Tips & Advice

Month-end checklist                        

Month-end:……………………...  

Date:…………………………….

Client:…………………………...

• Has the COA been checked for omissions and Check Data function been run and reviewed?
• Have all the nominal accounts, excluding control accounts, been reviewed for posting errors? 
• Have any entries on Suspense and Mispostings been dealt with?
• Are the bank accounts (including loans) ‘clean’ and do they reconcile?
• Are credit card accounts ‘clean’ and do they reconcile?
• Is the petty cash account ‘clean’ and does it reconcile?
• Have the foreign currency accounts been converted to GBP and reconciled?
• Does the payroll reconcile to the payroll records?
• Have all the anomalies been actioned on the Customer and Supplier Ledgers?
• Are the fixed asset accounts clean?  Should any entries be expensed?
• Are any HP interest adjustments required?
• Are any deferred income postings required?
• Have the VAT vehicle scale charges been posted?
• Has a stock count been done and the journals posted?
• Has the Work in Progress been posted?
• Should VAT re bad debt be recovered? 
• Are all the month-end nominal journals posted?
• Is the VAT reconciled, reports printed, journals posted and VAT flagged (if applicable this month)?

Once all the above is complete run the following reports and check them to see if there are any entries that require further investigation:

• Trial Balance
• Profit & Loss
• Balance Sheet

Points arising at month-end that need advising to the client and/or management accountant:

 

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