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Fiscal YearEnd Close Webinar: May 22, 2019, This session will begin at 2:00pm. Thank you for joining! Fiscal Year End Close Webinar: May 22, 2019, Hosts: Rich Allover & Barbara Satyriasis Technology

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How to fill out fiscal year-end close

01

Gather all the necessary financial documents, such as income statements, balance sheets, and cash flow statements.

02

Review and reconcile any discrepancies or errors in the financial records.

03

Analyze the financial performance of the company during the fiscal year.

04

Prepare adjusting entries to account for any accruals or deferrals that need to be made.

05

Close out all temporary accounts, such as revenue and expense accounts, by transferring their balances to the retained earnings account.

06

Calculate and record any income taxes owed for the fiscal year.

07

Prepare financial statements, including the income statement, balance sheet, and statement of cash flows.

08

Review and audit the financial statements for accuracy.

09

Distribute the financial statements to shareholders, stakeholders, or regulatory bodies as required.

10

Review and analyze the financial statements to gain insights into the company's financial performance and make informed decisions for the future.

Who needs fiscal year-end close?

01

Fiscal year-end close is needed by organizations of all sizes, including corporations, government agencies, non-profit organizations, and small businesses.

02

It is essential for financial reporting purposes, as it provides a clear picture of the company's financial health at the end of the fiscal year.

03

Investors, shareholders, lenders, and other stakeholders rely on the fiscal year-end close to evaluate the company's performance and make investment or lending decisions.

04

Regulatory bodies may also require organizations to complete a fiscal year-end close to ensure compliance with financial reporting standards and regulations.

05

Additionally, the fiscal year-end close helps management analyze the company's financial performance, identify areas for improvement, and plan for the upcoming fiscal year.

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What is fiscal year-end close?

Fiscal year-end close is the process of finalizing financial statements and reports at the end of an organization's fiscal year.

Who is required to file fiscal year-end close?

All companies and organizations that operate on a fiscal year basis are required to file fiscal year-end close.

How to fill out fiscal year-end close?

Fiscal year-end close is typically filled out by accountants, financial analysts, or other finance professionals within an organization.

What is the purpose of fiscal year-end close?

The purpose of fiscal year-end close is to accurately record and report financial data for the entire fiscal year.

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

Information reported on fiscal year-end close typically includes income statements, balance sheets, cash flow statements, and other financial data.

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