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Daily Closing Checklist

SalesPurchasesInventoryCash & BankCustomer & Supplier Balances

Sales

  • Confirm all Sales Orders are properly processed. 
  • Ensure no negative stock or negative-cost sales exist.
  • Verify Total Ordered Quantity = Total Delivered Quantity = Total Invoiced Quantity.
  • Check all daily sales invoices.
  • Verify POS sales and payments.
  • Review cancelled or pending sales transactions.

  • Ensure no negative stock or negative-cost sales exist. 

Purchases

  • Verify Total Purchase Order Quantity = Total Received Quantity = Total Billed Quantity.
  • Check all purchase orders, receipts, and vendor bills.
  • Review pending Purchase Orders and Receipts.

Inventory

  • Check negative stock quantities.
  • Verify stock movements and transfers between locations/branches.
  • Review unusual inventory adjustments.
  • Ensure all products have correct cost prices.

Cash & Bank

  • Verify all customer payments received during the day.
  • Verify all supplier payments made during the day.
  • Check Cash balances.
  • Check Bank balances and transactions.
  • Reconcile daily cash and bank transactions.

Customer & Supplier Balances

  • Review Customer Outstanding Balances.
  • Review Supplier Payable Balances.
  • Investigate unusual or incorrect balances.

Monthly Closing Checklist

Sales ReconciliationPurchase ReconciliationCustomer RecievablesSupplier PayablesInventory & Cost of Goods Sold

Sales Reconciliation

  • Verify Sales Order Quantity = Delivered Quantity = Invoiced Quantity.
  • Reconcile total Sales with the Profit & Loss Report.
  • Review sales returns, credit notes, and discounts.
  • Confirm all monthly sales invoices are posted.

Purchase Reconciliation

  • Verify Purchase Order Quantity = Received Quantity = Billed Quantity.
  • Review pending Purchase Orders and vendor bills.
  • Confirm all supplier invoices are posted correctly.

Customer Recievables

  • Reconcile all Customer Balances.
  • Review overdue customer invoices.
  • Confirm customer payments are correctly allocated and reconciled.

Supplier Payables

  • Reconcile all Supplier Payable Balances.
  • Review outstanding supplier bills.
  • Confirm supplier payments are correctly reconciled.

Inventory & Cost of Goods Sold

  • Verify inventory quantities and valuation.
  • Check for negative stock and negative-cost transactions.
  • Reconcile Cost of Goods Sold (COGS).
  • Investigate significant inventory differences.