The end of the year is fast approaching with a chill in the air. The holiday season will be upon us before we know. We all like to avoid last minute shopping and promise ourselves that next year we will start earlier with our shopping list.
You can also avoid the year end rush and deadlines with you business by using a Year-end Checklist. We hope the Year-end Checklist below will help. Additional checklists can be found in QuickBooks and other accounting software.
- Review all employee information to include current address, social security number, gross wages and fringe benefits. This makes year end payroll reporting for forms W-2, W-3, 940 and 941 go smoother.
- Review Accounts Payable and verify all vendor invoices are posted for the current year.
- Review Accounts Receivables and verify all clients have been billed up through year end. Examine old receivables and consider any write offs as bad debt.
- Review payments to vendors for 1099 requirements to include rent, royalties, non-employee compensation over $600.00, and medical and health care payments. Verify current address, social security number or federal I D number.
- Reconcile all bank accounts to include checking, investments, credit card, and loan statements.
- Take physical inventory of any stock.
- Review all expense accounts to verify all fixed assets have been recorded. Adjust for any fixed assets that have been sold or replaced.
- Back up all data and print preliminary year end reports to include Balance Sheet and Profit Loss Statement.
- Meet with your accountant to review year end reports for year end tax planning and future business planning.
Donna Olliges
