Monthly Closing and Records Review


Monthly Closing and Records Review Services

At Lodestar Taxes & Accounting Services, we understand the vital role that a regular monthly closeout plays in enhancing the financial management of your business. Accurate and up-to-date financial reports are essential for forecasting and informed decision-making. Our monthly closeout process involves the meticulous reconciliation of significant balance sheet and income statement accounts, ensuring the accuracy and reliability of your financial data.

Step-by-Step Procedures for Monthly Closeout

Cash Reconciliation

Ensuring all transactions align with the bank statement, analyzing outstanding checks and deposits.

Accounts Receivable Review

Verifying completeness and accuracy of posted invoices and payments, addressing potential collectability issues.

Fixed Assets Analysis

Reviewing additions, disposals, and depreciation adjustments, checking for capitalized expenses.

Accounts Payable Calculation

Verifying the cut-off day for invoice posting, accruing known liabilities, and reviewing vendor statements.

Credit Cards Debt Reconciliation

Ensuring transactions align with the general ledger, correct expense accounts, and job costing.

Other Debt Accounts Verification

Reviewing loan amortization schedules and lender statements for proper payment application.

FAQs for Lodestar's Monthly Closing and Records Review Services:

Monthly closeouts are essential for maintaining accurate, up-to-date financial records. They provide a clear picture of your financial health, aid in forecasting, and improve decision-making.
We reconcile significant accounts, including cash, accounts receivable, fixed assets, accounts payable, credit cards debt, and other debt accounts. This ensures accuracy and compliance with financial standards.
The Work-in-Progress schedule is prepared and analyzed to provide insights into ongoing projects, their financial status, and potential impacts on your overall financial position.
Credit card statements are reconciled to the general ledger, ensuring transactions are correctly posted to expense accounts and job costing. This step guarantees accuracy in financial reporting.
Payroll entries are verified to ensure accurate allocation of employee time to the correct job or expense account. Additionally, all payroll liabilities are reviewed to guarantee timely payments.

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