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.
CHECKLIST 1: TRANSACTION ACCUMULATION AND FISCAL CLOSE CHECKLIST
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
|Transactions Not Entered
- Ensure that the following transactions are properly entered in the applicable accounting systems:
- Sales Commissions
- 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:
- Accounts Payable
- Inventory Adjustments
- Customer returns
- Voided, corrected, or reissued payroll checks and bonuses
- Tax refunds
- Supplier refunds
- Corrections are identified as a result of cycle counting and physical inventory processes.
|Project Adjustments and Allocations ...|
Get The Fast Close Toolkit now with O’Reilly online learning.
O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.