Template Description
This Monthly Financial Summary Report Template is designed to track and report the financial activity of an organization for a specific period. It spans 2 pages and is available in MS Word format. The template is useful for business managers, accountants, and financial officers to summarize monthly revenues, expenses, and cash positions. The target audience includes businesses, non-profit organizations, and financial institutions that require regular financial updates.
Understanding a Monthly Financial Summary Report Template
A Monthly Financial Summary Report provides a concise yet detailed overview of an organization’s financial activities over a specific month. It assists in monitoring the organization's financial health and ensures transparency and accountability.
Key Components:
Opening Balance
The chequing account’s opening balance at the start of the reporting period (e.g., start of the month).
This figure provides the initial funds available in the account, forming the basis for all subsequent financial activities.
Revenue:
Deposit Date and Revenue: List all the dates and sources of incoming funds, such as sales revenue, donations, or other income.
Total Revenue: This is a sum of all the deposits made during the period.
Expenses:
Cheque / date and Expenses: Include details on the expenditures such as payments for utilities, payroll, supplies, etc.
Total Expenses: A calculation of all expenses for the month, subtracted from the total revenue to determine net profit or loss.
Closing Balance:
The chequing account’s closing balance at the end of the reporting period after accounting for all revenues and expenses.
Outstanding Cheques:
A list of cheques that have been issued but not yet cleared or cashed, ensuring these are accounted for during financial reconciliation.
Total Outstanding Cheques: The sum of all outstanding cheques.
Bank Reconciliation:
Balance on last bank statement: Match the organization’s internal records with the bank’s statement.
Minus Outstanding Cheques: Subtract the total outstanding cheques to align with the bank's available balance.
Cash Available:
Chequing Account, Savings Account, and Cash on Hand: Summarize the funds available in all the organization's accounts.
Total Cash Available: A complete overview of the cash accessible for operations.
Accounts Receivable:
Record any amounts owed to the organization that have not yet been collected, providing insight into future income.
Accounts Payable:
List any amounts the organization owes that have not yet been paid, indicating outstanding liabilities.
Investments and Savings Account:
Provide a breakdown of the organization’s investments or savings accounts, ensuring long-term financial planning is recorded.
Treasurer’s Signature:
The report concludes with the treasurer’s signature, confirming the accuracy of the report.
Conclusion
The Monthly Financial Summary Report Template is essential for tracking and reporting monthly financial performance, offering a clear and comprehensive financial snapshot. By using this template, organizations can ensure transparency, make informed decisions, and maintain proper financial oversight.