--- title: "Free Monthly Close & Reconciliation Checklist for STR Property Managers" description: "Download these free monthly close and reconciliation checklists created specifically for STR property managers." canonical: "https://topkey.io/tools/monthly-close-reconciliation-checklist-for-str-property-managers" language: "en" --- [Tools](https://topkey.io/tools) # Free Monthly Close & Reconciliation Checklist for STR Property Managers Download these free monthly close and reconciliation checklists created specifically 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. ## Disclosures \*Topkey is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC Insurance available for funds on deposit through Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. The Topkey Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. The Topkey Visa charge card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. Accounts are eligible for pass-through deposit insurance only to the extent pass-through insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. There may be a risk that pass-through deposit insurance is not available because conditions have not been satisfied. In such cases, funds may not be fully insured in the event the insured depository institution where the funds have been deposited were to fail. \*\*Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when Thread Bank places them at program banks in its deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact customerservice@thread.bank with questions on the sweep program. Pass-through insurance coverage is subject to conditions. 1 | The interest rate on the High Yield Deposit Account will be 2.93% with an Annual Percentage Yield (APY) of 2.97%. The interest rate on the Regular Deposit Account will be 1.52% with an Annual Percentage Yield (APY) of 1.53%. These rates are effective as of 9/17/26. These are variable rates and are subject to change after the accounts are opened based on the Federal Funds Rate. Minimum opening deposit and average balance requirements may apply. Fees could affect earnings on the account. Topkey does not provide tax, legal, or accounting services. All information on this site is for educational purposes only.