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End-of-Month Sales and Revenue Reporting checklist
Verify Transactions
Ensure all sales transactions for the month have been entered into the accounting system
Review and reconcile any discrepancies in sales invoices
Confirm that all returns and allowances have been properly documented and accounted for
Revenue Recognition
Verify that revenue has been recognized in accordance with the applicable accounting standards
Check that revenue from services is recognized upon completion of the service
Ensure that product sales revenue is recognized when the control of goods has transferred to the customer
Accounts Receivable
Reconcile the accounts receivable ledger to ensure all payments are accounted for
Review aging reports to identify any overdue accounts
Assess the need for bad debt provisions based on the review of receivables
Sales Tax Compliance
Calculate and verify the accuracy of sales tax collected on transactions
Prepare sales tax returns for filing with the appropriate tax authorities
Reconcile sales tax payable accounts against tax returns and actual payments made
Reporting and Analysis
Generate monthly sales reports detailing revenue, returns, discounts, and net sales
Perform variance analysis comparing current month sales to prior periods and budget
Update financial forecasts to reflect actual monthly sales figures
