Regular Month-End Checklist

 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).

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