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

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