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> Financial statements
Financial statements
Preparation
Gather all financial data for the reporting period.
Ensure all transactions are recorded in the accounting system.
Verify the accuracy of ledger entries.
Adjusting Entries
Review accounts for any necessary adjustments.
Prepare and record adjusting journal entries.
Confirm that all adjustments are properly documented.
Trial Balance
Generate the unadjusted trial balance.
Review the trial balance for discrepancies.
Adjust entries as needed to ensure debits equal credits.
Financial Statement Preparation
Prepare the Income Statement.
Prepare the Balance Sheet.
Prepare the Statement of Cash Flows.
Prepare the Statement of Changes in Equity (if applicable).
Review and Analysis
Conduct a preliminary review of financial statements.
Analyze key financial ratios and metrics.
Compare results with prior periods and budgets.
Finalization
Make any necessary revisions based on reviews.
Ensure compliance with accounting standards (e.g., GAAP, IFRS).
Obtain necessary approvals from management.
Reporting
Distribute financial statements to stakeholders.
Prepare a management discussion and analysis (MD&A) if required.
Archive all supporting documentation for future reference.
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