This checklist is designed to ensure that all financial transactions occurring daily are reviewed for accuracy, completeness, and compliance with company policies. It helps in maintaining financial integrity and identifying discrepancies promptly.
Gather all transaction reports generated for the day from the accounting software and related sources.
Cross-check the transaction amounts and details against source documents like receipts and invoices to ensure accuracy.
Review the transaction reports to identify and flag any duplicate entries that may need corrections.
Ensure all transactions have the necessary approvals and are in line with company policy regarding authorization limits.
Compare cash transactions and bank deposits to ensure all cash is accounted for and appropriately recorded.
Record any discrepancies found during the review process and notify management for further investigation.
Create a summary report of the day's financial transactions, including any discrepancies noted, for management review.
Organize and file all supporting documents related to the daily transactions for future reference and audits.