Workflow Templates: Year-End Bookkeeping Checklist

Ensure all bank and credit card accounts are fully reconciled with the statements

Reconcile loan balances and verify interest calculations

Confirm that payroll liabilities match year-end payroll forms and payments

Verify all outstanding invoices are correct and attempt to collect overdue receivables

Write off any bad debts or uncollectible amounts

Prepare an aged receivables report to review the status of the receivables

Conduct a physical inventory count and adjust records to match actual counts

Review fixed asset purchases and disposals during the year

Ensure proper depreciation of assets and amortization of intangible assets

Review the profit and loss statement for accuracy and completeness

Categorize any uncategorized transactions

Compare budgeted amounts to actual figures to analyze variances

Gather and organize all necessary documentation for tax filings

Calculate estimated tax payments and make sure all payments are up to date

Consult with a tax professional to identify any potential tax liabilities or deductions

Generate final year-end financial reports, including balance sheet, income statement, and cash flow statement

Review all reports for accuracy and completeness

Distribute financial reports to management, shareholders, or relevant parties

Year-End Bookkeeping Checklist