About this template
Work type: Accounting
Location: United States
Client industry: Generic
Version: 1 (Latest)
This template includes
- 16 tasks
Team Lead Review
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| Team Tasks | ||
|---|---|---|
| Receive financials & any notes from team | ||
| Review notes from team in FC Monthly Close project under Team Chat tab | ||
| Check that bank feeds are complete | ||
| Using the My Menu> reports options in QBO check that all active accounts are reconciled | ||
| Check that beginning balances for all active accounts still accurate | ||
| Go to Reconciliation screen and click on each active account to see if there is an error about the beginning balance needing correction | ||
| Check for uncleared transactions in reconciliation summary report for each account | ||
| Reconciliation> choose account> click History by account | ||
| Click View report on month you're reviewing | ||
| Scroll down to toward the bottom to see uncleared deposits and expenses | ||
| Balance Sheet review - Compare to previous month with $ change | ||
| Check A/R balance is in reasonable range based on client activity | ||
| Check for undeposited funds balance | ||
| Review assets for irregularities or transactions that don't belong (fixed assets generally shouldn't have any activity) | ||
| Check a/p balance is in reasonable range based on client activity | ||
| Review any liabilities for correct monthly activity | ||
| Loans recorded with principle and interest split | ||
| Review equity draws and contributions for consistency/irregularity | ||
| P&L review | ||
| Pull YTD month over month report and review for irregularities | ||
| Make sure nothing posted to parent accounts | ||
| Pull P&L by class and review for unclassed/misclassed transactions (check last month & YTD) | ||
| Pull P&L detail report year to date and check for consistency & vendor names | ||
| Review transaction list by vendor split to make sure transactions categorized consistently | ||
| Review A/R aging report for issues | ||
| Review A/P aging report for issues | ||
| Make notes of changes/activity client may care about | ||
| Note any corrections/updates for team in FC Monthly Close team chat tab | ||
| Receive corrections/answers | ||
| Review saved financials for correct reporting | ||
| Upload financial report to client FC shared Monthly Financials folder and email any notes to client (be sure team saved new financials if any updates made) | ||