What should be reconciled before sending an LP report?

LP reporting should be the published version of a reconciled operating record, not a narrative created after the numbers are finished. For sponsors, reporting leads, fund administrators, and investor relations teams, the practical answer is to treat the question as part of period close, capital account reconciliation, valuation support, investor communication, governance notices, and follow-up tracking, not as a one-off definition. The record should show financial statements, capital accounts, valuation marks, portfolio commentary, notices, LPAC records, investor Q&A, and delivery logs so an investor, lender, counsel, administrator, or operating lead can reconstruct the decision later. Use a close checklist that ties administrator records, bank activity, portfolio updates, valuation files, and investor-facing language to one reporting package. The common failure mode is sending a polished update that later conflicts with capital accounts, distribution notices, or valuation support.