Start using this Workflow
Monthly Financial Reporting Checklist
Income and Expense Review
Verify all expected rental payments are received and properly recorded
Review and reconcile any discrepancies in ancillary income streams
Analyze and report on variances between actual and budgeted expenses
Bank Reconciliation
Reconcile all bank statements with the general ledger
Investigate and resolve any reconciling items or discrepancies
Ensure all bank transfers are properly documented and authorized
Accounts Payable and Receivable
Review accounts payable aging report for overdue payments
Confirm all vendor invoices are accounted for and processed
Review accounts receivable aging report and follow up on overdue tenant balances
Financial Statements and Reports
Prepare and review monthly balance sheet to ensure accurate representation of assets and liabilities
Generate income statement to evaluate profitability and compare to budget
Compile and distribute financial packet including executive summary and detailed reports to stakeholders
Budget Analysis
Compare actual income and expenses against the budgeted amounts
Explain significant budget variances in the management report
Adjust forecasts and projections based on current month's performance
Compliance and Auditing
Ensure compliance with all financial reporting regulations and standards
Review transactions and activities for adherence to internal financial controls
Prepare for any upcoming audits by organizing financial records and documentation
