Checklist For Year End Review

Purpose of  Year End Review Checklist

This Document is helpful for the bookkeeper to ensure that end of year financial process is completed . If information is not provided,or accounts are not reconciled, the time required and therefore the cost of preparing the financial statements may increase substantially. We will be glad to assist you ! Contact Us Here !

CLIANT MASTER DATA

  • Ensure That the siliant master data in accounting application is upto date.
  • Check the opening balances with previous year’s tax statements filed

BANK & CREDIT CARDS

  • Ensure that bank balance as per accounting system is reconciled with the bank statement
  • Ensure that all the credit card transaction are recorded and the balances are reconclied

PAYROLL IABLLITIES

  • Ensure that there no unreconciled amount in payroll labllities
  • Ensure that superannuation payble account is reconclled
  • Have you ensure that the tax tables in your accounting software are up to date
  • Did you reconcile the payg withholfings?

PURCHASES AND SALES

  • Ensure that there no unreconclled amount in payroll llabllities
  • Ensure that all the credit notes are recorded
  • Ensure that all the credit notes have been settied for short payments

CASH & BANK

  • Did you reconcle physical cash on hand with cash book as per accounting syste,
  • Ensure that the cash balance does not goes into negative at any time during year
  • Ensure that all the cash expenses and receipts have been recorded

OTHER RELEVANT TANSACTIONS

  • Summary of any major event durin the year
  • Payments to share holders
  • loan statemenr for loan taken from bank/ financial institution
  • Details of withholding tax paid(if any)
  • Retuens faild with tax authorities
  • Any correspondence with goverment authorities

INVENTORY

  • Did you do stock taking for your ear end inventories and account for any hortfall?

OTHER RELEVANT TANSACTIONS

  • Ensure that there are no transaction in suspense account at the end of period
  • Do the GST accounts bakance at the year end?
  • Loan statement for loan taken from bank/financial institution

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