Get the free Fiscal Year-end Closing Review Checklist - controller gatech

This document serves as a checklist for Georgia Institute of Technology to ensure proper management and closing of financial resources at the end of the fiscal year.

How to fill out fiscal year-end closing review

How to fill out fiscal year-end closing review

1. Gather all financial statements, including balance sheets, income statements, and cash flow statements.
2. Review and reconcile all accounts to ensure accuracy.
3. Ensure all journal entries and adjustments are recorded.
4. Verify that all expenses and revenues are accounted for in the correct fiscal period.
5. Prepare adjusting entries for items like depreciation, accruals, and prepayments.
6. Review and analyze variances between budgeted and actual figures.
7. Compile necessary documentation for any audit processes.
8. Prepare a fiscal year-end closing checklist for final review.
9. Discuss findings with the finance team and prepare for any necessary corrections.
10. Finalize and submit reports to management and stakeholders.

Who needs fiscal year-end closing review?

1. Companies and organizations that operate on a fiscal year basis.
2. Financial officers and accountants within these organizations.
3. Executives and management teams for strategic planning.
4. Auditors who conduct external reviews.
5. Investors and stakeholders who require financial transparency.

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What is fiscal year-end closing review?

The fiscal year-end closing review is a comprehensive assessment of a company's financial status at the end of its fiscal year. It involves closing all accounting books, ensuring that all financial transactions have been recorded, and reconciling accounts to prepare financial statements.

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

Generally, all businesses and organizations that are required to report their financial statements for tax purposes must file a fiscal year-end closing review. This includes corporations, partnerships, and certain non-profits.

How to fill out fiscal year-end closing review?

To fill out a fiscal year-end closing review, an organization must collect and compile relevant financial data, ensure that all financial transactions are accurately recorded, complete necessary forms, and follow the reporting guidelines established by governing bodies.

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

The purpose of the fiscal year-end closing review is to provide a clear and accurate picture of an organization’s financial performance over the year, ensure compliance with accounting standards and regulations, and facilitate informed decision-making by stakeholders.

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

Information that must be reported on a fiscal year-end closing review includes the financial statements (income statement, balance sheet, cash flow statement), a summary of significant accounting policies, notes to the financial statements, and any required disclosures specific to the organization's activities and obligations.