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THE CITY OF NEW YORK OFFICE OF THE COMPTROLLER BUREAU OF ACCOUNTANCYFISCAL YEAREND CLOSING INSTRUCTIONS FOR THE FISCAL YEAR ENDING JUNE 30, 2021SCOTT M. STRINGER COMPTROLLERJACQUELINE THOMPSONDEPUTY

How to fill out fiscal year-end closing instructions

How to fill out fiscal year-end closing instructions

1. Review and gather all financial documents, including income statements, balance sheets, and cash flow statements.
2. Analyze and reconcile any discrepancies or errors in the financial documents.
3. Create a checklist or template for the fiscal year-end closing process.
4. Close all revenue and expense accounts by transferring their balances to the retained earnings or profit and loss account.
5. Perform a physical inventory count and update the inventory records.
6. Reconcile and adjust any remaining balance sheet accounts, such as accounts receivable, accounts payable, and accruals.
7. Prepare and review financial statements, including the income statement, balance sheet, and statement of cash flows.
8. Analyze and interpret the financial statements to assess the company's financial performance and position.
9. Make any necessary adjustments or corrections to ensure the accuracy of the financial statements.
10. Close the fiscal year by generating a set of final financial statements and ensuring all accounts are in balance.
11. Archive and store all financial documents and records for future reference and audit purposes.

Who needs fiscal year-end closing instructions?

1. Fiscal year-end closing instructions are needed by companies and organizations that follow the fiscal year as their accounting period.
2. This includes businesses, non-profit organizations, government agencies, and any other entity that needs to report its financial performance and position annually.
3. Fiscal year-end closing instructions are essential for ensuring the accuracy and completeness of financial records and statements, as well as for meeting regulatory and reporting requirements.
4. They are typically used by accounting and finance departments, CFOs, auditors, and other individuals involved in the financial management and reporting of an organization.

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What is fiscal year-end closing instructions?

Fiscal year-end closing instructions are a set of guidelines and procedures that organizations must follow to properly close their financial books at the end of the fiscal year.

Who is required to file fiscal year-end closing instructions?

All businesses and organizations that operate on a fiscal year basis are required to file fiscal year-end closing instructions.

How to fill out fiscal year-end closing instructions?

Fiscal year-end closing instructions can be filled out by following the guidelines provided by the organization's accounting team or using a software program specifically designed for this purpose.

What is the purpose of fiscal year-end closing instructions?

The purpose of fiscal year-end closing instructions is to ensure that all financial transactions for the fiscal year are properly recorded and accounted for.

What information must be reported on fiscal year-end closing instructions?

Fiscal year-end closing instructions typically require information such as balance sheet accounts, income statement accounts, cash flow statements, and any other relevant financial data.