MONTHLY FINANCIAL CLOSING CHECKLIST

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[ ] Reconcile Bank Statements: Assign task to Accounting Clerk to match bank statements with internal ledger.
[ ] Fetch Unpaid Invoices: Retrieve all entries from the Invoices data model where status is 'Overdue'.
[ ] Calculate Total Accounts Receivable: Sum the 'Amount' property of all retrieved unpaid invoices.
[ ] Verify Expense Reports: Assign task to Finance Manager to review and approve employee expense submissions.
[ ] Fetch Pending Expenses: Retrieve all entries from the Expenses data model with status 'Pending Approval'.
[ ] Calculate Total Monthly Expenses: Sum the total value of all approved expenses for the current month.
[ ] Calculate Net Cash Flow: Formula: Total Revenue - Total Expenses.
[ ] Update Month Period Status: Update the 'Closing Period' data model entry to 'In Progress'.
[ ] Final Ledger Review: Assign task to Controller to perform final verification of all ledger entries.
[ ] Set Period to Closed: Update the 'Closing Period' data model entry to 'Closed'.
[ ] Generate Monthly P&L Report: Generate a Profit and Loss report based on the finalized monthly data.
[ ] Notify Stakeholders: Send an email to the CFO and Management team with the final monthly report attached.

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