Workflow Templates: Monthly Accounting Checklist

Bank Reconciliations

Reconcile all bank statements with the general ledger.

Review any outstanding checks or deposits in transit.

Adjust the cash balance in the accounting system to match the reconciled bank balance.

Accounts Receivable

Review the aged receivables report for overdue accounts.

Send out payment reminders and follow up on outstanding invoices.

Apply customer payments received to the appropriate invoices.

Accounts Payable

Verify all new bills and invoices received, and enter them into the accounting system.

Ensure that all due payments are processed in time to avoid late fees.

Reconcile accounts payable ledger with vendor statements.

Payroll Processing

Confirm timesheets are accurate and approved.

Process payroll in accordance with employee contracts and tax regulations.

Record payroll transactions in the general ledger.

Financial Reporting

Prepare the trial balance to verify that debits equal credits.

Generate income statement, balance sheet, and cash flow statement.

Analyze financial statements for any discrepancies or unusual transactions.

General Ledger Maintenance

Review all ledger accounts for posting errors and make necessary adjustments.

Reconcile subsidiary ledgers to the general ledger (e.g., accounts receivable, inventory).

Close the books for the month, ensuring that all transactions are accounted for.

Compliance and Controls

Ensure all financial practices and records comply with regulatory requirements.

Review internal control systems and update procedures as necessary.

Prepare for any upcoming audits by organizing documents and financial statements.

Template Library Home

Monthly Accounting Checklist

Bank Reconciliations

Accounts Receivable

Accounts Payable

Payroll Processing

Financial Reporting

General Ledger Maintenance

Compliance and Controls

Use this template in Manifestly

Template Library Home

Monthly Accounting Checklist

Bank Reconciliations

Accounts Receivable

Accounts Payable

Payroll Processing

Financial Reporting

General Ledger Maintenance

Compliance and Controls

Use this template in Manifestly

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