This template will help you provide an overview of your process for generating financial statements and the month-end closing tasks that support it.
Reviewing the statements.
The [General Ledger Accountant] reviews the financial statements at least [3 days] before the end of the month to look for errors, such as negative balances or large variances from the budget.
If a review of the general ledger shows that there were errors in the statements, the [General Ledger Accountant] finds out what caused these errors and, if needed, posts a journal entry to correct them.
Checking the inventory.
The [General Ledger Accountant] reviews the Inventory Location Report at least [3 days] before the end of the month. How is this done?
First, pick 20 items at random from the Inventory Location Report and trace them. Entries are considered correct if:
the items are in the recorded location;
the quantities fall within [5%] of the recorded value; and
the part numbers (or Stock Keeping Units, if applicable) are correct.
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