CAM Close Checklist for Property Controllers: Month-End and Year-End
Two checklists in one: the 15-item monthly close for keeping the property GL clean throughout the year, and the 20-item year-end close that prepares you for reconciliation season.
By Angel Campa, Founder, CapVeri · Updated April 2026
Monthly vs. Year-End Close
The CAM close has two cycles: monthly (accrue recurring expenses, verify vendor invoices, update estimate tracking — takes roughly 2–3 hours per property) and year-end (complete GL export prep, verify annual totals, complete CapEx review, prepare for reconciliation statements — takes 8–12 hours per property). Teams that execute the monthly close rigorously spend far less time on the year-end close.
Monthly CAM Close Checklist
Run these 15 items every month, typically within the first 5 business days after month-end. Completing this monthly prevents year-end surprises and keeps tenant estimate tracking current.
1. Accrue all recurring utility expenses for the month — even if invoices have not arrived yet.
2. Accrue the management fee at the contracted rate for the month.
3. Verify all landscaping and janitorial invoices have been received and coded to the correct accounts.
4. Reconcile the property tax escrow account — confirm the escrow balance matches the accrual schedule.
5. Update the insurance proration for the month, particularly if the policy renewed during the year.
6. Reconcile all repair and maintenance charges to approved purchase orders — flag any unapproved items.
7. Verify no capital items were coded to operating expense accounts — review any single item above your capitalization threshold.
8. Update the tenant estimate tracker: reconcile estimated CAM payments received against each tenant's ledger balance.
9. Flag any tenants more than 30 days past due on CAM estimate payments — escalate before the arrearage compounds.
10. Update year-to-date actual vs. estimate tracking to identify whether you are trending to over- or under-collect.
11. Confirm no corporate-level allocations landed in the property GL during the month.
12. Review the repair/maintenance aging for any items approved as operating that should be capital.
13. Confirm property tax payments match the scheduled payment dates and the full annual accrual is on track.
14. Reconcile insurance premium disbursements against the annual policy schedule.
15. Archive all vendor invoices processed in the month — organized by account code and vendor.
Year-End CAM Close Checklist
The year-end close builds on the monthly close. Start this process in mid-December for calendar-year properties — before the year ends — so you can chase missing invoices while there is still time to accrue them in the correct year.
1. Complete all December accruals before freezing the GL — chase missing vendor invoices proactively in mid-December.
2. Freeze the GL after final December accruals are posted — no adjustments after the freeze without explicit sign-off.
3. Run the full-year GL export and verify the opening balance equals the prior year's closing balance.
4. Verify the closing balance on the expense accounts reconciles to the sum of all monthly postings.
5. Complete the full CapEx review: all repair/maintenance items above the capitalization threshold reviewed and classified.
6. Generate the final management fee calculation — the year-end amount, not just the monthly accrual.
7. Prepare the expense schedule by recoverable category (utilities, janitorial, landscaping, taxes, insurance, repairs, management fee, other).
8. Cross-reference original vendor invoices for all material items (greater than $5,000) — attach to the reconciliation file.
9. Verify the property tax bill matches the GL accrual — any difference must be explained and adjusted.
10. Verify insurance premium disbursements match the policy certificates for the full year.
11. Confirm management fee cap compliance — verify the fee does not exceed any per-lease maximum.
12. Pull the final tenant estimate tracker — the year-end total estimated payments per tenant becomes the prior-year estimate figure in each reconciliation statement.
13. Verify all lease amendments from the reconciliation year are in the lease file and reflected in the reconciliation parameters.
14. Complete the CapEx review memo — document every item reviewed and the classification decision.
15. Confirm prior-year reconciliation credits have been applied against tenant estimates per the prior-year settlement.
16. Prepare the final occupancy schedule for the year — needed for gross-up calculations.
17. Confirm no duplicate invoices appear in the full-year GL export.
18. Prepare the vendor invoice index: a master list of all material invoices with vendor, date, amount, and GL account.
19. Archive the complete year-end GL export with the reconciliation file — a frozen, timestamped copy.
20. Sign off on the year-end close package — property accountant, controller, and property manager signatures before reconciliation begins.
What Can Go Wrong
December invoices accrued in the wrong year
Vendor invoices for December services often arrive in January. If they are booked to the new year instead of accrued to the reconciliation year, expenses are understated — and the landlord cannot retroactively add them to the prior-year pool once statements are issued.
CapEx review skipped or incomplete
Capital items left in the operating expense accounts flow directly into the recoverable pool. HVAC replacements, roof repairs above threshold, and parking lot resurfacing are the most common examples. Tenant auditors look for these first because they are the highest-dollar easy finds.
GL frozen before all December accruals are posted
Freezing the GL too early — before all December accruals are confirmed — results in a reconciliation based on incomplete data. If corrections must be made after the freeze, reopening the GL creates a version control problem that can invalidate statements already in progress.
Frequently Asked Questions
What is the monthly CAM close process?
The monthly CAM close is a set of accounting controls run each month to ensure the property GL is complete and accurate. It includes accruing recurring expenses, verifying vendor invoices, reconciling the property tax escrow, and updating the tenant estimate tracker. Completing this monthly prevents year-end surprises.
What should be reviewed during the year-end CAM close?
Beyond the monthly items, the year-end close adds: freezing the GL after final accruals, running the full-year export, completing the CapEx review, generating the final management fee calculation, and archiving original invoices for all material items.
How far in advance should property controllers start year-end close?
Most property controllers begin year-end close procedures in mid-December for calendar-year properties — before the year ends. This gives time to chase missing vendor invoices and accrue them in the correct year rather than scrambling in January.
What is a CapEx review and why does it matter?
A CapEx review examines all repair and maintenance expenses above your capitalization threshold to determine if they should be capitalized. Items that are capitalized cannot enter the recoverable CAM pool. Missing this review puts capital items into the pool — the most common trigger for tenant audit disputes.
Related Resources
CAM Reconciliation Checklist: 35 Steps
The complete phase-by-phase checklist for year-end reconciliation.
CAM Reconciliation Process Guide
The 7-phase process from year-end close to audit defense.
Month-End CAM Controls
The 12 monthly controls that prevent errors from compounding.
CAM Reconciliation Software
How CapVeri automates close verification and calculation.
Automate Your CAM Close Process
CapVeri validates your GL export against all 35 checklist items automatically — flagging missing accruals, capital items in the expense pool, and duplicate entries before reconciliation begins.
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