Start using this Workflow
Journal Entry checklist
Preparation and Documentation
Gather all necessary supporting documents for the transaction.
Ensure that the transaction is properly approved by the responsible party.
Check that the documentation includes a clear explanation of the transaction purpose.
Entry Accuracy
Verify that the amounts entered match the supporting documentation.
Ensure that the correct accounts are debited and credited.
Check that the entry is mathematically accurate.
Compliance and Authorization
Confirm that the journal entry complies with the company's accounting policies.
Ensure the entry has been authorized as per company's internal control procedures.
Review that the journal entry adheres to the applicable financial reporting standards.
Review and Approval
Have a second person review the journal entry for accuracy and completeness.
Obtain the required approvals for the journal entry from management.
Document the review and approval process with signatures or electronic authorization.
Posting and Reconciliation
Post the journal entry to the general ledger in a timely manner.
Reconcile the entry to ensure it has been posted correctly to the general ledger.
Review the general ledger post-posting to ensure no errors have occurred.
Retention and Filing
File the journal entry and all supporting documentation in a secure location.
Ensure that the entry and documents are easily retrievable for future reference or audits.
Maintain a log of all entries for the period for easy access and cross-reference.
