Financial Reporting Checklist

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1. Prepare the Financial Statements.
   • Balance Sheet, a financial statement showing your organization’s present condition, including the owner equity as well as current assets and liabilities.
   • Income Statement (aka Profit & Loss Statement), a finance management document providing information on business operations including income, profits and expenditures.
   • Statement of Earnings, a kind of financial reports showing changes occurred in the retained earnings of an organization.
   • Statement of Cash Flows, a formal document presenting data about an organization’s financing, investing and operating activities.
2. Reconcile the General Ledger.
   • Hold a meeting with your chief accountant to discuss your effort for general ledge reconciliation.
   • Request the chief accountant for reviewing the general ledger.
   • Review the general ledger and verify that it has been updated through the date the financial statements are prepared for.
   • Adjust journal entries for the key items such as depreciation and amortization.
   • Check the document for account code errors.
   • Review the prior accounting period’s general ledger reconciliation for "un-reconciled" items or any items outstanding from the prior period.
   • Be alert for fluctuations in account balances or any entries that were recorded twice in the general ledger.
   • Confirm that duplicated journal entries are incorrect and then request the chief accountant for investigation and further correction.
   • Confirm that general ledge reconciliation is done when all amendments and corrections has been applied to the document.
3. Write a Financial Report.
   • Review the financial statements and the general ledger to gather and analyze information about property assets, recent liabilities unpaid for, and receivables that have not come in within your reporting date.
   • Plan your report structure by two main sections such as "Assets" and "Liabilities".
   • Fill up both sections with the information you’ve got from the financial statements and the general ledger.
   • Make a comparison between the sections to estimate your current income in terms of assets and liabilities.
   • Calculate the value of the remaining net income by comparing income to expenses.
   • Add the calculated value to additional assets of your organization.
     • If you get a negative result (net income is negative), dedicate it from the amount of the remaining assets.
     • If you get a positive result, add it to the value of these assets.
   • Review the obtained value of the remaining...

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