Complete a client's month end

What is going on

Bramble Lane Bakery is a sole trader with six staff, a cafe and a wholesale bread run. Its August month end, job JB-26-2210, is due to the client on 14 September and the usual bookkeeper is on leave. The bank feed has about forty uncoded transactions including supplier payments, card sales, a motor vehicle repair, a personal purchase on the business card and a bank fee. The accounts payable subsidiary ledger is 1,240 dollars higher than the control account, the payroll clearing account has carried a balance since July, and two customer receipts are sitting in undeposited funds. The Bookkeeping Manager will review the job on Friday.

Your brief

Complete the August month end for Bramble Lane Bakery under the Month-End Bookkeeping Procedure: code and match every transaction, reconcile every bank, clearing and control account, resolve or document the subsidiary ledger and payroll clearing differences, prepare the query list and the report pack and move the job to In review.

Work through it

You do not need to do it all. Doing a few of these will show you what the work is like. Your ticks and notes stay on this device.

• Read the Month-End Bookkeeping Procedure and list the reconciliations and reports required for this client from the engagement in the Client Register.
• Code and match the uncoded bank feed transactions with the correct GST treatment, and record the personal purchase as drawings with a note.
• Reconcile the bank and credit card accounts to the August statements and save the reconciliation reports.
• Investigate the 1,240 dollar difference between the accounts payable ledger and the control account and correct or document the cause.
• Trace the payroll clearing balance carried since July, identify the unmatched pay run or superannuation payment and clear it or add it to the query list.
• Review the profit and loss and balance sheet against July and August last year and note variances over ten per cent or 2,000 dollars.
• Prepare the query list and the report pack and update job JB-26-2210 in the Jobs and Lodgement Tracker to In review with a note for the reviewer.

What someone in this role would produce

• Coded transaction list with GST treatment
• Reconciliation reports for bank, credit card and clearing accounts
• Query list for the client
• Month-end report pack and updated tracker entry