Workflow Templates: Year-End Accounting checklist

Financial Statements Preparation

Review and reconcile all general ledger accounts

Prepare adjusting journal entries for accruals, depreciation, and amortizations

Prepare and review preliminary financial statements for accuracy

Tax Compliance

Gather and review all necessary documentation for tax filings, including expense receipts and income records

Calculate estimated tax payments and make any necessary year-end adjustments

Consult with a tax advisor to identify tax-saving opportunities and ensure compliance with the latest tax laws

Payroll and Employee Benefits

Verify employee information and update records if necessary

Reconcile payroll summaries and ensure all payroll tax filings are accurate

Review employee benefit plans and contributions for compliance and funding status

Inventory Management

Conduct a physical inventory count and reconcile with inventory records

Write off any obsolete or damaged inventory

Review inventory valuation and adjust for any market changes or lower of cost or market considerations

Accounts Receivable

Review aged receivables and follow up on outstanding invoices

Assess the need for bad debt write-offs and allowance for doubtful accounts

Send out statements to customers and clients to remind them of any outstanding balances

Accounts Payable

Review all unpaid bills and schedule payments to optimize cash flow

Ensure all expenses are recorded in the correct period

Reconcile supplier statements with your accounts payable ledger

Fixed Assets

Review fixed assets register and ensure it is up to date

Calculate and record depreciation for the year

Assess and record any impairments or disposals of fixed assets

Budgeting and Planning

Compare actual performance against the budget and analyze variances

Update budget forecasts with actual year-end results

Prepare the budget for the upcoming year based on historical data and projected growth

Internal Controls and Compliance

Review internal control procedures and update documentation as necessary

Ensure compliance with relevant accounting standards and regulatory requirements

Plan for any necessary audits, internal or external, and prepare the required documentation

Investments and Financing

Review investment portfolios and performance

Ensure debt covenants and terms are met and payments are up to date

Analyze financing needs and explore options for the upcoming year

Template Library Home

Year-End Accounting checklist

Financial Statements Preparation

Tax Compliance

Payroll and Employee Benefits

Inventory Management

Accounts Receivable

Accounts Payable

Fixed Assets

Budgeting and Planning

Internal Controls and Compliance

Investments and Financing

Use this template in Manifestly

Template Library Home

Year-End Accounting checklist

Financial Statements Preparation

Tax Compliance

Payroll and Employee Benefits

Inventory Management

Accounts Receivable

Accounts Payable

Fixed Assets

Budgeting and Planning

Internal Controls and Compliance

Investments and Financing

Use this template in Manifestly

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