The Monthly Accounting Checklist provides business owners with a detailed list of accounting functions to be completed on a monthly basis. Company management should supply this list of tasks to the appropriate accounting officer(s) and managers should also list a target date for completion. This spreadsheet can be customized to fit the needs of the any company and, depending on the business and/or industry, items may be omitted or additional responsibilities may be added.
Monthly Accounting Checklist [COMPANY NAME] Company Year End Date: Our goal is to complete the Fiscal Year End by: Tasks to be included: Target Date: Initials: Initials: 1) Review 'Clearing Account'; ensure all General Ledger ('GL') transactions are complete. 2) Add new employees to payroll; ensure all new employees have signed their employee agreement and tax forms 3) Ensure new vendors and clients are added to the accounting software 4) Capitalize all new asset purchases over $1,000 5) Ensure all employees submit expense reports 6) Write Off Bad Debts - Accounts Receivable that won't pay 7) Pay bills with discount terms and process payment for additional savings 8) Inventory count of capital assets/ equipment/ merchandise/ inventory, document their physical location and valuate 9) Generate purchase orders for inventory quantity near or below reorder point 10) Complete monthly bank reconciliations 11) Complete all credit card reconciliations 12) Reconcile petty cash; ensure there is adequate funds 13) Enter all invoices/ purchase orders and process the Accounts Payable aged report for management review 14) Enter all contracts/ client invoices and process Accounts Receivable aged report for management review 15) Enter all Revenue Accruals and Deferrals 16) Ensure all employees are paid appropriately; assess employees are being deducted enough payroll tax 17) Calculate the difference between sales tax charged and sales tax purchases on goods 18) Ensure all inter-corporate transactions balance; ensure all foreign accounts are converted to the year end exchange rate 19) Compare actual revenues and expenses with the corporate budget; make adjustments to the rolling budget 20) Produce Financial Statements for Management review
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