CHAPTER THIRTEENChecklists for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close

THIS SECTION CONTAINS A series of checklists for the Transaction Accumulation, Reconciliation, and Sub-Ledger Close process.


Introduction: Our first checklist defines the tasks and areas of review that will help to ensure that transactions are accumulated properly to accommodate a faster fiscal close.

Transaction Accumulation and Fiscal Close Checklist
1. Complete Closing Adjustments
Area of Review Examples of Transactions and Activities
Review Automatic Payments
  • Review automatic payments, which include the following transaction types:
    • Bank Drafts
    • Recurring Payments
    • Adjustments
Transactions Not Entered
  • Ensure that the following transactions are properly entered in the applicable accounting systems:
    • Invoices
    • Sales Commissions
    • Royalties
    • Warranties
    • Intercompany Transactions
Transaction Errors—Transactions Not Entered in the Correct GL Account
  • Review the following transactions for errors that will impact the correct statement of fiscal information:
    • Invoices
    • Sales
    • Payroll
    • T&E
    • Accounts Payable
    • Inventory Adjustments
Infrequent Transactions
  • Customer returns
  • Voided, corrected, or reissued payroll checks and bonuses
  • Tax refunds
  • Supplier refunds
Inventory Adjustments
  • Corrections are identified as a result of cycle counting and physical inventory processes.
Project Adjustments and Allocations ...

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