Monthly Bookkeeping and Accounting | Financial Cents Templates

About this template

Monthly Bookkeeping

Work type: Accounting

Location: United States

Client industry: Generic

Version: 1 (Latest)

This template includes

38 tasks
4 client tasks
Automations

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

Team Tasks

Receive statements from the client

Staff Accountant

Bank statements

Credit card statements

Loan statements

Post and reconcile bank activity

Staff Accountant

Match activity within QBO bank feed, populating class, customer, or location as needed

Download monthly bank statement

Reconcile activity to bank statement

Attach bank statement to QBO bank reconciliation page

Post and reconcile credit card activity

Staff Accountant

Match activity within QBO bank feed, populating class, customer, or location as needed

Download monthly statement

Reconcile activity to statement

Attach statement to QBO reconciliation page

Reconcile Paypal Account

Staff Accountant

Post all Paypal activity

Reconcile QBO to monthly Paypal statement

Reconcile Stripe Account

Staff Accountant

Categorize uncategorized and suspense expenses

Staff Accountant

A/P Review and Reconciliation

Staff Accountant

Pull A/P aging report from BILL and QBO to compare summary balances

Review BILL clearing account balance to ensure this is $0

Reconcile Prepaid expenses

Senior Accountant

Review GL for potential prepayments (for example, Dues & Subscriptions, Insurance, etc)

Post monthly j/e to expense existing prepayments

Reconcile balance per workpapers to QBO balance sheet

Review A/R

Senior Accountant

Pull A/R Aging schedule; review for reasonableness

Share A/R Aging schedule with client for approval

Reconcile Investment Accounts

Senior Accountant

Download investment account statements

Post journal entries to reflect interest, dividends, stock/security donations, and change in asset balances due to realized or unrealized gains

Reconcile investment accounts to statements within QBO

Reconcile Undeposited Funds account

Senior Accountant

Review Undeposited funds account activity

Ensure any balance remaining in this account is related to a known timing difference

Reconcile Lease Assets (ROU)

Senior Accountant

Reconcile Other Receivables

Senior Accountant

Reconcile Fixed Assets

Senior Accountant

Review GL accounts (ie office supplies, repairs & maintenance) for potential capital expenditures over client capitalization threshold

Post monthly depreciation entry

Reconcile fixed asset and accumulated depreciation balances to the QBO balance sheet

Reconcile Accrued Interest

Senior Accountant

Reconcile Grants Receivable

Senior Accountant

Reconcile Pledges Receivable

Senior Accountant

Reconcile Due/To From account

Senior Accountant

Reference workpaper for where this agrees to outside organization

Reconcile Security Deposits

Senior Accountant

Reconcile Employee Advances

Senior Accountant

Analyze Statement of Activities

Senior Accountant

Review accounts for missing bills and potential accruals

Review for significant income and expense fluctuations and annotate workpapers to explain anomolies

Scan supplies and R&M accounts for potential capital expenses

Scan accounts such as insurance, contrators and dues & subscriptions for potential prepayments

Reconcile payroll liabilities

Senior Accountant

Review pay period dates to see if any wages should be accrued.

Check for withholding that has not been paid to the payroll company or taxing agency.

Check for related taxes and benefits that need to be accrued.

Reconcile PTO liability accrual

Senior Accountant

Reconcile accrued expenses

Senior Accountant

Reconcile deferred revenue

Senior Accountant

Review new contracts to determine when revenue should be recognized and if any needs to be deferred.

Make the journal entry to recognize deferred revenue earned in the current month.

Reconcile deferred membership revenue

Senior Accountant

Make the journal entry to recognize deferred revenue earned in the current month.

Check for membership received in the current month that needs to be added to deferred memberships.

Reconcile deferred event revenue

Senior Accountant

Check for event revenues received in the current month for events scheduled for the future to add to deferred event revenue

Make the journal entry to recognize deferred revenue on any event taking place in the current month.

Reconcile deferred sponsorship revenue

Senior Accountant

For any sponsorship revenue received, record the portion that relates to a future event or future timeframe in deferred sponsorship revenue

Make the journal entry to recognize deferred sponsorship for any events that took place in the month being closed

Make the journal entry to recognize deferred sponsorship for the current month, if sponsorships are based on a timeframe.

Reconcile refundable advances

Senior Accountant

Reconcile lease liabilities

Senior Accountant

Reconcile loans

Senior Accountant

Consider accruing interest payable, especially if the client is not making regular monthly payments

Request a statement or screenshot of the balance from online banking to confirm the balance

Reconcile lines of credit

Senior Accountant

Consider accruing interest, especially if monthly payments are not currently being made

Request that the client provide a statement or other information to confirm the balance

Reconcile restricted net assets

Senior Accountant

Run a report in QuickBooks showing what was spent down for each restricted balance.

Update the restricted net asset rollforward in the EOM using the QuickBooks report.

Get client approval of restricted balances.

Make journal entry to updated restricted balances in QuickBooks

Schedule and host monthly pre-close meeting

Senior Accountant

Create and compile financial reports

Senior Accountant

Review accounting file & reports

Reviewer

Upload reports to the "Client Documents" link in the resources section

Reviewer

Lock the QBO file

Senior Accountant

	Client Tasks Client Tasks
	Upload your bank statements
	Upload your credit card statements
	Upload your loan statements
	Upload PTO balances

Client Tasks Client Tasks

Upload your bank statements

Upload your credit card statements

Upload your loan statements

Upload PTO balances