Monthly, Quarterly, Half yearly and Annual Financial statement closure
Monthly Financial Statement Closure Checklist
- Ensure all transactions are accurately recorded in the general ledger
- Investigate and resolve any discrepancies or errors
- Confirm balances with vendors and customers
- Investigate and resolve any discrepancies
- Ensure all income and expenses are properly categorized
- Review for accuracy and completeness
- Conduct physical inventory count if necessary
- Adjust inventory records to match physical count
- Ensure all fixed assets are properly recorded and depreciated
- Review for any disposals or additions
- Confirm payroll expenses match employee records
- Review for any discrepancies or errors
- Record any necessary accruals or deferrals
- Adjust accounts to reflect accurate financial position
- Verify petty cash transactions are properly documented
- Reconcile petty cash balance with actual cash on hand
- Match credit card transactions with receipts and invoices
- Investigate and resolve any discrepancies
- Confirm prepaid expenses are properly recorded
- Review for any prepaid expenses that need to be expensed
- Ensure accrued expenses are accurately recorded
- Review for any adjustments needed
- Confirm intercompany transactions are eliminated
- Ensure balances match with related entities
- Verify tax liabilities match tax filings
- Review for any discrepancies or errors
- Ensure investment valuations are accurate
- Review for any impairments or gains/losses
- Confirm revenue is recognized in accordance with accounting standards
- Review for any adjustments needed
- Ensure foreign exchange gains/losses are properly accounted for
- Review for any discrepancies or errors
Quarterly Financial Statement Closure Checklist
- Match all transactions in bank statements with the records
- Investigate and resolve any discrepancies
- Ensure all invoices and payments are accurately recorded
- Verify outstanding balances
- Compile financial data for the quarter
- Analyze and review for accuracy
- Conduct physical inventory count
- Compare with recorded inventory levels
- Verify depreciation calculations
- Update asset register
- Verify payroll expenses and taxes
- Cross-check with payroll records
- Calculate key financial ratios
- Analyze trends and variances
- Make any required adjustments to ensure accuracy
- Document reasons for adjustments
- Ensure prepaid expenses are recorded correctly
- Verify accuracy of accrued liabilities
- Ensure intercompany transactions are eliminated
- Verify consistency across related entities
- Update exchange rates as necessary
- Verify accuracy of foreign currency translations
- Verify investment valuations
- Ensure proper accounting for gains or losses
- Verify revenue is recognized in accordance with GAAP
- Ensure consistency in revenue recognition policies
- Verify tax calculations and payments
- Ensure compliance with tax regulations
- Evaluate adequacy of bad debt reserves
- Adjust as necessary based on aging analysis
- Verify lease payments and obligations
- Ensure proper accounting for lease liabilities
Use in Manifestly