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> Years end accounting close checklist
Years end accounting close checklist
Balance Sheet Review
Review all balance sheet accounts for accuracy
Ensure all reconciliations are up to date
Review any significant variances from prior periods
Income Statement Review
Review all income statement accounts for accuracy
Ensure all revenue and expenses are recorded correctly
Review any significant variances from prior periods
Accruals and Deferrals
Review all accruals and deferrals for accuracy
Ensure all necessary adjustments are made
Review any outstanding invoices or expenses
Fixed Assets
Review fixed asset schedules for accuracy
Ensure all additions and disposals are recorded correctly
Review any depreciation calculations
Inventory
Conduct a physical inventory count
Reconcile inventory counts to general ledger
Review any obsolescence or write-offs
Tax Compliance
Review tax provision calculations
Ensure all necessary tax adjustments are made
Review any changes in tax laws or regulations
Financial Reporting
Prepare financial statements in accordance with GAAP
Review footnotes and disclosures for accuracy
Ensure all required filings are completed
Audit Preparation
Provide auditors with requested documentation
Schedule audit fieldwork and walkthroughs
Address any audit findings or recommendations
Close Out Accounts
Close out revenue and expense accounts for the year
Ensure all closing entries are posted
Review trial balance for accuracy and completeness
Review and Approval
Review final financial statements and reports
Obtain approval from management or board of directors
Distribute financial statements to stakeholders
Post-Close Review
Conduct post-close review to identify areas for improvement
Document any lessons learned or best practices
Prepare for next year's accounting close process.
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