How do you ensure that you do not forget details and ensure accuracy when you prepare monthly journal entries, record transactions, etc.?

In addition to performing reconciliations, you should also have a check list of what you should do for the month-end closure of your accounts. Matching expenses with revenues for the month and gauging the month's results of operations-i.e. profit or loss- takes an insightful mind bent on accuracy and meticulous care and diligence.You can have a month-end pre-final run whereby you start fine-tuning and adjusting your accounts until you feel that your accounts are fairly and properly presented. Remember that accounting is an ongoing process. Even after you make your final closure for the month, intra-period -i.e. within the fiscal year- new  adjusting entries may be necessary as new things may come up due to many reasons. Accounting is a never-ending process and is never a one-time-off recording of transactions.

To ensure that's all transactions is done in perfect way you must to prepapre your own sheets of a analysis , analysis for cost and revenues also you must to get bank statment and reconcile it with your statment you must to have a look on AP and AR trail balance to ensure that there is no credit balances on AP or debit balances on AR also you must to make reconciliation with the sister compaines if you have

 

For month-end entries, you need to prepare a checklist of all the entries to be posted.

And of course, the reconcilations done montly also serves the same purpose & completeness.

After the month closure, MIS/Financial Reports needs to be prepared & scrutinised for to check for any mistakes,which again helps to serve the purpose of accuracy & completeness.

While passing the  month-end entries, try to maintain a same order each month so that you don't go wrong.

If you are a first timer, check the previous month entries & compare & pass the same accordingly.

The best way is to view the profit & loss item and balance sheet item regulary by comparison monthly.

A common check list may help for the month end journal entry.

I always do (( Closing Chart )) to know the points need to be closed (( Petty Cash / Banks / AP / Sales / AR / Inventory / Supply Chain / F.A. / Payroll / P& L Items to close P & L / Finally B.S.  Items)) menaing i start by P& L items to make Package by Sales / P& L / B.S. to close month.

 

To make sure that all entries in the system have been recorded is do with the help of reconcilations.

payables and receivables can be reconciled with bank statements vs bank ledgers.

Inventories could be reconcilied with Store issuance notes,GRNs,Finished Goods reports etc etc

I see that it is not only the resposibility of every accountant in his position.

the invoice traking accountant should follow the process of the invoice till it is paid.

the technician in the comany should confirm that the service is done or the materials is delivered.

the manager of the accountant should review the output entries and follow up the duties of the accountant.

the treasury accountant should make follow up on cash in and out.

the accountant in the general accounting should make the closing process and review the transactions

the financial analyst should generate his analysis report after closing.

the management should make the internal control system that make sure that the work process if ok an everything is done as it should be.

finally integration, internal control  and team work will meet the point.

Need to make sure following check list has been done:

• Reconcile all cheque books with your bank book/ cash book.
• Make sure all month end entries has been done in ledger.
• Fixed Asset schedule is updated and proper allocation of depreciation is being done.
• Month end interest accrual entered in ledger.
• Payroll entery for the month has been entered.
• Reconcile Finished Goods inventory with physical and proper valuation has been done.
• Valuation of Work In Process.
• Check all the accured expense account (There should not be any debit balance in it.)

1.     Maintain the schedule pertaining to the completion of tasks

2.     Periodical reconciliation with opposite reports

3.     Compare by periods, divisions, original source documents, Income vs cost etc.

4.     Schedule for daily completion of primary entries, registers, filing etc.

5.     Periodical report closing by regular cutoff date