Good Accounting Checklist Template in PDF, Excel or Word Download It Now for Free

Or it’s not certain who is meant to approve the claim or whether that approval has been given or not. Then, there are the occasions where an approved and processed expense doesn’t end up being paid to the employee when its meant to be paid. Running effective staff onboarding results in higher productivity, better team morale, and enviable employee retention rates. We’ve tried to put this pack together in a way which caters to a broad scope of accounting needs.

Reconciling bank accounts and credit cards is an important part of the year-end procedures. You can compare your bank account statement with accounting records to verify the spending. In case you find any discrepancies, you must check again and make the necessary adjustments to settle the records. Year-end closing for accounting is the process of inspecting and updating a company’s accounting records at the end of the fiscal year. The process involves taking an in-depth look at a company’s financial transactions and ledgers over the past fiscal year, with the ultimate goal of creating a finalized financial record.

Why Use This Accounting Checklist Template?

This checklist will provide a streamlined method of creating invoices while saving time in the process. If you don’t put a process in place for your accounts payable then you could be facing late payment charges or even opening up space for fraud. Track business expenses such as transportation, entertainment, lodging, and meals with this expense report template. Specify the time frame at the top of the spreadsheet and list all expenses with dates for each transaction.

• The pay stub tab displays payment and withholdings for an individual employee, while the register lists employee job titles, salaries, vacation and sick allowance, and pay schedule.
• Use this template to review each item and determine the overall month-end cash position for each time period.
• Are the tasks in the Monthly General Accounting Checklist Template accurate?
• Streamline your accounting system workflow and get straight to the work that matters with our official fiscal year-end checklist below.

Businesses are required to file 1099s for any individuals and most entities who were paid $600 or more during the year. If you are creating your first year-end checklist, you can use the one we put together below. If you already have your own checklist, you can review ours for items you may have missed. Before the new capital commitment definition year starts, setting goals is extremely important for a finance team that would let them plan for the targets accordingly. The right set of goals should be specific and attainable within the realm of possibility. You must also choose relevant goals which focus on improving the areas of weaknesses in your business.

Use the Month End Close Process and 40+ Free Accounting Workflow Templates on Financial Cents.

A bill of lading is a document detailing how goods are being shipped from a seller to a recipient. It includes details about the items being shipped, the quantity of items included in the shipment, and the destination address. Use a bill of lading template to ensure you complete this document for each shipping transaction. Included on this page, you’ll find an accounting journal template, accounts payable template, accounts receivable template, and more. A checklist for a small wine bar, for instance, will differ from that of a large nightclub.

How to use our Monthly General Accounting Checklist Template

If you have inventory, set aside time to reorder products that sell quickly and identify others that are moving slowly and may have to be marked down or, ultimately, written off. By checking regularly (and comparing to prior months’ numbers), it’s easier to make adjustments so you are neither short nor overloaded. Keep a record of each of your vendors that includes billing dates, amounts due and payment due date. If vendors offer discounts for early payment, you may want to take advantage of that if you have the cash available. In essence, this system will not only grant your team front-row seats to the best accounting practices but also facilitate multi-level collaboration. What’s more, team members should be able to track their work status as well as check on workflow updates in real-time.

Bar Opening and Closing Checklist Template

This keeps your month-end close projects from error and, potentially, missing deadlines. Any unpaid debts should be listed as liabilities or accrual expenses on the balance sheet. Keeping track of all your company debts is crucial to managing your finances effectively. Identify the important dates and the activities that must be completed by each. These include reporting and data processing deadlines and the fiscal close date. The goal is to prepare a final financial statement for potential external audit, to be stored within the company’s official financial records.

Standardizing these rules into workflow templates helps ensure quality deliverables and reduces human error. Keeping track of inventory on a daily basis also reduces theft or loss of merchandise. For more information, check out our guide to the best inventory management software.

The best way to standardize your process is to get it from your head into something that you can share with your team. Annual reports include an overview of business activity during the year, including cash flow reports, income statements, and balance sheets. Review revenue, expenses, and net income before and after taxes with this income statement template.