About this template
Work type: Accounting
Location: United States
Client industry: Generic
Version: 1 (Latest)
This template includes
- 40 tasks
- 3 client tasks
- Automations
- Resources
Month-end Close Accounting
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| 01 Accounting Analysis - Pre-Close | ||
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| Enter in Sales Tax Entries |
Accounting Analysis
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| Complete Payroll Journal Entry |
Accounting Analysis
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| Post Depreciation/Amortization |
Accounting Analysis
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| Handle Client Tasks - Pre-Close |
Accounting Analysis
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| Split Loan Payments According to Amortization Schedule |
Accounting Analysis
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| Post Bank Feeds |
Accounting Analysis
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| *** INSERT: MONTH END CLOSE UNCAT TRANSACTIONS |
Accounting Analysis
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| Client Tasks - Pre-Close Client Tasks | ||
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| Provide breakout of income for the general operations account (account # XXXXXXXX). Please mark this as done, when it's submitted. | ||
| Upload prior month loan statements. If we have access to your bank account, please marked this as done. | ||
| Upload prior month miscellaneous documents. If you don't have any miscellaneous documents, please marked this as done. | ||
| 02 Accounting Analysis - Account Reconcilation | ||
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| *** INSERT: MONTH END CLOSE ACCOUNT RECONCILIATION (Replace Tasks When Report Released) |
Accounting Analysis
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| Anytown Bank Checking 23 |
Accounting Analysis
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| Anytown Bank Savings 456 |
Accounting Analysis
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| Corporate Credit Card 7890 |
Accounting Analysis
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| Anytown Bank Loan 9878 |
Accounting Analysis
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| Anytown Bank Loan 8974 |
Accounting Analysis
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| Bill Pay Money Out Clearing |
Accounting Analysis
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| Payroll Clearing |
Accounting Analysis
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| 03 Accounting Analysis - Quality Checks |
Automations
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| *** INSERT: MONTH END CLOSE TRANSACTIONS WITHOUT PAYEES |
Accounting Analysis
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| *** INSERT: MONTH END CLOSE TRANSACTIONS WITHOUT CLASS |
Accounting Analysis
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| *** INSERT: MONTH END CLOSE TRANSACTIONS WITHOUT LOCATION |
Accounting Analysis
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| *** INSERT: MONTH END CLOSE EXPENSES AND BILLS WITHOUT ATTACHMENTS |
Accounting Analysis
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| *** INSERT: MONTH END CLOSE INCONSISTENT EXPENSES |
Accounting Analysis
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| Review Profit and Loss Statement Comparison - Prior three months plus current close month. |
Accounting Analysis
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| Reviewed for reasonableness (example: COGS more than 10%) compared to previous period and industry | ||
| Review Profit and Loss Statement Comparison - Year-to-date |
Accounting Analysis
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| Reviewed for reasonableness (example: COGS more than 10%) compared to previous period and industry | ||
| Review Balance Sheet Comparison - Year-to-date |
Accounting Analysis
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| f accrual based reporting, are are the prepaid expenses and accruals posted correctly? | ||
| Review for any negative balances and note line item with explanation and/or action needed to resolve | ||
| 04 Accounting Manager - Book Review | ||
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| Complete any Misc Journal Entires |
Accounting Manager
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| *** INSERT: MONTH END CLOSE LARGE TRANSACTIONS |
Accounting Manager
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| *** INSERT: MONTH END CLOSE SHARED TRANSACTIONS |
Accounting Manager
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| *** INSERT: MONTH END CLOSE NEWLY ADDED VENDORS |
Accounting Manager
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| *** INSERT: MONTH END CLOSE DUPLICATE VENDORS/CUSTOMERS |
Accounting Manager
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| *** INSERT: MONTH END CLOSE 1099 AND W-9 PREPARATION |
Accounting Manager
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| *** INSERT: MONTH END CLOSE NEWLY ADDED ACCOUNTS |
Accounting Manager
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| Resolve Suspense Account - Accounting Manager |
Accounting Manager
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| Reconciliation Uncleared Transactions Reviewed (Deposits 1 month or more / Checks more than 3 months uncleared) |
Accounting Manager
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| Review Distribution Transactions (Ensure they are coded correctly between distributions and/or shareholder loan payments) |
Accounting Manager
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| Review Profit & Loss Statement and Resolve Accounting Analysis Questions |
Accounting Manager
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| Reviewed for reasonableness. Can the numbers be explained for current period and compared to prior periods? Document line items with explanation. | ||
| Is the net profit/loss reasonable and/or explainable? | ||
| Review Balance Sheet and Resolve Accounting Analysis Questions |
Accounting Manager
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| Shareholder loans agreed to documentation and are reasonasble | ||
| Does the current assets accounts agree with client documentation? Notate line item if action is needed to resolve. | ||
| Are fixed assets accounted for correctly? | ||
| Does the current liabilities accounts agree with client documentation? Notate line item if action is needed to resolve. | ||
| Does the long-term liabilities accounts agree with client documentation? Notate line item if action is needed to resolve. | ||
| For shareholder equity, are the contributions and/or distributions handled correctly? Notate line item if action is needed to resolve. | ||
| Review Statements of Cash Flows |
Accounting Manager
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| Review A/P Aging Report |
Accounting Manager
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| Review A/R Aging Report |
Accounting Manager
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| 05 Accounting Manager - Project Close-out |
Automations
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| Create Management Report in QBO |
Accounting Manager
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| Notate any Callouts | ||
| Upload to Client Portal and Save in SmartVault |
Accounting Manager
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