Get the free Fiscal Year End Closing Instructions for Ju - New York City Comptroller - comptrolle...

MICHELE MARK LEVINE DEPUTY COMPTROLLER FOR ACCOUNTANCY AND CHIEF ACCOUNTANT CITY OF NEW YORK OFFICE OF THE COMPTROLLER SCOTT M. STRINGER BUREAU OF ACCOUNTANCY June 9, 2016, TO: All Agency Heads/Fiscal

How to fill out fiscal year end closing

How to fill out fiscal year end closing:

1. Ensure all financial transactions are accurately recorded: Before closing out the fiscal year, it is important to review and reconcile all financial transactions. This includes double-checking all entries and making any necessary adjustments to ensure accuracy.
2. Review and update financial statements: As part of the year-end closing process, it is essential to review and update financial statements such as the balance sheet, income statement, and cash flow statement. This helps provide a clear and accurate snapshot of the organization's financial position at the end of the fiscal year.
3. Close out revenue and expense accounts: At the fiscal year end, it is important to close out revenue and expense accounts to begin the new fiscal year with a clean slate. This involves transferring any remaining balances to appropriate equity accounts and starting new accounts for the upcoming year.
4. Complete depreciation and amortization: If applicable, calculate and record depreciation and amortization expenses for assets that have been used during the fiscal year. This helps accurately reflect the wear and tear or value reduction of long-term assets, ensuring accurate financial reporting.
5. Prepare financial reports and disclosures: Once all the necessary adjustments have been made, prepare comprehensive financial reports and disclosures. These reports provide a clear and transparent view of the organization's financial performance and position, which is essential for stakeholders and decision-making.

Who needs fiscal year end closing?

1. Organizations: All types of organizations, including businesses, non-profit organizations, and government agencies, can benefit from fiscal year-end closing. It allows them to accurately assess their financial performance during a specific period and make informed decisions for the upcoming year.
2. Shareholders and Investors: Shareholders and investors rely on accurate and up-to-date financial information to assess the financial health and performance of a company. Fiscal year-end closing provides them with the necessary financial reports and information to make investment decisions.
3. Stakeholders and Regulators: Fiscal year-end closing also benefits stakeholders and regulators such as government agencies, lenders, and suppliers. These parties rely on accurate financial information to evaluate the financial stability and compliance of an organization.

In conclusion, filling out fiscal year end closing involves reviewing and reconciling financial transactions, updating financial statements, closing out revenue and expense accounts, completing depreciation and amortization, and preparing financial reports. This process is essential for organizations, shareholders, investors, stakeholders, and regulators to assess financial performance and make informed decisions.

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What is fiscal year end closing?

Fiscal year end closing is the process of finalizing financial transactions and preparing financial statements at the end of a company's fiscal year.

Who is required to file fiscal year end closing?

All companies that operate on a fiscal year basis are required to file fiscal year end closing.

How to fill out fiscal year end closing?

Fiscal year end closing is typically filled out by the company's accounting department or external auditors by reviewing financial records and ensuring accuracy of financial statements.

What is the purpose of fiscal year end closing?

The purpose of fiscal year end closing is to accurately reflect the financial position and performance of a company at the end of its fiscal year.

What information must be reported on fiscal year end closing?

Information such as income, expenses, assets, liabilities, and equity must be reported on fiscal year end closing.