks are marked with a status chip—daily, weekly, or monthly—so you know how often they should be reviewed. Some are optional, but most are critical to financial accuracy.
EOM Checklist - Purchase Receipts module
Each subtask typically links to an advanced search or includes an embedded list view, so you can jump directly to the data. These aren’t static instructions: you can interact with live reports right from the checklist within Aspire. Use the tabs below to step through each module. Work from top to bottom to ensure a clean, accurate month-end close.
Purchase Receipts: Use the Purchase Receipts module to track new, received, and approved purchase receipts. Regularly maintaining this report ensures accurate financial reconciliation and a clean Purchasing Assistant.
Tabs and Actions
New Purchase Receipt List:
Review all new purchase receipts.
Ensure only ordered items that have not yet been received appear on the list by month-end.
Delete invalid purchase receipts.
Receive purchase receipts as materials arrive.
Received Receipts:
Review the Received Purchase Receipt List.
Approve purchase receipts for accounting once the vendor invoice is received.
Ensure received purchase receipts are approved in the same month whenever possible.
Approved Receipts:
Review Approved Purchase Receipts – Last Month.
Verify that the total approved receipts in Aspire match the total vendor bills recorded in your accounting system.
Enter values for:
Approved Bills (Aspire)
Total Bills (Accounting System)
Difference
Purchasing Assistant Clean-Up:
Provides a link to completed tickets within the Purchasing Assistant.
Review Completed Work Tickets.
For items with remaining quantities:
Allocate them if used.
Remove them if they will not be used.
Ensure that no outstanding orders remain for closed projects.
Work Tickets: Use the Work Tickets module to track and manage work tickets through their lifecycle, ensuring accurate cost allocation, approval, and invoicing.
Tabs and Actions
Open Tickets:
Review open work tickets.
Determine if tickets need scheduling or processing.
Ensure tickets that should remain open are not mistakenly scheduled.
Schedule tickets that are ready.
Adjust the Anticipated Start Date if needed.
Scheduled Work Tickets:
Review scheduled work tickets and confirm status.
Ensure tickets should still be Scheduled and not Complete.
Compare estimated vs. actual hours and costs to identify overages.
Complete tickets as needed.
Pending approval:
Review Completed Last Month work tickets awaiting approval.
Confirm all costs are applied to the work ticket.
Review gross margin percentage (GM%) for accuracy.
Approve completed work tickets.
Completed Last Month Work Tickets:
Review all completed work tickets from the last month.
Verify gross margin calculations and ensure costs are allocated correctly.
Adjust filters to view detailed breakdowns of material, equipment, subcontractor, and other costs.
Completed Work Tickets with Purchase Receipts in New Status:
Review completed work tickets with purchase receipts (PRs) in New status.
Drill into the work ticket and check the Material Costs section.
If committed costs exist in the Com Qty column:
Open the purchase receipt.
Receive the items if they were received.
Delete the PR if the items will not be received.
Work Ticket Completed Past Contract End Date: Identify work tickets completed after the associated contract’s end date.
Apply the custom formula filter: Complete After Opp End Date > 0.
Open each work ticket and review its linked opportunity.
If the contract is canceled, update the Complete Date to fall before the contract end date.
If the contract is active, confirm the correct work tickets were used.
Not Invoiced Work Tickets:
Review Work Tickets Not Invoiced
Ensure all completed work tickets have been invoiced promptly.
Overhead/internal Work Tickets:
Review work tickets categorized as Overhead/Internal.
Ensure EOM completes all Overhead/Internal work tickets.
Optional. Opportunity: Use this module to review contracts that have ended but are not marked as complete. Resolve any outstanding work tickets and update opportunity statuses as needed.
Tabs and Actions
Review Opportunities Not Completed
Add the following filters:
Job Status = Production
In Process After End Date > 0 (custom formula filter)
Review opportunities still marked as In Process that should be in Complete status.
Identify why all work tickets have not been completed.
If the contract has ended, update the Opportunity Status to Complete.
Inventory Review: Review and update inventory balances, verify variances, and correct inaccuracies as part of your end-of-month process.
Tabs and Actions
Review Inventory Balances:
Access the inventory location list to verify and adjust inventory balances.
Confirm starting balances are accurate.
Perform a physical count each month.
Identify and correct negative inventory values.
Resolve any outstanding dump/disposal fees.
Investigate unusually high quantities or unallocated items.
Ensure adjustments are recorded for accurate tracking of chemical mixtures.
Validate total inventory value and address discrepancies.
Review Inventory Variances:
Ensure variance entries in Purchase Receipts are accurate.
Identify frequently mispriced items and adjust pricing if needed.
Investigate high-value discrepancies indicating potential errors.
Review Job Inventory:
Verify job inventory accuracy.
Remove items from job inventory for completed Work Tickets.
Ensure no job inventory remains for completed tickets.
Over/Under Report: Review work orders and contracts for accurate earned and invoiced revenue each month.
Review Work Orders and Contracts:
Review work orders and contracts for the current month.
Ensure Earned Revenue & Invoiced Revenue amounts are accurate.
Verify that all completed work orders and contracts show a $0 Over/Under balance.
Review the Revenue Variance for fixed payment invoice types.
Invoicing: Ensure invoices match contract dates, review pending batches, and validate monthly invoiced totals and deposits.
Tabs and Actions
Invoices Outside Contract Date:
Review Fixed Payment bill types for invoices outside the contract period.
Adjust invoice dates as needed to ensure revenue calculations are correct.
Invoicing Assistant:
Process invoices as needed.
Ensure all monthly invoices are processed before month-end closing.
Complete Pending Batches:
Review and complete pending Invoice Batches.
Ensure all batches have been invoiced.
Validate Invoiced Total:
Compare Invoices Last Month to the EOM Revenue report.
Investigate discrepancies.
Validate Deposits:
Compare deposits in Aspire with deposits sent to the accounting system.
Profit & Loss Report: Review profit and loss reports to validate gross margins.
Review Inaccuracies
Review gross margin percentage (GM%) and GM% benchmark expectations.
Drill into division-level details to review inaccuracies.
Update Inventory: Adjust inventory levels to reflect actual usage and deliveries before closing the month.
Review Inventory On-Hand Quantities:
Use the link to access the inventory location list to update quantities directly.
Review and update inventory on-hand quantities
Update on-hand quantities in Aspire after finalizing the EOM checklist.
Close Month: Complete month-end tasks in Aspire before recording entries in your accounting system.
Use the Close Month modal to select Last Month Closed and Accounting Period to Close.
Ensure all accounting records (time entries, materials, receipts, deposits, etc.) are accurate up to the selected period.
Important: All accounting records (time entries, materials, receipts, deposits, etc.) up to and including the selected month's last day will be locked system-wide. This lock applies to all branches. After the month is closed, you cannot edit records or reverse the close date.
Revenue variance: Review revenue variance details to ensure earned revenue aligns with closed periods.
Review Revenue Variance:
If a revenue variance exists, enter the amount and set the EOM date in Aspire.
Drill into Over/Under details and verify they match the entered variance.
Confirm that Over/Under balances for closed periods are now $0, with the correct variance reflected.
Update Accounting System: Record end-of-month journal entries for revenue, expenses, and inventory.
Revenue and Expenses:
Record journal entry reports for end-of-month revenue and expenses.
Inventory Variance
Record necessary journal entries for inventory adjustments.
Inventory - Additional Costs
Export the report to Excel.
Investigate Work Ticket #0 to verify cost discrepancies.
Adjust inventory costs using the following journal entry:
Debit: COGS – Materials
Credit: Inventory Holding
Enter additional cost adjustments for the current month.
Review Balance Sheet: Validate that Aspire data aligns with your accounting system’s balance sheet.
Compare Balance:
Compare Aspire’s A/R balance with the accounting system’s A/R balance at the end of the month.
Verify that Aspire’s A/R aging balance matches the customer balance in the accounting system.
Fields to review:
A/R balance - accounting system
A/R balance - Aspire
Difference
Payments this month
Difference between Aspire deposits and payments
Inventory Holding Accounts = $0:
Reconcile all inventory holding accounts on the balance sheet.
Links to supporting reports:
#A7 - Inventory reconciliation
#R1 - PR received not sent to accounting
#R2 - Approved and received date PR after EOM closing
#R3 - PR invoice date in EOM - received date outside EOM
Revenue Variance:
Reconcile revenue variance to ensure calculations are accurate.
Over/Under:
Reconcile Over/Under
Ensure the over/under balance on the balance sheet at month-end matches the over/under balance in Aspire for the entire period since Aspire go-live.
Always date EOM from the Aspire go-live date to the closing month.
Compare P&L:
Compare the profit and loss report in your accounting system with Aspire’s P&L.
Review revenue per division and cost of goods sold (COGS) for:
Material
Equipment rental
Subcontractor
Other
Over/Under Analysis:
Analyze over/under details to ensure accurate earned revenue calculations for the month and year-to-date.
Verify:
Completed work orders show $0 in over/under amounts.
Completed fixed-payment contracts show $0 or an expected revenue variance after month-end close.
Canceled contracts are reviewed.
Accounting System P&L Report: Compare Aspire’s profit and loss details with your accounting system for accuracy.
Review P&L in Accounting System:
Use the link to go to Accounting P&L: Profit and Loss Report.
Verify revenue and cost of goods sold (COGS) before making end-of-month journal entries.
Identify discrepancies between Aspire and the accounting system.
Note: If you use SAS (Simple Accounting) EOM export for expenses, Aspire’s P&L won’t match the accounting system.
Update Inventory: Adjust inventory levels to reflect actual usage and deliveries before closing the month.
Review Inventory On-Hand Quantities:
Use the link to access the inventory location list to update quantities directly.
Review and update inventory on-hand quantities
Update on-hand quantities in Aspire after finalizing the EOM checklist.
Close Month in Aspire: Complete month-end tasks in Aspire before recording entries in your accounting system.
Use the Close Month modal to select Last Month Closed and Accounting Period to Close.
Ensure all accounting records (time entries, materials, receipts, deposits, etc.) are accurate up to the selected period.
Important: All accounting records (time entries, materials, receipts, deposits, etc.) up to and including the selected month's last day will be locked system-wide. This lock applies to all branches. After the month is closed, you cannot edit records or reverse the close date.
Optional. Revenue Variance: Review revenue variance details to ensure earned revenue aligns with closed periods.
Review Revenue Variance:
If a revenue variance exists, enter the amount and set the EOM date in Aspire.
Drill into Over/Under details and verify they match the entered variance.
Confirm that Over/Under balances for closed periods are now $0, with the correct variance reflected.
Update Accounting System: Record end-of-month journal entries for revenue, expenses, and inventory.
Revenue and Expenses:
Record journal entry reports for end-of-month revenue and expenses.
Inventory Variance
Record necessary journal entries for inventory adjustments.
Inventory - Additional Costs
Export the report to Excel.
Investigate Work Ticket #0 to verify cost discrepancies.
Adjust inventory costs using the following journal entry:
Debit: COGS – Materials
Credit: Inventory Holding
Enter additional cost adjustments for the current month.
Review Balance Sheet: Validate that Aspire data aligns with your accounting system’s balance sheet.
Compare Balance:
Compare Aspire’s A/R balance with the accounting system’s A/R balance at the end of the month.
Verify that Aspire’s A/R aging balance matches the customer balance in the accounting system.
Fields to review:
A/R balance - accounting system
A/R balance - Aspire
Difference
Payments this month
Difference between Aspire deposits and payments
Inventory Holding Accounts = $0:
Reconcile all inventory holding accounts on the balance sheet.
Links to supporting reports:
#A7 - Inventory reconciliation
#R1 - PR received not sent to accounting
#R2 - Approved and received date PR after EOM closing
#R3 - PR invoice date in EOM - received date outside EOM
Revenue Variance:
Reconcile revenue variance to ensure calculations are accurate.
Over/Under:
Reconcile Over/Under
Ensure the over/under balance on the balance sheet at month-end matches the over/under balance in Aspire for the entire period since Aspire go-live.
Always date EOM from the Aspire go-live date to the closing month.
Compare P&L:
Compare the profit and loss report in your accounting system with Aspire’s P&L.
Review revenue per division and cost of goods sold (COGS) for:
Material
Equipment rental
Subcontractor
Other
Over/Under Analysis:
Analyze over/under details to ensure accurate earned revenue calculations for the month and year-to-date.
Verify:
Completed work orders show $0 in over/under amounts.
Completed fixed-payment contracts show $0 or an expected revenue variance after month-end close.
Canceled contracts are reviewed.
FAQ
Can we customize the new EOM Checklist to match our internal month-end process?
Not at this time. The checklist follows a standard implementation designed around core accounting and operations workflows in Aspire. We know some clients have tailored their own offline or internal checklists, and we're tracking feedback for future enhancements.
Can we delete the EOM Checklist from the system?
No, system-generated lists like the EOM Checklist cannot be deleted or renamed. These lists are integral to core report functionality and appear in dropdown menus. However, we are actively working with the platform team to explore better ways to manage the visibility and organization of these default lists in a future release, including potential options for hiding them.
Is there a way to add comments to checklist tasks in the new EOM report?
Yes. Each task includes a Note field where users can add comments or internal notes. While the interface doesn’t replicate the Comments column from older checklist formats, the Note field serves a similar purpose.
Can we assign checklist items to specific users or roles?
Not directly. Currently, any user with the right permissions can mark items complete. There’s no task-level assignment or user-specific workflow built into the checklist. That said, audit tracking shows who completed each item and when.
How is task completion tracked in the checklist?
Aspire logs the user and timestamp for each completed item. You can view this audit trail directly in the checklist report to see who completed what, and when.
What if our team works across multiple branches—can we filter the checklist by branch?
Branch-level filtering is not supported in the EOM Checklist at this time. While we explored this feature, implementing it proved to be a significant challenge on top of the checklist’s already complex structure. As a workaround, you can add branch filters when creating a new saved list, but branch-specific filtering is not available directly within the checklist itself.
Does completing the EOM Checklist close the month in Aspire?
Completing the EOM Checklist does not automatically close the month. While closing the month is required to "complete" the checklist, this step can be performed at any point after working through the checklist. The checklist helps ensure that all tasks are completed, but you’ll still need to manually close the month once all checklist items are addressed and validated
Can I create multiple checklists per month?
You can generate new checklists, but only one EOM Checklist instance is intended for each period. Creating multiple checklists for the same time frame may cause confusion or duplicate effort.
How often should checklist items be reviewed?
Each task is labeled with a status chip—daily, weekly, or monthly—so you know how frequently to review it. Most items are reviewed monthly as part of the close process, but some can benefit from regular mid-month check-ins to catch issues earlier.
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