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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