What financial checks belong in project closure?
Incomplete financial closeoutReconcile costs, commitments, invoices, collections, and remaining obligations with the responsible finance team. Operational project closure and financial settlement may occur at different times.
What to do now
- Reconcile actual and outstanding costs
- Confirm billing and collection status
- Identify warranties and continuing obligations
- Assign owners for unresolved financial items
When to escalate
Escalate when
Material obligations or disputes have no receiving owner.
Who decides
The budget owner and authorized finance representative
Example
Delivery closes with an assigned owner tracking the final receivable and a remaining supplier retention.
Mistake to avoid
Closing the project record while unpaid commitments disappear from view.
Prevent a repeat
Review remaining cost and commitments, not only money already spent; reconcile with the authorized finance source.
Related cases
- How do we forecast the final project cost?Incomplete cost-to-complete forecast
- Our committed costs are missing from reports. Why does that matter?Incomplete obligation reporting
- What should happen before closing a supplier engagement?Incomplete supplier closeout
- Delivery is accepted, but financial records are unfinished. Can the project close?Different delivery and financial closure states