Make a copy of the checklist before using it to track your progress.
This checklist serves as a comprehensive guide for accounting professionals in compiling and presenting monthly financial information. Its purpose is to ensure all relevant financial data is accurately recorded, summarized, and analyzed, providing management and stakeholders with a clear and timely view of the organization's financial performance. Adherence to this checklist streamlines the preparation process, minimizes errors, and supports informed decision-making.
This checklist is to be used by accounting and finance personnel responsible for the monthly close process and the preparation of management accounts.
General Ledger Reconciliation Policy
Accrual and Prepayment Policy
Fixed Asset Management Policy
Revenue Recognition Policy
Complete each item on the checklist by performing the described task.
Initial and date each item upon completion.
Attach or reference all supporting documentation (e.g., reconciliation reports, journal entries, schedules) in the "Notes/Reference" column.
Ensure all necessary approvals are obtained before finalizing the accounts.
Submit the completed checklist along with the monthly management accounts package.
Reporting Period (Month/Year): _________________________________ Prepared By: ___________________________________ Date Prepared: _________________________
Item # | Task Description | Completed By (Initials) | Date Completed | Notes/Reference (e.g., Doc Name, System Entry) |
A1 | Reconcile all bank accounts (operating, savings, etc.) | |||
A2 | Reconcile undeposited funds account | |||
A3 | Clear/reconcile all clearing/suspense accounts | |||
A4 | Reconcile petty cash balances | |||
A5 | Review and reconcile fixed assets register to general ledger | |||
A6 | Review and clean up open sales orders | |||
A7 | Confirm monthly customer statements were sent | |||
A8 | Verify late fees were sent to overdue customers | |||
A9 | Check that customers are appropriately grouped for reporting | |||
A10 | File copy of the loan book (if applicable) | |||
A11 | Review and clean up open purchase orders | |||
A12 | Reconcile all vendor accounts to general ledger | |||
A13 | Check that vendors are appropriately grouped for reporting | |||
A14 | Confirm physical count of repossessed vehicles (if applicable) | |||
A15 | Revalue inventory if applicable (e.g., repossessed vehicles) | |||
A16 | Review dividends schedules (and transfer to retained earnings at year-end) | |||
A17 | Reconcile posting suspense account | |||
A18 | Reconcile leased vehicle deposits | |||
A19 | Reconcile security deposits |
Item # | Task Description | Completed By (Initials) | Date Completed | Notes/Reference (e.g., Doc Name, System Entry) |
B1 | Post accrual for audit fees | |||
B2 | Post accrual for directors' fees | |||
B3 | Post accrual for annual bonus | |||
B4 | Post accrual for utilities | |||
B5 | Post accrual for expenses related to open purchase orders | |||
B6 | Post accrual for charitable donations | |||
B7 | Post accrual for staff training expenses | |||
B8 | Post accrual for staff commissions | |||
B9 | Post accrual for legal fees | |||
B10 | Post accrual for marketing (e.g., grand prize liabilities) | |||
B11 | Post accrued interest revenue per schedule | |||
B12 | Separate private from other accrued interest revenue | |||
B13 | Post deferred income | |||
B14 | Post mitigation fee accrual | |||
B15 | Separate private from other mitigation fee accruals | |||
B16 | Post interest income (CFAL) | |||
B17 | Record prepayment for Securities Commission fees | |||
B18 | Record prepayment for Business License fees | |||
B19 | Record prepayment for Professional fees | |||
B20 | Record prepayment for Rent | |||
B21 | Record prepayment for Computer-related expenses | |||
B22 | Record prepayment for Insurance | |||
B23 | Record prepayment for Turnkey Lender subscriptions | |||
B24 | Record prepayment for CRIF subscription | |||
B25 | Review and post accruals for Easy Holdings | |||
B26 | Review and post prepayments for Easy Holdings |
Item # | Task Description | Completed By (Initials) | Date Completed | Notes/Reference (e.g., Doc Name, System Entry) |
C1 | Review and recharge expenses where applicable | |||
C2 | Post petty cash expenses | |||
C3 | Post credit card expenses | |||
C4 | Review and post repeating journal entries | |||
C5 | Process depreciation after all capital items have been posted | |||
C6 | Update bad debt provision per policy | |||
C7 | Separate private from other bad debt provisions | |||
C8 | Review charge-offs for bad debts | |||
C9 | Separate private from other bad debt charge-offs | |||
C10 | Review recoveries for bad debts | |||
C11 | Separate private from other bad debt recoveries | |||
C12 | Net recovery costs against recoveries expense | |||
C13 | Update bad debts on other receivables | |||
C14 | Calculate and update the business license fees journal | |||
C15 | Post staff bonuses (based on YTD net income) | |||
C16 | Review professional fees for Easy Holdings | |||
C17 | Verify earnings from subsidiaries (Easy Holdings) | |||
C18 | Verify investment in subsidiaries (Easy Holdings) | |||
C19 | Verify dividends from subsidiaries (Easy Holdings) |
Item # | Task Description | Completed By (Initials) | Date Completed | Notes/Reference (e.g., Doc Name, System Entry) |
D1 | Perform a high-level review of the Balance Sheet for reasonableness | |||
D2 | Perform a high-level review of the Income Statement for reasonableness | |||
D3 | Prepare variance analysis (actual vs. budget/previous period) | |||
D4 | Draft management commentary for key financial highlights and variances | |||
D5 | Assemble the complete monthly management accounts package | |||
D6 | Obtain necessary approvals for the management accounts | |||
D7 | Distribute management accounts to relevant stakeholders |
Prepared By (Signature): ________________________________________________________________ Date: _________________________________
Reviewed By (Manager/Supervisor Signature): ________________________________________________________________ Date: ____________