Workflow Templates: Monthly Bookkeeping Checklist

Reconcile Bank and Credit Card Statements

Match bank transactions with accounting records

Identify and record any discrepancies

Reconcile credit card statements with receipts and records

Manage Accounts Receivable

Send out invoices and billing statements to clients

Record payments received and update customer balances

Follow up on overdue accounts and send reminders

Review Accounts Payable

Verify and process vendor invoices for payment

Schedule payments to ensure timely settlement of debts

Review outstanding bills and plan for cash flow needs

Update Payroll Records

Process payroll for the period

Ensure all payroll taxes are calculated and withheld correctly

Record payroll expenses and liabilities appropriately

Monitor Inventory Levels

Count physical inventory and update records

Review inventory turnover rates

Adjust inventory levels to match sales patterns and forecasts

Prepare Financial Statements

Generate income statement to assess profitability

Prepare balance sheet to review financial position

Create cash flow statement to understand cash movements

Evaluate Budget vs. Actuals

Compare actual revenues and expenses against budgeted figures

Analyze variances and investigate significant discrepancies

Adjust forecasts and budgets based on current trends

Maintain Fixed Asset Register

Record additions and dispositions of fixed assets

Update depreciation and amortization schedules

Reconcile the fixed asset register with the general ledger

Perform Month-End Closing

Ensure all financial transactions for the month are recorded

Post adjusting journal entries

Close temporary accounts and prepare for the new month

Use this template in Manifestly

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