Download the Month-End Close Checklist for Property SPVs (PDF)

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A month-end close checklist for property SPVs

Practical controls for rent-led entities - plus a free downloadable checklist.

Month-end close is where confidence is won (or lost). And in property SPVs, it is rarely the "accounting" that breaks first - it is the property-specific reality behind the numbers:

• rent and arrears do not tie cleanly to the rent roll
• service charge/recoveries get treated differently across assets
• refurb spend drifts between opex and capex
• reserve accounts and restricted cash get missed
• lender reporting and covenant headroom are not visible until it is too late
• portfolio dashboards do not reconcile because each SPV closes differently

The fastest way to fix this is not another spreadsheet. It is a repeatable close workflow with clear evidence requirements.

That is why we created a simple resource you can use immediately:

Free download: Month-End Close Checklist for Property SPVs (PDF)

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Why property SPVs need their own close checklist

A "normal" close is built around sales, purchases, payroll, and bank recs.

A property SPV close adds extra failure points:

Rent is the revenue engine (and it has two truths)

• the ledger (what hit the P&L)
• the rent roll / PM statement (what should have happened operationally)

If these are not reconciled, you cannot trust NOI - and you cannot explain performance.

Debt and reserves are often the cash bottleneck

Even when the P&L looks fine, a property SPV can be constrained by:

• DSRA / reserve accounts
• cash traps
• refinance timing
• interest resets and fees

Without a recurring debt plus reserve check, cash surprises appear late.

Capex is a timing problem, not just a total

Refurb programmes do not cause issues because "capex was high."
They cause issues because capex hits before income recovers (downtime plus leasing lag).

A strong close connects capex actuals to the live programme: planned vs committed vs actual.

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What you get in the download

The PDF checklist is designed to be printed or used digitally. It includes:

• Close setup (before Day 0): scope, deadlines, cut-offs
• Cash and bank recs: operating plus restricted accounts
• Rent, occupancy and working capital: rent roll tie-outs, arrears, deposits
• Service charge/recoveries (optional)
• Opex and accrual discipline: avoid evergreen accruals and coding drift
• Capex/refurb controls: capex vs opex checks plus programme bridge
• Debt, interest and covenant checks: lender statement tie-out plus headroom
• Intercompany and related parties (optional)
• Final integrity checks plus period lock: stop "moving numbers" after reporting
• Optional portfolio hand-off: if you consolidate multiple SPVs

Download: Month-End Close Checklist for Property SPVs (PDF)

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A practical close cadence for SPVs (D+0 to D+4)

You can adapt this to your team size, but this cadence works well for most portfolios:

D+0: completeness

• confirm rent roll / PM statement timing
• confirm invoice cut-off (utilities, contractors)
• ensure bank statements are imported

D+1: cash truth

• reconcile operating bank accounts
• reconcile reserves / restricted cash
• clear or explain aged unreconciled items

D+2: rent plus debt truth

• rent roll tie-out (rent income, arrears, deposits)
• interest/fees accruals and lender statement tie-out
• covenant check / headroom flag

D+3: capex plus accrual truth

• capex bridge to programme tracker
• final accruals and prepayments roll-forward
• variance notes drafted

D+4: publish plus lock

• management accounts issued
• evidence pack archived
• lock the period in Xero or QuickBooks once approved

This is the point: if you treat close like a workflow with evidence, the reporting becomes predictable.

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"Evidence-based close": the simplest rule that improves trust fast

One change makes close dramatically more defensible:

Do not mark a task "done" unless the evidence exists.

Examples of evidence that should be easy to find:

• bank reconciliation reports
• rent roll tie-out / PM statement
• arrears report and provision journal (if used)
• lender statement plus interest calculation support
• capex tracker bridge (planned/committed/actual)
• key journals plus approvals

This is how you move from "we think it is right" to "we can prove it quickly."

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Common SPV close mistakes (and how the checklist prevents them)

Mistake 1: "Rent income looks right" (but does not tie to the rent roll)

Fix: always do a rent roll / PM statement tie-out and keep a variance bridge.

Mistake 2: Evergreen accruals that never get cleared

Fix: roll forward accruals and prepayments deliberately every month.

Mistake 3: Capex quietly coded into repairs and maintenance

Fix: review R&M for capex candidates and reconcile capex to the programme tracker.

Mistake 4: Debt and reserves are not checked until quarterly lender reporting

Fix: reconcile debt monthly to lender statements and track covenant headroom.

Mistake 5: Portfolio dashboards do not reconcile because SPVs "drift"

Fix: lock periods, flag new/unmapped accounts, and keep mapping consistent across entities.

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How this connects to portfolio reporting (and why it matters)

A clean close is not just finance hygiene - it is the foundation of:

• consistent, drillable portfolio dashboards
• rolling forecasts you can update quickly
• scenario planning (rates, occupancy, refurb timing) that actually uses trusted actuals
• investor reporting that does not start with "small caveat..."

This is also why our product focus is a Xero- or QuickBooks-based, multi-entity layer for property SPVs: a one-stop view across SPVs, standardised chart of accounts/mappings, portfolio and SPV reporting, FP&A, and narrative-ready reporting workflows.

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Download the checklist

If you want a plug-and-play close checklist you can use this month:

Download the Month-End Close Checklist for Property SPVs (PDF)
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