Checklist For Year End Review

PURPOSE OF YEAR END REVIEW CHECKLIST:

This Document is helpful for the bookkeeper to ensure that end of the 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 !

CLIENT 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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