Basic Accounting Monthly Closing Checklist

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Basic Accounting Monthly Closing Checklist:

𝐁𝐚𝐧𝐤 𝐑𝐞𝐜𝐨𝐧𝐜𝐢𝐥𝐢𝐚𝐭𝐢𝐨𝐧:

  • Review and reconcile bank statements.
  • Verify outstanding checks and deposits.

𝐉𝐨𝐮𝐫𝐧𝐚𝐥 𝐄𝐧𝐭𝐫𝐢𝐞𝐬:

  • Record adjusting entries for accruals and deferrals.
  • Update depreciation for fixed assets.
  • Adjust prepaid expenses and unearned revenue.

𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐑𝐞𝐜𝐞𝐢𝐯𝐚𝐛𝐥𝐞:

  • Reconcile accounts receivable.
  • Verify the allowance for doubtful accounts.

𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐏𝐚𝐲𝐚𝐛𝐥𝐞:

  • Reconcile accounts payable.
  • Confirm the accuracy of recorded expenses.

𝐏𝐚𝐲𝐫𝐨𝐥𝐥:

  • Review payroll transactions for accuracy.
  • Confirm tax withholdings and other deductions.

𝐅𝐢𝐱𝐞𝐝 𝐀𝐬𝐬𝐞𝐭𝐬:

  • Update fixed asset registers.
  • Record disposals or additions to fixed assets.

𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲:

  • Verify physical inventory against recorded amounts.
  • Adjust inventory levels as needed.

𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬:

  • Confirm all liabilities are recorded.
  • Reconcile outstanding loans or credit balances.

𝐄𝐱𝐩𝐞𝐧𝐬𝐞 𝐑𝐞𝐯𝐢𝐞𝐰:

  • Review all expenses for accuracy and proper classification.
  • Confirm that all incurred expenses are recorded.

𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐭𝐢𝐨𝐧:

  • Confirm proper recognition of revenue.
  • Review deferred revenue and recognize as appropriate.

𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬:

  • Generate financial statements (Income Statement, Balance Sheet, Cash Flow Statement).

𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

  • Analyze financial statements for trends and anomalies.
  • Conduct variance analysis against budget/forecast.

𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐄𝐧𝐭𝐫𝐢𝐞𝐬:

  • Close temporary accounts (e.g., revenue, expenses) to retained earnings at the year end closing

𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

  • Ensure all supporting documentation is filed appropriately.
  • Maintain a clear audit trail for all transactions.

𝐁𝐚𝐜𝐤𝐮𝐩 𝐚𝐧𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲:

  • Backup financial data and store it securely.
  • Review access controls and restrict as necessary.

𝐅𝐢𝐧𝐚𝐥 𝐑𝐞𝐯𝐢𝐞𝐰:

  • Perform a final review of the entire closing process.
  • Confirm all necessary steps have been completed accurately.

𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠:

  • Share financial reports with relevant stakeholders.
  • Address any queries or concerns.

𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞:

  • Ensure compliance with accounting standards and regulations.
  • Document any changes in accounting policies or practices.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠:

  • Identify areas for process improvement.
  • Plan for upcoming months and potential challenges.

𝐀𝐮𝐝𝐢𝐭 𝐏𝐫𝐞𝐩𝐚𝐫𝐚𝐭𝐢𝐨𝐧:

  • Prepare for internal or external audits.
  • Document any issues or areas of concern for follow-up.

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