Workflow Templates: Quarterly Bookkeeping Checklist

Reconcile Bank Accounts

Verify that bank statements are received for all accounts

Reconcile all bank statements with the corresponding company records

Investigate and correct any discrepancies found during reconciliation

Review Accounts Receivable

Prepare an aged accounts receivable report

Follow up on any outstanding invoices past their due date

Adjust for any bad debts or write-offs as necessary

Assess Inventory Levels

Count physical inventory to confirm quantities on hand

Compare actual inventory counts to the recorded inventory levels

Adjust any discrepancies in the inventory records

Process Payroll

Calculate employee hours worked and process payroll

Ensure all payroll taxes are withheld and remitted to the appropriate authorities

Review payroll summaries for accuracy

Manage Accounts Payable

Review and process all unpaid vendor invoices

Confirm vendor account balances with the aged accounts payable report

Schedule payments to vendors to maintain good relationships and credit terms

Prepare Financial Statements

Compile the trial balance and make any necessary adjusting entries

Prepare the balance sheet, income statement, and statement of cash flows

Review financial statements for accuracy and completeness

Evaluate Budget vs. Actuals

Compare actual revenue and expenses against budgeted amounts

Analyze variances and provide explanations for significant differences

Adjust budgets or forecasts as needed based on the analysis

Review Tax Compliance

Ensure all quarterly tax filings are prepared and submitted on time

Review sales tax accounts and make payments as required

Plan for any estimated tax payments due in the next quarter

Conduct Internal Audits

Conduct periodic audits of different areas of the business

Review internal controls and suggest improvements

Ensure compliance with accounting policies and regulatory requirements

Update Accounting Software

Ensure that all transactions are recorded and the books are up to date

Apply any software updates or patches that have been released

Back up accounting data to prevent loss in case of system failure

Use this template in Manifestly

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