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monthly checklist

1. Financial Review

  • Gather all bank statements for the month.
  • Compare each transaction against the accounting records.
  • Identify any discrepancies and investigate them.
  • Adjust records as necessary to match bank statements.
  • Ensure all bank fees and interest are recorded.
  • Review all customer invoices issued during the month.
  • Match received payments against outstanding invoices.
  • Follow up on overdue accounts for payment.
  • Adjust records for any uncollectible accounts.
  • Document any discrepancies for further review.
  • Review all supplier invoices received during the month.
  • Match invoices against purchase orders and receipts.
  • Verify that payments have been made for due invoices.
  • Identify any outstanding bills and schedule payments.
  • Document any discrepancies for further investigation.
  • Gather all cash inflow and outflow records.
  • Verify that all transactions are accounted for.
  • Analyze trends in cash flow for the month.
  • Ensure that projections align with actual cash flow.
  • Document any significant variances for reporting.

2. Journal Entries

3. Financial Statements Preparation

4. Budget Comparison

5. Compliance and Tax Preparation

6. Internal Controls

7. Reporting

8. Documentation and Record Keeping

9. Accounts Review

10. Continuous Improvement

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