Year-End Guide
- Reconcile all bank and credit card accounts
- Make year-end corrections and journal entry adjustments
- Review petty cash entries for the year
- Review accounts receivables for any uncollected balances and write off any amounts that are deemed to be uncollectible
- Make sure all payables/expenses are recorded
- Review fixed assets for disposals and purchases and make necessary corrections
- Review inventory balance to make sure it is stated correctly
- Review prepaid items and adjust for correct balances such as prepaid insurance
- Review loans and notes payable accounts and make sure they are in agreement with bank/loan statements and adjust loan interest and principal balances to correct amounts
- Review fringe benefits that need to be reported on the W2 Forms
- Make sure payroll and tax liabilities cross-reference with quarterly reports 940, 941 to the recorded payroll expense on your books
- Make sure that 1099 information is correct
- Complete Worker’s Comp audit
- Start file for tax preparer gathering documents for year-end tax filing
- Print financial reports
- Order any supplies and tax forms needed for year-end filing
- Archive and back up your data