Workflow Templates: Grant Accounting checklist

Review and understand the grant agreement or award letter

Set up grant in accounting system with appropriate tracking codes or project identifiers

Establish budget controls and reporting categories per grant requirements

Allocate staff time and payroll costs to the grant based on actual time spent on grant-related activities

Track and document all grant expenditures with appropriate supporting evidence

Review expenses regularly to ensure they are allowable and within the budget

Prepare financial reports in accordance with the grantor's reporting timeline and format

Ensure compliance with all grant conditions, including any restrictions on use of funds

Maintain records for required period after grant closure for audits and reviews

Recognize grant revenue in accordance with accounting standards and grant terms

Reconcile grant receivables and deferred revenue accounts regularly

Monitor cash flow from grantor and follow up on any delayed payments

Compile all financial records, reports, and supporting documents for the grant

Conduct internal review of grant transactions and compliance prior to audit

Coordinate with auditors and provide requested information promptly

Complete final grant expenditure report and submit to grantor

Reconcile all grant accounts and ensure all revenue and expenses are accurately recorded

Document lessons learned and best practices for future grant management

Grant Accounting checklist