Get the free YEAR END CLOSING CHECKLIST

EXHIBIT VI2 YEAR END CLOSING CHECKLIST Department Name Organization Code Part I Check the appropriate column. Your agency must correct all NO answers before YEC will be initiated. Discuss these items

How to fill out year end closing checklist

How to fill out year end closing checklist

1. Here is how to fill out a year-end closing checklist:
2. Gather all financial records for the year, including income statements, balance sheets, and cash flow statements.
3. Review and reconcile all bank statements, ensuring that they match the records in your accounting system.
4. Verify all revenue and expense accounts by cross-checking them with supporting documentation such as invoices, receipts, and contracts.
5. Check for any outstanding invoices or bills that need to be paid or recorded.
6. Reconcile all payroll records, including verifying employee wages, tax withholdings, and benefits.
7. Review and reconcile any inventory or stock records, ensuring that they match the physical count.
8. Check for any outstanding loans or debts that need to be accounted for.
9. Review and update all fixed asset records, noting any additions, disposals, or impairments.
10. Prepare any necessary adjusting entries to correct any errors or omissions in the financial statements.
11. Review and analyze the financial statements, looking for any unusual trends or discrepancies.
12. Prepare the necessary tax forms and filings, ensuring compliance with all applicable regulations.
13. Create a year-end financial report summarizing the company's performance and financial position.
14. Obtain approval from management or stakeholders for the completed year-end closing checklist.
15. Keep a copy of the checklist and all supporting documentation for future reference or audits.

Who needs year end closing checklist?

1. Any organization or business that follows a fiscal year accounting period needs a year-end closing checklist.
2. This includes small businesses, large corporations, non-profit organizations, and government entities.
3. The checklist helps ensure that all financial records are accurate and complete, and that any necessary adjustments or filings are made before the end of the fiscal year.
4. It is important for financial reporting, tax compliance, and overall financial management.

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