The Fast Close Toolkit

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 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 ...