End of Month Bookkeeper Checklist
End of Month Checklist
Bank Account Reconciliations
Run a bank reconciliation report for every account as at the end of month. Cross check this against physical bank statements and ensure no items are left unreconcilied. The account balance and the bank statement closing and opening balance should match.
Aged Payables Reconciliation
Confirm that all money owing to creditors is true and correct. Getting this wrong can impact business activity statement reporting to the ATO.
Aged Receivable Reconciliation
Confirm that all money owing by debtors is true and correct. Getting this wrong can impact business activity statement reporting to the ATO.
Balance Sheet & Profit & Loss Review
Understanding your businesses financial positions and financial performance is crucial in managing cash-flow. These reports disclose the fundamentals about your business.
General Ledger Review
A general ledger is the report that displays all transactions that have been entered into your software, be sure to review this and look for obvious mistakes, entries appearing on the wrong side of the ledger, payments missing, GST being incorrectly recorded.