Checklist for Year-End Review

This Document is helpful for the bookkeeper to ensure that the year-end financial process is completed. If information is not provided, or accounts are not reconciled, the time required and therefore the cost of preparing the financial statements may increase substantially. We will be glad to assist you! Contact Us Here!

• Ensure that the salient master data in the accounting application is up to date.
• Check the opening balances with previous year’s tax statements filed

• Ensure that the bank balance as per the accounting system is reconciled with the bank statement
• Ensure that all the credit card transactions are recorded and the balances are reconciled

• Ensure that there are no unreconciled amounts in payroll liabilities
• Ensure that the superannuation payable account is reconciled
• Have you ensured that the tax tables in your accounting software are up to date
• Did you reconcile the PAYG withholdings?

• Ensure that there are no unreconciled amounts in payroll liabilities
• Ensure that all the credit notes are recorded
• Ensure that all the credit notes have been settled for short payments

• Did you reconcile physical cash on hand with the cash book as per the accounting system,
• Ensure that the cash balance does not go into negative at any time during the year
• Ensure that all the cash expenses and receipts have been recorded

• Summary of any major event during the year
• Payments to shareholders
• Loan statement for loan taken from bank/ financial institution
• Details of withholding tax paid(if any)
• Returns filed with tax authorities
• Any correspondence with government authorities

• Did you do stocktaking for your year-end inventories and account for any shortfall?

• Ensure that there are no transactions in the suspense account at the end of the period
• Do the GST accounts balance at the year-end?
• Loan statement for loan taken from bank/financial institution