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monthly closing process

1. Preliminary Steps

Review the calendar for the month-end closing schedule.

Communicate closing deadlines to all departments.

Gather all necessary documentation and reports from relevant teams.

Here are some additional steps that could be included in the "Preliminary Steps" section of the monthly closing process checklist

Confirm the availability of key personnel involved in the closing process

Verify that all system updates and backups have been completed prior to month-end

Review prior month's closing notes for any outstanding issues or follow-ups

Ensure all transactions for the month have been recorded or flagged for review

Set up a pre-closing meeting with key stakeholders to address any potential issues

Organize and prepare templates or tools required for the closing process

Check for any changes in accounting policies or standards that may affect the current month

Identify any pending invoices, receipts, or transactions that need to be accounted for

Ensure that all necessary access permissions for financial systems and documents are granted to the responsible team members

2. Data Entry and Recording

Ensure all transactions are entered into the accounting system.

Verify that all invoices and receipts have been recorded.

Reconcile bank statements with the accounting records.

Here are some additional steps that could be included in the "Data Entry and Recording" section of the monthly closing process checklist

Confirm that all payroll transactions have been accurately recorded

Ensure all journal entries are properly documented and entered

Review and enter any adjustments or corrections from prior periods

Verify that all credit card transactions are accounted for and reconciled

Check for any outstanding items in accounts payable and accounts receivable

Ensure proper categorization of expenses and revenues in the accounting system

Review and record any intercompany transactions if applicable

Validate that all inventory transactions have been recorded and adjusted as necessary

Conduct a random sample check of transactions for accuracy and completeness

Document any data entry issues or discrepancies for follow-up

3. Account Reconciliation

Reconcile all balance sheet accounts (e.g., cash, accounts receivable, accounts payable).

Confirm the accuracy of payroll and tax liabilities.

Investigate and resolve any discrepancies found during reconciliation.

4. Accruals and Adjustments

Prepare and post necessary adjusting journal entries for accrued expenses and revenues.

Review and adjust prepayments and deferrals as necessary.

Ensure that all entries are properly documented and supported.

5. Financial Statement Preparation

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

Review financial statements for accuracy and completeness.

Make any necessary corrections or adjustments before finalizing.

6. Review and Approval

Present financial statements to management for review.

Obtain necessary approvals from stakeholders.

Address any questions or concerns raised by management.

7. Reporting and Analysis

Prepare management reports and variance analyses.

Distribute financial reports to relevant departments and stakeholders.

Conduct a post-mortem analysis of the month’s financial performance.

8. Documentation and Compliance

Ensure all documentation related to the closing process is filed and organized.

Verify compliance with accounting standards and regulations.

Maintain a checklist of all tasks completed for future reference.

9. Planning for Next Month

Review any issues encountered during the closing process for improvement.

Communicate any changes in procedures or deadlines for the upcoming month.

Set objectives for the next month’s closing process.

10. Continuous Improvement

Schedule a meeting with the accounting team to discuss the closing process.

Gather feedback and suggestions for enhancing efficiency in future closings.

Implement any agreed-upon changes or improvements.

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