Finance Operations: Month end reporting template

Finance – beSlick

It is crucial to have a month-end closing process checklist since you need to aggregate data from multiple places to create and review the financial statements.

This gives the business a clear idea of its cash flow and fixed assets.

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Finance Operations: Month end reporting (process template)

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
Bank statements:*

1.1Import transactions into accounting software

Importance: Standard
Due: After step 1

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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
Upload financial statements:

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.

 

Yes

No

6Close month

Importance: Essential

This prevents any data being amended after the closing period.

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