Monthly bookkeeping review checklist

From the 5th to the 10th of each month, you must obtain the following:

Banks:

• Get the bank statements: checking, savings, money market, IOLTA, credit cards, etc.
• Make sure the bank fees (banking area) are free of outdated and missing items.
• Verify that every credit card and bank account has been reconciled correctly.
• Make sure the current bank reconciliation is free of old, uncleared transactions. (Check the list of the old, uncleared transactions and old open bank reconciliations.)

Cash Box & Petty Cash:

• Check Undeposited Funds (Cash and checks) for past balances.
• Check cash purchases, cash custody, and business purchases by personal accounts.

Profit & Loss:

• Check the profit & loss report for any odd or surprising (unexpected) balances.
• Keep an eye out for transactions that are “uncategorized” (uncategorized revenue, uncategorized
  spending).
• Keep an eye out for significant negative balances.
• Check for transactions that are not properly classified.
• Look for transactions that don’t seem right.

Balance Sheet:

• Review the Balance Sheet report for any unusual or unexpected.
• Search for “uncategorized” transactions (uncategorized assets).
• Check for significant negative amounts.
• Keep an eye out for transactions that are miscategorized.
• Look for transactions that appear out of place.

Accounts Receivable:

• Review the Accounts Receivable Aging Summary for any old amounts, unapplied credit balances,
  and odd balances.

Accounts Payable:

• Review the Accounts Payable Aging Summary for any old amounts, unapplied credit balances, and
  odd balances.

Purchases:

• Check for any pending purchases and their dates.
• Check for any missing supporting documentation.
• Look into the source of these purchases (paid from which account.)