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Basic Accounting Month End Closing Checklist: 1. Bank Reconciliation: •Review and reconcile bank statements. •Verify outstanding checks and deposits. 2. Journal Entries: •Record adjusting entries for accruals and deferrals. •Update depreciation for fixed assets. •Adjust prepaid expenses and unearned revenue. 3. Accounts Receivable: •Reconcile accounts receivable. •Verify the allowance for doubtful accounts. 4. Accounts Payable: •Reconcile accounts payable. •Confirm the accuracy of recorded expenses. 5. Payroll: •Review payroll transactions for accuracy. •Confirm tax withholdings and other deductions. 6. Fixed Assets: •Update fixed asset registers. •Record disposals or additions to fixed assets. 7. Inventory: •Verify physical inventory against recorded amounts. •Adjust inventory levels as needed. 8. Liabilities: •Confirm all liabilities are recorded. •Reconcile outstanding loans or credit balances. 9. Expense Review: •Review all expenses for accuracy and proper classification. •Confirm that all incurred expenses are recorded. 10. Revenue Recognition: • Confirm proper recognition of revenue. • Review deferred revenue and recognized as appropriate. 11. Financial Statements: • Generate financial statements (Income Statement, Balance Sheet, Cash Flow Statement). 12. Analysis: • Analyze financial statements for trends and anomalies. • Conduct variance analysis against budget/forecast. 13. Closing Entries: • Close temporary accounts (e.g., revenue, expenses) to retained earnings at the year end closing. 14. Documentation: • Ensure all supporting documentation is filed appropriately. • Maintain a clear audit trail for all transactions. 15. Backup and Security: • Backup financial data and store it securely. • Review access controls and restrict as necessary. 16. Final Review: • Perform a final review of the entire closing process. • Confirm all necessary steps have been completed accurately. 17. Reporting: • Share financial reports with relevant stakeholders. • Address any queries or concerns. 18. Compliance: • Ensure compliance with accounting standards and regulations. • Document any changes in accounting policies or practices. 19. Future Planning: • Identify areas for process improvement. • Plan for upcoming months and potential challenges. 20. Audit Preparation: • Prepare for internal or external audits. • Document any issues or areas of concern for follow-up.

Here is a proven method to onboard clients with crypto on their balance sheet when you have no idea where to start 👇 On Ep 55, Mackenzie Patel, CPA, RYT , from Hash Basis reveals her step-by-step blueprint for onboarding clients with Digital Assets. A few questions she asks during the onboarding call; ⏹ How many wallets do you have? ⏹ Which networks are you on? ⏹ What's your volume? ⏹ Which exchanges, custodians are you on? ⏹ What’s your DeFi onchain activities? ⏹ Do you already have a sub ledger? Next, Mackenzie dives deeper into the practical steps; ✅ Map out a Token Flow diagram to visualize token inflows & outflows ✅ Use Hashbasis testing wallet to conduct test transactions ✅ Create internal training videos for her team As Mackenzie points out - “If you don’t understand what’s happening on-chain, the accounting won’t be correct.” Is this similar to how you onboard clients with digital assets? Let us know in the comments. 🎥 Full Episode here - https://lnkd.in/dtrrJXuC

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𝟭𝟯 𝘀𝘁𝗲𝗽𝘀 𝘁𝗼 𝗳𝗼𝗿𝗲𝗰𝗮𝘀𝘁 𝗽𝗲𝗿𝗳𝗲𝗰𝘁 𝗜𝗻𝗰𝗼𝗺𝗲 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁: 1️⃣ Define your Functional PnL layout with lines 2️⃣ Add formulas for aggregate categories like gross profit, EBIT, net income. 3️⃣ Open supporting sheets for each important line. 4️⃣ Make revenue forecasts for each type of revenue or per customers based on assumptions such as expected growth rate, customer retention rate, pipeline customers, etc. 5️⃣ Based on gross profit rate per type of revenue/product/service line, estimate gross profit and COGS. 6️⃣ List all employees and estimate movements in salaries and bonuses amount 7️⃣ Make two depreciation schedules, for current assets and new assets, and make calculation of costs based on (remaining) useful life 8️⃣ Existing loans: Take expenses from loan schedule. New loans: Make your schedule and forecast interest 9️⃣ List all expenses per months from your trail balance and make forecast, assuming some historical growth rate 1️⃣0️⃣ List all historical expenses and make forecast. These costs are usually forecasted as % of revenues 1️⃣1️⃣ Transfer forecasted revenues from Revenues sheet to this PnL 1️⃣2️⃣ Transfer forecasted expenses from related sheets to this PnL 1️⃣3️⃣ Apply corporate tax rate on income before tax 𝗣.𝗦. Whenever you’re ready to advance your career this Finance Modeling Course is the perfect opportunity. Learn more > 📌 https://lnkd.in/dZwwg6Wj