CHECKLIST FOR YEAR END REVIEW
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
BANK & CREDIT CARDS
PAYROLL LIABILITIES
PURCHASES AND SALES
CASH & BANK
OTHER RELEVANT TANSACTIONS
INVENTORY
OTHER RELEVANT TANSACTIONS
CLIENT MASTER DATA
- Ensure that the master data in accounting application is up to 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 reconciled
PAYROLL LIABILITIES
- Ensure that there no unreconciled amount in payroll liabilities
- Ensure that superannuation payable account is reconciled
- Have you ensure that the tax tables in your accounting software are up to date
- Did you reconcile the pays withholdings?
PURCHASES AND SALES
- Ensure that there no unreconciled amount in payroll liabilities
- Ensure that all the credit notes are recorded
- Ensure that all the credit notes have been settled for short payments
CASH & BANK
- Did you reconcile physical cash on hand with cash book as per accounting system
- 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 during the year
- Payments to share holders
- Loan statement for loan taken from bank/ financial institution
- Details of withholding tax paid(if any)
- Returns failed with tax authorities
- Any correspondence with government authorities
INVENTORY
- Did you do stock taking for your ear end inventories and account for any shortfall?
OTHER RELEVANT TANSACTIONS
- Ensure that there are no transaction in suspense account at the end of period
- Do the GST accounts balance at the year end?
- Loan statement for loan taken from bank/financial institution