Month-end Checklist for Bookkeepers 2021

Month-end Checklist for Bookkeepers 2021

The month-end can be quite a daunting period for businesses. Without the right month-end closing checklist and proper closing and reporting procedures in place, your business can face serious financial repercussions. However, month-end closing and reporting procedures don’t have to be so stressful. With the right processes, you can ensure that records are accurate and easy to access.

A month-end checklist is a step-by-step process of reviewing, reconciling, and recording all of your business transactions. It enables you to record your company’s sales, expenses, payments, and important financial information. Here is the month-end checklist so you can practice smart bookkeeping for your business.

Month-end checklist for bookkeepers

1. Reconcile cash and credit card statement

You need to know that all your business cash transactions are correct and that you are working with an accurate cash position. Reconciling bank accounts and credit cards each month makes it easier to find and fix errors in the time to correct them.

2. The aged account payable report

The payable accounts report should be reviewed to ensure the bills entered throughout the month are accurate and have been paid on time. Doing this will protect your business’s credit and reputation. However, incorrect transactions or other figures at the bottom of the report also need to be removed to accurately reflect the company’s net income and other current liabilities.

3. Open vendor deposit report

The open vendor deposit reflects the vendor deposits on project and inventory purchase orders that have not been applied to a vendor invoice. It also includes deposits that have been partially used on vendor invoices. This deposit report needs to be reviewed to ensure that orders are being filled properly by the vendor.

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