04/02/2025
Regular Month-End Checklist
1. Accounts Receivable (AR)
-Reconcile customer invoices and payments.
-Ensure all outstanding invoices are sent to customers.
-Follow up on overdue invoices.
-Post adjustments for bad debts or doubtful accounts, if necessary.
-Review the AR aging report.
2. Accounts Payable (AP)
-Verify and reconcile vendor invoices.
-Ensure all bills for the period are recorded.
-Process payments for due invoices.
-Review AP aging report for overdue payments.
-Accrue unpaid invoices for services received but not billed.
3. Bank and Cash Reconciliation
-Reconcile all bank accounts with statements.
-Match cash receipts and payments with the ledger.
-Investigate and resolve discrepancies.
4. Revenue and Expenses
-Review and match revenue with invoices.
-Record unbilled revenue as required.
-Accrue for any incurred expenses not yet recorded.
-Ensure expenses are categorized correctly.
5. Fixed Assets
-Record any purchases, sales, or disposals of fixed assets.
-Update depreciation schedules and post journal entries.
-Perform a physical verification of fixed assets, if applicable.
6. Payroll
-Review payroll journals and post entries.
-Reconcile payroll accounts, including taxes and benefits.
-Accrue for unpaid salaries or bonuses.
7. Inventory
-Reconcile inventory balances with physical counts.
-Record adjustments for inventory shrinkage, if any.
-Update cost of goods sold (COGS) entries.
8. General Ledger (GL)
-Post all journal entries for the month.
-Reconcile all sub-ledgers with the general ledger.
-Review trial balance for anomalies or errors.
-Resolve any suspense account entries.
9. Accruals and Provisions
-Record all month-end accruals for expenses and income.
-Review provisions for taxes, warranties, or contingencies.
10. Taxation
-Review and file monthly tax returns (e.g., GST, TDS).
-Reconcile tax accounts with tax filings.
-Prepare tax payment schedules, if required.
11. Financial Reporting
-Prepare the profit and loss statement (P&L).
-Generate the balance sheet.
-Review and analyze key financial ratios.
-Prepare management reports or dashboards.
-Submit financial reports to management or stakeholders.
12. Compliance
-Ensure compliance with statutory and regulatory requirements.
-Document all reconciliations and adjustments.
-Maintain proper backup for supporting documents.
13. Other Key Items
-Review intercompany transactions and reconciliations.
-Update any outstanding loans or leases.
-Prepare and review cash flow statements.
-Conduct variance analysis (budget vs. actuals).
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