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Bookkeeping year end procedures. Record normal routine adjusting entries. It is vital to prepare for year end close in advance to ensure a true and timely close. Like your year end closing accounting checklist make sure you also create and utilize a checklist for your year end payroll process.
Using a checklist is a helpful way to track which activities have been completed and which are still outstanding especially if you have multiple employees or teams working together to close the books. At year end make sure all of your payroll records are accurate and up to date in your books. Year end inventory accounting.
Daisy flowers has just finished off with a long and productive year but now she s worrying about tax time again. The very first item on your year end accounting checklist should be making sure your bookkeeping records are. To ensure that reported figures for inventory cost of sales and other expenses are accurate and complete certain procedures must be carried out at the end of each accounting period as well as year end inventory accounting.
But despite doing everything she could to catch up daisy is still desperate for guidance. You may not have associated certain expenses and income with a specific transaction and therefore you didn t record those expenses and income. A simple 6 step year end bookkeeping checklist that you need to attack before the calendar turns to a new year.
Well record them now. Look through the list of outstanding invoices and consider if you have been paid for each invoice or not. For example let s say your financial year runs from january 1 2020 to december 31 2020.
Run an aged receivables report in your bookkeeping software at your year end date. The most likely place you will find errors or issues is the column showing the oldest invoices. It is likely that in january 2021 you will reconcile and close off your accounts for december 2020.
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