What is an Accounting Schedule?

An accounting schedule is a supporting document that provides additional details or proof for the information stated in a primary document. In business, accounting schedules are needed to provide proof for the ending balances stated in the general ledger, as well as to provide additional detail for contracts.

Characteristics of an Accounting Schedule

Here are the key characteristics of an accounting schedule:

Level of detail. Accounting schedules break down aggregate data into detailed components. For example, instead of showing just "accounts receivable," a schedule might list all customers and the amounts they owe.
Supplemental nature. Schedules serve as supplementary documents, providing transparency and support for figures on main financial statements. They are commonly used to support audits and ensure that financial statements are backed by reliable and traceable data.
Standardized format. Information in an accounting schedule is organized in a table format with columns for dates, descriptions, and amounts. Columns and rows are arranged systematically, often by time period, account type, customer, or vendor, making it easy to analyze and follow.
Time-specific. Schedules are typically prepared for specific periods (e.g., monthly, quarterly, or annually) to align with reporting requirements.

Examples of Accounting Schedules

Examples of accounting schedules are as follows:

A list of the aged accounts payable. This is a standard report that is generated by an organization’s accounting software.
A list of the aged accounts receivable. This is a standard report that is generated by an organization’s accounting software.
An itemization of all prepaid expenses. This schedule lists all prepaid expenses that are still recorded as assets, rather than being charged to expense. This schedule is usually maintained manually.
An itemization of all fixed assets and their associated accumulated depreciation. This can be created by a fixed assets software module, or it may be compiled manually.
An itemization of all inventory and their associated costs. This is a standard report that is generated by an organization’s accounting software.

How Schedules are Used in Projects

A schedule is also a timeline for a project. For example, a schedule shows the activities required to complete a construction project, along with task assignments, expected task durations, and milestones reached.