Checklist for Monthly Accounts Closing

Monthly Closing of Accounts – Check points

1 Vendor Invoice Posting 
2 Amortization of Prepaid Exp
3 Insurance of Fixed Assets (If Any)
4 Cash Balance Confirmation
5 Sales invoice raising
6 Sales invoice accounting
7 Bank Reconciliation
8 Intercompany Reconciliation
9 Loans Reconciliation
10 Stock reconciliation
11 Fixed asset posting
12 Depreciation Run
13 Provisions
14 Investment (FD / MF / Others)
15 Interest Calculation of Loans / OD / CC
16 Vendor Advance Followup
17 Interest on Investment
18 Interest on Debenture
19 Balance Sheet & P&L
20 Bank Guarantee Confirmation

Post Closure Activities

1 Cash Certificates
2 Balance Confirmations of all Banks
3 Schedules Investment viz MF, FD etc
4 Statement for Income from MF
5 Statement for Income from FD
6 Stock Statement
7 Fixed Assets Register
8 Details of Capital Work in Progress
9 Working for contract work in progress
10 Debtors- party wise invoice wise listing along with ageing and subsequent realisation
11 Reconciliaiton of PF PT deducted and remitted
12 Details of additions and deletions of assets
13 Schedule for Advances to Suppliers
14 Details of deposits – along with supporting for movement in Current Quarter
15 Balances with custom and excise authorities – returns filed
16 Creditors – party wise invoice wise listing along with ageing and subsequent payments
17 Break up for TDS Receivable
18 Schedules for Prepaid expenses
19 Schedules for Loans to Employees
20 Schedules for Statutory Liabilities
21 Balance Confirmations of Vendor& Customer  Balances
22 Related Party Transactions – Inter Group Transacitons
23 Balance Confirmations of Inter company balances
24 Employee loan a/c recon
25 Schedules of Stat liabilities
26 Listing of Related party transactions
27 Profit & Loss Account
28 Breakup for Revenues
29 Schedules for expenses
30 Reconciliation of Pay Roll Register with FI GLs
31 Payroll register month wise
32 Break up for Lease Rent and Hire charges

Leave a Reply

Your email address will not be published. Required fields are marked *