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Workweek End of Year Notes PayrollWorkDESK 2021 End of Year End User Notes AUEOY21AUPayroll.docx1WorkDESK End of Year Notes Payroll REQUIRE SOFTWARE VERSION 12.5028+ or HIGHER TO SUBMIT YOUR STP FINAL

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How to fill out year-end closing procedures

01

Review financial statements to ensure accuracy

02

Reconcile all accounts and make any necessary adjustments

03

Close out any temporary accounts and transfer their balances to appropriate permanent accounts

04

Update depreciation schedules and other relevant financial data

05

Generate year-end reports for tax purposes and for stakeholders

Who needs year-end closing procedures?

01

Businesses, organizations, and individuals who need to accurately report their financial performance at the end of the fiscal year

02

Accountants and financial professionals responsible for preparing and reviewing financial statements

03

Stakeholders such as investors, creditors, and tax authorities who rely on accurate financial information

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What is year-end closing procedures?

Year-end closing procedures refer to the series of steps and activities that an organization undertakes to finalize its financial records at the end of the fiscal year.

Who is required to file year-end closing procedures?

All organizations that follow accrual accounting principles are required to complete year-end closing procedures.

How to fill out year-end closing procedures?

Year-end closing procedures are typically filled out by the accounting department of an organization, following established accounting principles and guidelines.

What is the purpose of year-end closing procedures?

The main purpose of year-end closing procedures is to ensure that financial records are accurate and up-to-date, and to prepare financial statements for the fiscal year.

What information must be reported on year-end closing procedures?

Year-end closing procedures typically include reporting on all financial transactions, adjusting entries, account reconciliations, and preparation of financial statements.

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