Accounting Year End Checklist

Comprehensive Guide for Smooth Financial Closure

This comprehensive Accounting Year End Checklist is designed to guide financial professionals through essential monthly activities, ensuring accuracy and compliance. Please mark each task upon completion. This practice will assist you in monitoring your advancements throughout the evaluation process.

Objectives

Promote efficiency in bookkeeping activities.
Ensure compliance with financial policies, regulations, and standards.
Minimize errors and discrepancies in financial reports and documents.

Start-of-Month Activities:

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.

Mid-Month Activities:

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.

End-of-Month Activities:

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.