Year-end Checklist
When you are closing out the books for the year there are so many things to remember. Here are just a few to keep you on track as well as a link to download a free checklist.
Review A/R and A/P
Ensure the outstanding balances are correct in your accounts receivable and/or accounts payable accounts. Pay any bills that are due and follow up with any clients who have overdue invoices.
Reconcile all accounts
Enter all transactions through year-end and reconcile all credit cards, bank accounts, loans, and other accounts. Correct any discrepancies between your books and your account statements.
Reconcile Inventory
If your company has inventory, year-end is a great time to do a physical inventory count. Reconcile the inventory on your books to the inventory from your count.
Reconcile Payroll
Download your payroll records and filings for the year. Confirm that the wages paid and payroll expenses shown on your books match your payroll records. Reconcile as needed.
Run Financial Reports
Generate your balance sheet, income statement, and cash flow statement using your bookkeeping software. For further analysis, run a comparative balance sheet and income statement to see how your business performed differently this year than last.
IT'S GOOD TO KNOW!
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