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YEAREND CLOSE CHECKLIST JULY 1. Do encumbrance query on every encumbered amount in Budget Query. 2. Check open encumbrances for old PO's that need to be closed: If PO with no activity, send signed

How to fill out year-end close checklist

How to fill out year-end close checklist

1. To fill out the year-end close checklist, follow these steps:
2. Review and gather all necessary financial documents and reports for the year, including income statements, balance sheets, and cash flow statements.
3. Verify the accuracy of the financial records and reconcile any discrepancies.
4. Check for outstanding invoices and unpaid bills, ensuring they are properly recorded and accounted for.
5. Review payroll records and reconcile any discrepancies with employee wages and deductions.
6. Evaluate the depreciation and amortization schedules of fixed assets.
7. Assess the inventory levels and reconcile them with the financial records.
8. Analyze any accrued expenses and prepaid items, ensuring they are properly recorded.
9. Review and reconcile bank statements, credit card statements, and other financial accounts.
10. Verify the accuracy of tax calculations and ensure compliance with tax laws and regulations.
11. Prepare financial statements and reports for the year-end, including income statements, balance sheets, and cash flow statements.
12. Complete any necessary adjusting entries and close temporary accounts.
13. Obtain necessary approvals and sign-offs from relevant personnel.
14. Review and verify the completed year-end close checklist for accuracy and completeness.
15. Archive and store the checklist and related documents for future reference and audit purposes.

Who needs year-end close checklist?

1. Year-end close checklist is typically needed by businesses and organizations that follow the fiscal year calendar and have financial reporting obligations. These can include corporations, small businesses, nonprofit organizations, government entities, and any other entity that prepares financial statements and reports. The checklist helps ensure accurate and complete financial reporting, compliance with regulatory requirements, and proper internal control over financial processes.

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What is year-end close checklist?

The year-end close checklist is a list of tasks and procedures that need to be completed at the end of the fiscal year to ensure financial accuracy and compliance.

Who is required to file year-end close checklist?

Typically, finance and accounting departments are responsible for completing and filing the year-end close checklist.

How to fill out year-end close checklist?

The year-end close checklist is filled out by detailing each task or procedure completed, providing supporting documentation, and obtaining necessary approvals.

What is the purpose of year-end close checklist?

The purpose of the year-end close checklist is to ensure that all financial transactions are accurately recorded, accounts are reconciled, and financial statements are prepared in compliance with regulatory requirements.

What information must be reported on year-end close checklist?

The year-end close checklist typically includes information on account balances, revenue and expenses, asset and liability verification, and any adjustments made during the closing process.