Things to Consider in The Accounting Month-End Checklist

free printable accounting month end checklist template excel

Doing an accounting report or “closing the book” at the end of a financial year, period or month needs to be done properly. If you are going to do a month-end accounting report, it is highly recommended that you have an accounting month-end checklist handy with you to help ensure everything is done properly and in order. It is one of the most important tasks that need to be done by the finance or accounting department especially since the company will be audited in the future. What should be included in this type of checklist to help your accounting or finance department?

Generally, since it is a routine cycle that is done by the accounting or finance department every month, what they usually do is to balance the accounting book of the company. The credit and debit balance needs to be balanced out to ensure that the financial system and cashflow of the company are working well. The starting balance of the company needs to be included as well as the closing balance to be used for the upcoming month (or period) too. The details of each transaction need to be included in the accounting book as well.

By including all the details of the transaction in the accounting month-end checklist, you will be able to see the profit or loss of that company along with other transactions as well. If there are companies that still owe some payments, they could be traced by the checklist to balance the accounting book too. Other than different purposes that are used internally by the company, with the audit that might happen at the end of the financial year, having a checklist can also be useful for external use. Board members will be able to analyse the financial ratio of the company by looking at the accounting book during their monthly meetings.

How important is having a checklist when you are doing an accounting month-end report? You must include as much information as possible for your manager or board members to help them understand better the financial situation of the company. By doing this, they will be able to make better decisions in the future as well regarding having a better cashflow for the company’s finance. Other than that, they will also be able to see in detail the profit and loss for that particular month. The report can also be used for tax matters and purposes as well.

Accounting Month End Checklist Template | Excel – download

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Things to Consider in The Accounting Month-End Checklist | Matilde Greco | 4.5

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