MonthEnd Checklist

First and foremost, every size and type of business should reconcile its bank account each month. It is the only way to be certain that all income and expenses have been recorded and that no duplication of entries has occurred. Reconciling is also a tool in the cash flow management process as you work to determine the number of outstanding checks.

After reconciliation, here is a by no means extensive list of other things to review before you close the month. If Szweda Consulting, LLC is issuing your financial statements you can be sure we’ve considered all of the below and more.

• Are all bank accounts reconciled?
• Are there any old unreconciled entries in the bank registers?
• Have all invoices been recorded?
• Are there any old receivables that need to be written off?
• Has inventory been updated?
• Have prepaid expenses like rent and insurance been amortized?
• Have new prepaid expenses been put to the Balance Sheet?
• Have depreciation and amortization been recorded?
• Are all expected bills entered or are accruals needed?
• Has any deferred income been recognized?
• Have all credit cards been reconciled?
• Has the interest portion of loan payments been placed in the right account?
• Have all loans been reconciled?

Depending on the size of your business and your place in the accounting process you may not do all of the above each month. There may also be some items specific to your company or industry that need to be done such as an allocation of overhead expenses or the recording of a percent based management fee or the calculation and recording of a property management fee.

If you want to get monthly or quarterly financial statements from Szweda Consulting, LLC just contact us for a free consultation.

If you have a question about one of the above bullet points or want to see a blog post about one of them in particular let us know that too.