No Transactions categorized under multiple Accounts
Review Income- Open total income and review for types of transactions- There should not be deposits and invoices. This means the deposits and invoices were not matched and income is overstated. This must be fixed by deleting deposits and matching to invoices. (Applicable for A/R Clients)
Make sure to review the total expense list and the COGS for Vendor’s coded to different categories. (of course there are exceptions such as Payroll, Meals and entertainment …)
Fully Reconciled
All ATC Addressed
Clean CoA
➡️ When a client asks for P&L and Balance Sheet, the CAM will create a Tasks for the BAM to start working on the Financials, and informing them on slack as well
➡️ The BAM has 24h to produce clean Financials, review it with "Candace" in the beginning before uploading the PDF to Canopy, update the task and reassign it back to the CAM/CAS, so they will send it to the Client!
➡️ Tracking Quarterly Reports
- The BAM maintains a list called "Financials List" to track quarterly reports.
- At the end of each quarter, the BAM must review this list and prepare the financials for that quarter.
- Once the financials are prepared, the BAM marks them as "Prepared" in the list.
➡️ Manager Review
- The BAM's manager will review "Prepared" financials, give feedback in the "Financials Notes" field, and comment "Ready to Send" if the books are ready.
➡️ Addressing Feedback :After addressing the manager's feedback, the BAM will:
- Update the "Financials Status" field with the word "Fixed".
- Replace the status "Prepared" with "R to Send".
- Print and upload the finalized financials to Canopy.
- Ensure the financials are shared with the client.
➡️ File Naming Protocol Financials must follow this naming format:
[[Company Name]][[Quarter Ending]][[Year]]_P&L
Example: JC Castle Accounting_Q3_2024_P&L
**The Quarterly Reports should be sent to the Client before the end of the following month!