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Year-End Accounting Checklist

December 31st has come and gone. Was this the end of your fiscal year? If so, then it’s time to start thinking about taxes and organizing the shoebox of receipts to send off to your accountant. Despite year-ends being the source of numerous sleepless nights and headaches, they are also the most important reports for any business to issue. They will be used for tax preparation, future reference, and smarter decision making. Below is a simple checklist of items you should prepare for your tax professional:

  1. Does my general ledger bank balance reconcile to the bank statement?
  2. Are there any accounts receivables that are worthless and should be written off?
  3. Is my balance in Allowance for Bad Debts a reasonable estimate of potential write-offs?
  4. Is the company’s inventory balance correctly stated?
  5. Are there inventory items that cost more than their worth and should be written down to their market value?
  6. Does the company still have all the fixed assets?
  7. Is my depreciation correctly recorded for those fixed assets still in the company’s possession?
  8. Did I amortize goodwill and franchise fees?
  9. Are there any prepaid items that need to be adjusted such as prepaid insurance?
  10. Have all assets been reviewed for accuracy?
  11. Have we recorded all of our payables?
  12. Do the payroll tax liabilities coincide with our quarterly reports?
  13. Do the balances in the notes payable accounts (loans) agree with what the banks say we owe?
  14. Are there other debts that have not been included on the books?
  15. Are there debts on the books that no longer exist because of forgiveness or oversight?

If you are looking for help to file your corporate tax return, feel free to contact us if for a free consultation.


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