Free Accounting Year End Checklist

Review and Reconcile Transactions: Scrutinize the previous month's financial transactions, identifying and rectifying any discrepancies.

Update Financial Ledgers: Keep financial records accurate and up-to-date by promptly recording transactions in the ledgers.

Invoice Management: Prepare and send out invoices promptly, minimizing delays in revenue recognition.

Overdue Invoices: Regularly check for overdue invoices, and promptly follow up to ensure timely payments.

Payroll Review: Thoroughly review and update payroll records to reflect any changes in staffing or compensation.

Bank Statement Reconciliation: Verify and reconcile bank statements to identify and rectify any discrepancies.

Invoice Follow-Up: Continue proactive measures by following up on unpaid invoices, fostering positive cash flow.

Petty Cash Verification: Regularly update and verify petty cash records to maintain accurate cash flow management.

Financial Statement Preparation: Prepare and review financial statements mid-month for real-time financial insights.

Financial Entry Accuracy: Regularly check the accuracy of financial entries to avoid compounding errors.

Financial Report Compilation: Compile comprehensive monthly financial reports, summarizing key financial metrics.

Invoice Confirmation: Confirm that all invoices are paid, closing outstanding financial obligations.

Monthly Tax Calculation and Payment: Calculate and pay monthly taxes promptly to meet regulatory requirements.

Balance Sheet and Income Statement: Prepare the Balance Sheet and income statement for a holistic view of financial health.

Month-End Closing Approval: Conduct a final review and approval of month-end closing processes for accuracy and completeness.