This checklist is designed to ensure that daily financial transactions are accurately reconciled with the accounting system, helping to maintain financial integrity and accuracy in reporting.
Collect all transaction reports from various departments including sales, purchases, and any other financial activities for the day.
Cross-check cash collected against sales reports and ensure that all deposits made to the bank match the recorded amounts.
Match credit card transactions with the corresponding sales entries to ensure accuracy and identify any discrepancies.
Examine all submitted expense reports to ensure they are valid and supported by the appropriate documentation.
Make necessary adjustments for any discrepancies found during reconciliation, ensuring all records are accurate and up to date.
Prepare a summary of the day's financial activities, highlighting any discrepancies and adjustments made during the reconciliation process.
Send the reconciliation summary to the finance manager or designated authority for review and approval.