This week, we’re sharing the next installation of our accounting checklist series. We last posted our daily list, and today, we’re offering a weekly one for your use. Having systems like these in place improves accuracy and saves time.
To make your weekly check, start by running the deposit report and balancing your cash. Compare a deposit report run for the week’s business against the manually calculated sum total of each daily deposit report. They should be equal and if not, need to be investigated. Finding discrepancies is much easier when looking over just a few days of business instead of waiting to discover a problem at month end.
We recommend running the refund report regularly, though this step is optional. Only items with a type check of “Refunds – yes” will appear in this report. ASCII gives a header record for output. This includes the subscriber number, contact information for the refund and the amount to be processed.
Next, run the general ledger report by account for the transfer type check. Do this by summary first.
- If the balance is zero, you’re done.
- If not, run the report in detail and see which transfer is not balanced. Whenever the transfer type check is used, it should be found on both the from (- amount) and the to (+amount). Errors found here can be corrected by going back in to data entry and reversing the inaccurate side with the correct transfer type check.
Be sure to stop by next week to see our monthly checklist.