This checklist is designed to ensure that all daily financial transactions are reviewed and reconciled, maintaining accuracy in financial reporting and preventing discrepancies.
Collect all sales reports from the previous day from all sources including cash registers and online sales platforms.
Check the cash on hand against the reported cash sales and verify credit/debit card transactions against bank statements.
Match the sales reports with inventory changes to ensure that the inventory sold corresponds with reported sales.
Collect and review all expense receipts incurred during the day to ensure all are accounted for.
Verify any outstanding invoices and payments that were due to ensure they have been recorded properly.
Compile a summary of all transactions including total sales, expenses, and net profit for the day.
Send the daily financial report to management for review and keep a copy for record-keeping.