1Upload bank statements
Importance: Standard
Due: 2 working days after task start date
Includes
- Income statement items (e.g., accounts receivable)
- Expense records (e.g., accounts payable)
- Other daily transactions
1.1Import transactions into accounting software
Importance: Standard
Due: After step 1
Ensure a seamless first week for both employer and employee and secure engagement from your new-starter with a comprehensive pre-boarding process.
1.1.1Reconcile
Importance: Standard
Due: 2 working days after task start date
After collecting all the data, it needs to be cross-checked with receipts, bank statements, and other sources of information.
All accounts on the balance sheet, like cash, savings, and checking, must be reconciled.
This gives the business a clear idea of its cash flow.
2Review fixed assets
Importance: Standard
Due: 2 working days after step 1.1.1
Enter any new fixed assets.
Fixed assets include:
- Equipment
- Technology
- Storage
- Housing
- Vehicles
2.1Depreciate fixed assets
Importance: Standard
Due: on task due date
Consider whether any fixed assets should be depreciated this month.
Enter the depreciation amount categorized under expenses.
3Prepare financial statements
Importance: Standard
Due: After step 2.1
These include:
- Balance sheet
- Income statement
- Cash flow statement
4Final review
Importance: Standard
Due: 3 working days after step 3
Ensures that there aren’t any mistakes in the monthly financial statements.
5Approve financial statements?
Assigned to: Finance Director
Please review this month’s reports.
No
6Close month
Importance: Essential
This prevents any data being amended after the closing period.
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