OCD Consulting, LLC
CHECK LIST FOR MONTH END CLOSINGS
DATE:______________________
CASH
PETTY CASH:	YES	NO
Is petty cash being reconciled daily at all locations?
Amount of petty cash on hand $_____________	________	________
Are cash vouchers used, supported with receipts, and are all
disbursements audited prior to reimbursements?	________	________
DEPOSITS:
Are deposits prepared and deposited in the bank account by 2:00 p.m.?	________	________
Are all cash transactions in excess of $10,000 reported of form 8300
(cash reporting)?	________	________
Are deposits being spot checked for accuracy?	________	________
Are checks received by the cashier for service, parts, or vehicle deals
been guaranteed by a check service?	________	________
Checks received in the mail, noted with the date received on the top
of check?	________	________
BANK ACCOUNTS:
Are all bank accounts reconciliation?	________	________
Bank Name                            Date Reconciled
_______________________________             _________________
_______________________________             _________________
_______________________________             _________________
_______________________________             _________________
Review canceled checks for proper signature?	________	________
Review bank statements for accuracy of bank charges and high/low
balances?	________	_______
Are canceled checks kept in sequential order and secured?	________	________
RECEIVABLES
CONTRACTS IN TRANSIT & VEHICLE RECEIVABLES:
Are all contracts in transit and vehicle receivables reviewed daily?	________	_______
Attach a list of all overaged vehicle receivables or contracts in transit.
TRADE ACCOUNTS RECEIVABLE:
Are all trade accounts receivables reviewed weekly?	________	________
Are past due accounts being followed up?	________	________
Is the accrual for bad debts adequate for possible write off?
Amount of bad debt accrual $_________________	________	________
Have collection items been sent to the appropriate party for collection?	________	________
Attach a list of all collection items and their status.
Are sales tax certificates on file for all wholesale customers?	_________	________
RETURNED CHECKS:
Please prepare a list of all returned and uncollected checks.
Have returned checks been recorded as receivables?	________	________
Have returned check customers been sent a certified letter?	________	________
Have returned checks been sent to guarantee service?	________	________
INVENTORIES
NEW VEHICLE INVENTORY:
Are all new vehicle inventory schedules being reviewed weekly?	________	________
Are all new vehicles in inventory floored with the appropriate
financial institution?	________	________
Have all sold floor planned units been paid off?	________	________
Are the new vehicle inventory schedules reconciled to floor plan statements
at month end?	________	________
Are all demos set up as demos with the floor planning institution?	________	________
Are all demos reported to manufacture as demo service?	________	________
Is the demo list is up to date and are demos being written down monthly?	________	________
USED VEHICLE INVENTORY:
Review all used vehicle inventories schedules weekly?	________	________
Have all sold floor planned units been paid off at the floor planning	________	________
institution?
Have used vehicle inventory schedules been reconciled to the floor
plan statements at month end?	________	________
Are all titles reassigned to dealership and in a secured area?	________	________
Are all used vehicles being properly safety and emissions
tested prior to being offered for sale?	________	________
WORK IN PROCESS:
Has the general ledger account for service and body shop work in
process been reconciled to a physical inventory of the work in process?
Adjusted amount required $___________________	________	_______
Have all repair orders open 20 days or more been reviewed with the
the service/body shop manager and insure that the vehicles are still
at the dealership?	________	________
SUBLET LABOR:
Is the account reconciled to outstanding open Repair Order list?
Adjustment amount required $______________	________	________
GAS, OIL & GREASE:
Is the account reconciled to the physical inventories?
Adjustment amount required $________________	________	________
BODY SHOP MATERIALS:
Reconciled to physical inventory, Open Repair Order list, and Parts
tickets?	________	________
Adjustment amount required $_______________
TAXES
Retail sales taxes completed and paid on a timely basis?
Date completed:___________________________	_______	_______
Luxury sales taxes completed and paid on a timely basis?
(1st-15th due 24th; 16th-31st due 9th)	_______	_______
Excise taxes completed and paid on a timely basis?
Date completed:___________________________	_______	_______
All payroll taxes have been paid on a timely basis?	_______	_______
Have all monthly and quarterly Federal, State, and Municipal tax
reports been completed and submitted, if due?	_______	_______
Are all property taxes current and being accrued properly?	_______	_______
FACTORY RECEIVABLES
REBATES AND INCENTIVES:
Are Factory Rebates being reviewed and reconciled weekly?
Amounts that are 30 days or more past due $_______________	_______	_______
Have lists of past due rebates been submitted to the appropriate
sales managers?	_______	_______
If needed, have past due rebates been re-submitted for repayment?	_______	_______
Are Factory Incentives being reviewed and reconciled weekly?	_______	_______
Have all factory incentives and programs been applied for?
Amounts that are 30 days or more past due $______________	_______	_______
Have lists of past due incentives and programs been submitted to the
appropriate sales managers?	_______	_______
If needed, have past due incentives and programs been re-submitted
for payment?	_______	_______
Is a file for all manufacturer rebate/dated programs?	_______	_______
HOLDBACK:
Are Manufacturer's Holdback statements reconciled monthly?	________	________
Have all discrepancies been corrected?	________	________
Are any payments for holdback from the manufacturers past due?	________	________
WARRANTIES RECEIVABLES:
Are warranty schedules printed and reviewed weekly?	_______	_______
Are schedules printed for service manager and warranty department
weekly?	_______	_______
Is the reserve for non-collectable warranties established and enough?	_______	_______
CO-OP MONEY:
Have all co-op money been applied for?	________	________
FINANCE COMPANY RECEIVABLES
Are all Finance Reserve statements reconciled?	________	________
Have all charge backs been verified?	________	________
If a retention reserve is required by the finance institution, have all
excess funds been paid to the dealership?	________	________
PREPAID EXPENSES
All prepaid items scheduled and being written down properly?	________	________
Are prepaid item schedules reconciled to the general ledger?	________	________
If a prepaid item is completely used, is the entire remaining balance
written off to the proper expense? (i.e., would-be repair orders/
parts tickets)	________	________
Are complete schedules of prepaid insurance maintained and current
as to expiration dates, amounts, etc.?	________	_______
FIXED ASSETS
All fixed assets schedules reconciled to the general ledger?	________	________
Is the proper rate of depreciation being used on all assets?	________	________
Are depreciation amounts adjusted monthly?	________	________
ACCOUNTS PAYABLE
TRADE PAYABLES:
All schedules have been reviewed and reconciled to the general ledger?	_______	_______
Have all vendor accounts been reconciled to vendors statements?	_______	_______
Have copies of all outstanding invoices been requested from the vendors
that do not show on the dealerships schedules?	_______	_______
Are all possible discounts being taken when offered by the vendors?	________	________
Are purchase orders being assigned to each purchase?	________	________
Are invoices being spot checked for addition, subtraction, or quantity/
price extension?	________	________
Do all trade payable vendors have W-9 forms on file?	________	________
Check that all vendors doing work on property have certificate of
insurance?	________	________
Spot check payable reconciliations?	________	________
Check purchases to ensure that materials purchased, that are not for
resale, have been charged sales tax?	________	________
MANUFACTURERS' PAYABLES:
Schedules have been reviewed and reconciled to the general ledger?	________	________
Have all manufacturers' payable accounts been reconciled to the
manufacturers' statements?	________	________
Have missing copies of all outstanding invoices been requested from
the manufacturers?	________	________
OTHER PAYABLES:
Are credit life statements reconciled and paid?	________	________
A&H statements reconciled and paid?	________	________
Extended/service warranty statements reconciled and paid?	________	________
Are all other payables reconciled and paid?	________	________
FLOOR PLAN-NEW AND USED
NEW FLOOR PLANS:
Are all floor plan expenses properly accrued?	________	________
Have all curtailments been properly accounted for?	________	________
USED FLOOR PLANS:
Are all floor plan expenses properly accrued?	________	________
Have all curtailments been properly accounted for?	________	________
NOTES PAYABLE OTHER
Are all notes payable other current and reconciled to the general ledger?	________	________
If an amortization schedule is used, is it reconciled to the note and	________	________
general ledger?
Have all notes been reviewed for renewals, expirations, balloon	________	________
payments, interest rates, etc.?
PAYROLL
Are all employee files current with all proper documentation, demo
agreements, insurance, and other required/needed forms?	________	________
Is the month end accrual accurate and reconciled to the amounts
payable?	________	________
Are all payroll taxes current and paid on a timely basis?	________	________
Are all eligible employees signed up for life, health, dental,
disability, and 401K?	________	________
Are employees being charged correctly for health insurance, demos, etc?	________	________
Is all overtime being authorized by a department manager?	________	________
Are current driving records on file for all appropriate employees?	________	________
Do sales people turn in accurate weekly time sheets?	________	________
SALARIES, COMMISSIONS, AND WAGES ACCRUED
Are all accrued salaries, commissions, and wages detailed and scheduled?	________	________
Are all details and schedules reconciled to the general ledger?	________	________
LONG-TERM DEBT
Are all payments current?	________	________
Are payment schedules maintained?	________	________
Are amortization schedules reconciled to general ledger?	________	________
Are all note documents in a secured area?	________	________
PROPERTY & EQUIPMENT LEASES
Are leases maintained in a safe file?	________	________
Have leases been reviewed as to renewal dates, terms, and changes	________	________
in rates?
DOCUMENTS
Are computer back-up files run and removed from the dealership, nightly?	________	________
Are all missing documents accounted for?	________	________
Are documents being filed daily in proper order and in a secured area?	________	________
Are open RO lists reviewed weekly with the managers?	________	________
Are all IRS record retention requirements being followed?	________	________
DEALER PLATES
Are temporary tags being properly issued and controlled?	________	________
Are all temporary tags maintained in a secured area?	________	________
Are dealer tags physically audited each month?	________	________
SUPPLIES
Are supplies in a secured area?	________	________
Have inventories been taken on all supplies, forms, etc.?	________	________
When reordering, are prices being compared to insure the best
purchase price available?	________	________
Are cleaning supplies, paper supplies, light bulbs, etc. being purchased
in bulk for savings?	________	________
TELEPHONE
Are telephone bills reviewed for appropriateness of use?	________	________
Are PIN codes changed regularly?
Date last changed:___________________	________	________
Are the proper phones restricted for long distance phone calls?	________	________
COMPANY OWNED VEHICLES
Check condition and mileage of company owned vehicles, i.e. parts, trucks?	________	________
Is vehicles use restricted to authorized employees?	________	________
Are licenses and inspections current?	________	________
If necessary, are vehicles set up as insured vehicles with the insurance
company?	________	________
EMPLOYEE SAFETY
Review all outstanding legal issues and insurance claims?	________	________
Have all insurance claims been reported to the insurance company?	________	________
Have all work related accidents have been reported on proper form
to Workers' Compensation?	________	________
Are all OSHA logs current?	________	________
Are all insurance forms being completed monthly on a timely basis?	________	________
FACILITIES
Are all keys under proper control and are locks changed periodically?	________	________
Are all maintenance items on agreements being serviced per the
agreements, i.e., air conditioning/heat, shop machines, lights	________	________
other equipment, landscape services?
Are all permits current and displayed as required?	________	________
Are all accounting offices neat and well organized?	________	________
FINANCIAL REPORTING
Are all manufacturers' statements being submitted by the 5th working day	________	________
of the month?
Are all management reports submitted by the 5th working day of the month?	________	________
END OF REPORT