About this template
Work type: Accounting
Location: United States
Client industry: Generic
Version: 1 Latest
This template includes
- 38 tasks
- 4 client tasks
- Automations
Monthly Bookkeeping and Accounting
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| Team Tasks | ||
|---|---|---|
| Receive statements from the client |
Staff Accountant
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| Bank statements |
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| Credit card statements |
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| Loan statements |
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| Post and reconcile bank activity |
Staff Accountant
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| Match activity within QBO bank feed, populating class, customer, or location as needed |
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| Download monthly bank statement |
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| Reconcile activity to bank statement |
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| Attach bank statement to QBO bank reconciliation page |
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| Post and reconcile credit card activity |
Staff Accountant
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| Match activity within QBO bank feed, populating class, customer, or location as needed |
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| Download monthly statement |
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| Reconcile activity to statement |
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| Attach statement to QBO reconciliation page |
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| Reconcile Paypal Account |
Staff Accountant
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| Post all Paypal activity |
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| Reconcile QBO to monthly Paypal statement |
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| Reconcile Stripe Account |
Staff Accountant
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| Categorize uncategorized and suspense expenses |
Staff Accountant
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| A/P Review and Reconciliation |
Staff Accountant
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| Pull A/P aging report from BILL and QBO to compare summary balances |
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| Review BILL clearing account balance to ensure this is $0 |
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| Reconcile Prepaid expenses |
Senior Accountant
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| Review GL for potential prepayments (for example, Dues & Subscriptions, Insurance, etc) |
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| Post monthly j/e to expense existing prepayments |
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| Reconcile balance per workpapers to QBO balance sheet |
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| Review A/R |
Senior Accountant
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| Pull A/R Aging schedule; review for reasonableness |
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| Share A/R Aging schedule with client for approval |
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| Reconcile Investment Accounts |
Senior Accountant
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| Download investment account statements |
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| Post journal entries to reflect interest, dividends, stock/security donations, and change in asset balances due to realized or unrealized gains |
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| Reconcile investment accounts to statements within QBO |
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| Reconcile Undeposited Funds account |
Senior Accountant
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| Review Undeposited funds account activity |
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| Ensure any balance remaining in this account is related to a known timing difference |
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| Reconcile Lease Assets (ROU) |
Senior Accountant
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| Reconcile Other Receivables |
Senior Accountant
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| Reconcile Fixed Assets |
Senior Accountant
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| Review GL accounts (ie office supplies, repairs & maintenance) for potential capital expenditures over client capitalization threshold |
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| Post monthly depreciation entry |
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| Reconcile fixed asset and accumulated depreciation balances to the QBO balance sheet |
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| Reconcile Accrued Interest |
Senior Accountant
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| Reconcile Grants Receivable |
Senior Accountant
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| Reconcile Pledges Receivable |
Senior Accountant
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| Reconcile Due/To From account |
Senior Accountant
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| Reference workpaper for where this agrees to outside organization |
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| Reconcile Security Deposits |
Senior Accountant
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| Reconcile Employee Advances |
Senior Accountant
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| Analyze Statement of Activities |
Senior Accountant
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| Review accounts for missing bills and potential accruals |
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| Review for significant income and expense fluctuations and annotate workpapers to explain anomolies |
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| Scan supplies and R&M accounts for potential capital expenses |
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| Scan accounts such as insurance, contrators and dues & subscriptions for potential prepayments |
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| Reconcile payroll liabilities |
Senior Accountant
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| Review pay period dates to see if any wages should be accrued. |
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| Check for withholding that has not been paid to the payroll company or taxing agency. |
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| Check for related taxes and benefits that need to be accrued. |
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| Reconcile PTO liability accrual |
Senior Accountant
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| Reconcile accrued expenses |
Senior Accountant
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| Reconcile deferred revenue |
Senior Accountant
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| Review new contracts to determine when revenue should be recognized and if any needs to be deferred. |
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| Make the journal entry to recognize deferred revenue earned in the current month. |
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| Reconcile deferred membership revenue |
Senior Accountant
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| Make the journal entry to recognize deferred revenue earned in the current month. |
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| Check for membership received in the current month that needs to be added to deferred memberships. |
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| Reconcile deferred event revenue |
Senior Accountant
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| Check for event revenues received in the current month for events scheduled for the future to add to deferred event revenue |
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| Make the journal entry to recognize deferred revenue on any event taking place in the current month. |
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| Reconcile deferred sponsorship revenue |
Senior Accountant
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| For any sponsorship revenue received, record the portion that relates to a future event or future timeframe in deferred sponsorship revenue |
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| Make the journal entry to recognize deferred sponsorship for any events that took place in the month being closed |
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| Make the journal entry to recognize deferred sponsorship for the current month, if sponsorships are based on a timeframe. |
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| Reconcile refundable advances |
Senior Accountant
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| Reconcile lease liabilities |
Senior Accountant
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| Reconcile loans |
Senior Accountant
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| Consider accruing interest payable, especially if the client is not making regular monthly payments |
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| Request a statement or screenshot of the balance from online banking to confirm the balance |
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| Reconcile lines of credit |
Senior Accountant
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| Consider accruing interest, especially if monthly payments are not currently being made |
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| Request that the client provide a statement or other information to confirm the balance |
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| Reconcile restricted net assets |
Senior Accountant
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| Run a report in QuickBooks showing what was spent down for each restricted balance. |
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| Update the restricted net asset rollforward in the EOM using the QuickBooks report. |
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| Get client approval of restricted balances. |
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| Make journal entry to updated restricted balances in QuickBooks |
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| Schedule and host monthly pre-close meeting |
Senior Accountant
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| Create and compile financial reports |
Senior Accountant
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| Review accounting file & reports |
Reviewer
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| Upload reports to the "Client Documents" link in the resources section |
Reviewer
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| Lock the QBO file |
Senior Accountant
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| Client Tasks Client Tasks | ||
|---|---|---|
| Upload your bank statements |
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| Upload your credit card statements |
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| Upload your loan statements |
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| Upload PTO balances |
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