Workflow Templates: End-of-Month Sales and Revenue Reporting checklist

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

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

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

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

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

End-of-Month Sales and Revenue Reporting checklist