Accounting Month End Checklist Template Excel
Tips on Creating Accounting Month End Checklist
In the world of work, surely you will and must make an accounting month-end checklist. Regarding month-end accounting, do you know about that? Actually, what are the benefits? This article will discuss the benefits of closing the book at the end of the month and also the steps that must be prepared before making the checklist. Here’s the explanation:
Benefits of accounting month-end
Closing books is a mandatory activity in both accounting and auditing. Cut-offs must also be done even though the accounting process is done using accounting software. This is because many benefits will be obtained by closing the books, both for internal and external parties of the company. Such as:
- Knowing the company’s financial position and wealth by looking at the final value of the balance sheet.
- Knowing or assessing the company’s financial performance by looking at the final value of the income statement.
- Forming the opening balance in the month for accounts on the balance sheet by referring to the balance at the end of the previous period.
- Analyzing financial ratios.
- Paying dividends from retained earnings after closing the month-end books.
- As a final step to cut-off financial data.
Samples of Accounting Month End Checklist :
Tips for compiling a checklist
Recap all financial records
Before carrying out the accounting month-end checklist process, of course, you need a lot of information related to transactions that have occurred. Therefore, recap all existing financial records, be it complete daily transactions and evidence or invoices. Of course, these transactions can be in the form of outgoing transactions for purposes or incoming transactions. In this transaction, you must also record existing assets because that is also part of reporting.
Create simple reports
Make a simple report by describing the data collected accurately, write it in a simple style and language so that it is easy to understand.
Using financial applications
In finance, of course, using accounting standard financial applications can facilitate activities and record every transaction so that the existing process can be faster and more efficient. Because the accounting application, of course, has the most complete features that are following accounting standards and makes it easy when any transactions can be recorded in real-time
Those are the tips to create your accounting month end checklist.
Accounting Month End Checklist Template Excel – download