04.001: Monthly/Quarterly Bookkeeping

2 min read

Tasks: Client Accountant Guidance

Step: Customers Billings, Accruals and Deferrals

1. Received all new agreements from client
   
2. Confirm all customer invoices and billings have been raised for the month
   
3. Update Month-end Accrual Schedule with missing billings
   
4. Update Month-end Deferral Schedule with income invoiced or received in advance
   
   1. Update Customer Billing, Accrual and Deferral Section of Kounted Working Paper file
      

Step: Supplier Invoices, Accruals and Deferrals

1. All Tax invoice raised
   
2. Confirm all supplier invoices and purchases have been raised for the month
   
3. Update Month-end Accrual Schedule with missing information
   
4. Update Month-end Deferral Schedule with purchases invoiced or paid in advance
   
   1. Update Supplier Invoices, Accruals and Deferrals Sections of the Kounted Working Paper file
      

Step: Bank and Cash

1. Bank statements uploaded
   
2. Bank Reconciliation completed and published
   
   1. Update Bank and Cash section of Kounted Working Paper file
      

Step: Asset Register, Depreciation and Amortisation

1. Update Asset Register with disposals, purchases and capitalised expenses
   
2. Run Depreciation and Amortisation
   
3. Reconcile Asset Registers to Trial Balance
   
   1. Update Asset Reconciliation section of Kounted Working Paper file
      

Step: Financial Instruments

1. Account for amortisation, finance charges or - incomes
   
2. Reconcile balances to the loan statements or external confirmations
   
3. Update Schedule of Financial Instruments
   
4. [Financial asset or liability at fair value through profit or loss, Held-to-maturity investments, Loans and receivables, Available-for-sale financial assets]
   
   1. Update FI section of Kounted Working Paper file
      

Step: Accounts Receivable

1. Review AR Summary Report
   
2. Using XERO ADD NOTE, comment on all Overdue and Credit Balances
   
3. Calculate and update the schedule for Bad Debt Provisions
   
4. Ensure Age Receivables Summary agrees to Trial Balance
   
   1. Update AR section of Kounted Working Paper file
      

Step: Accounts Payable

1. Review AP Summary Report
   
2. Using XERO ADD NOTE, comment on all Past Due and Debit Balances
   
3. Ensure Age Payables Summary agrees to Trial Balance
   
   1. Update AP section of Kounted Working Paper file
      

Step: Upload the Kounted Working Paper file to the Teamwork Task

Step: Record Estimate time in Teamwork Time-log

Step: Assign Task to Manager for Review

1. Change task status to 04: READY FOR REVIEW
   
2. Change task assignee to Manager Profile
   

Note: Where tasks are incomplete, or input is needed 

1. Change task status to 03: ON HOLD/MISSING DATA
   
2. Assign task to Profile whose input is required
   

Requirements: Data, Statements and Supporting Documents

• Customer Billing Data and Supporting Documents (inc. Contracts)
  
• Supplier Purchase Data and Supporting Documents (inc. Contracts)
  
• Bank, Credit Card and Petty Cash Statements 
  

Outputs: Teamwork Files 

Schedule: Kounted Working Paper file

Note: Filename = YYYY.MM.ClientName.Kounted_Working_Paper

Outputs: Teamwork Time Logs

Teamwork Time Log: Estimate of time spent on task

Outputs: Teamwork Comments

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