Parameters of accuracy should be established for key report elements to indicate a level of comfort from historical reporting and the experience of senior-level report creators. Use the sheet for monthly, quarterly, and annual tasks. Close the books with less runaround. Share this sheet with your accounting team to easily manage your financial month end process and keep everyone on schedule. The final item on your monthly accounting checklist is to run business reports and produce statements regarding your company’s financial condition. That includes balance sheets, profit and loss statements, accounts receivable and accounts payable reports. The second part is your Cash Disbursements. Take the various expense categories from your ledger and list the cash expenditures you actually expect to pay that month for each month. Here is an example of how to prepare an income statement from Paul’s adjusted trial balance in our earlier accounting cycle examples.