Workflow Templates: Employee Termination checklist (Accounting Department)

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Employee Termination checklist (Accounting Department)

Final Payroll and Benefits

Calculate and process the employee's final paycheck, including any unpaid salary, accrued vacation, or sick leave.

Confirm that all expense reports submitted by the employee are processed and paid.

Provide the employee with information on how to continue benefits, such as health insurance under COBRA, if applicable.

Access and Security

Deactivate the employee's access to all accounting software and systems.

Collect any company-owned devices, access cards, or keys from the employee.

Change passwords and update access controls to secure financial data.

Documentation and Compliance

Update the employee's status in the HR system to reflect the termination.

Retain all necessary documentation for legal and compliance purposes, including the termination letter and exit interview notes.

Ensure that any confidentiality or non-disclosure agreements continue to be enforced post-termination.

Knowledge Transfer and Continuity

Arrange for the transfer of the employee's ongoing work and responsibilities to another team member.

Document any accounting procedures or systems the employee was responsible for.

Schedule debriefing sessions with the outgoing employee to capture any undocumented knowledge.

Financial Responsibilities

Review and reassign any outstanding financial tasks or projects the employee was handling.

Conduct an audit of the employee's recent work to ensure accuracy and completeness.

Notify any clients, vendors, or external partners of the change in personnel, if necessary.

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