Financial Reporting

This financial reporting template will help your company to stay organized and compliant with all financial regulations. It includes sections for income and expenses, balance sheets, cash flow statements, and more.

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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.

Next, calculate for the inventory's accuracy. Divide the number of correct items (out of the 20 chosen at random) by the total counts made. If the percentage is less than [95%], recommend a physical count immediately after the end of the month.

Team reminders

Remind the accounting team that all receipts until the end of the month need to be entered into the system on the last day of the month.

Shipments until the month's end will need to be encoded into the system within the last day of the month.

Remind all team members to hand in expense reports no later than [the first working day of the following month].

Accrue interest expense.

In the Current Debt Levels page of [your accounting software], enter any debt repayments or debt additions during the month.

Calculate the interest expense for the month and make a journal entry for it. This can be done [2 days] before the month ends.

Bank reconciliations

Review the bank transactions for the month. Record the ending account balance as of [1 day before the month closes].

Compare the bank records with the book records in [your accounting software here]. Use journal entries to adjust the book records as needed, so that these match the bank records.

Accrue unbilled expenses.

Open the Unbilled Receipts Report at the end of business day on the last day of the month. Find all items for which a purchase order has been issued but for which no supplier has yet sent an invoice.

List down all these items in an expense accrual entry.

Include any recurring expenses for which an invoice has yet to be received. This can include:

the electricity bill;

telecommunications bills; and

the water bill.

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