Free Year End Closing Checklist Template
Closing Checklist
Prepared by:
[YOUR NAME]
Purpose:
To serve as a meticulous roadmap for organizations, guiding them through a series of critical financial tasks and processes essential for ensuring accuracy, transparency, and compliance in their financial records, the comprehensive checklist is designed with the overarching purpose of facilitating a smooth and systematic year-end closing process.
Account Reconciliation
This category focuses on the review of all company accounts to ensure accuracy before finalizing financial statements.
No | Activities | Status |
1 | Reconcile all bank accounts | |
2 | Verify creditor and debtor invoices | |
3 | Check petty cash and cash receipts | |
4 | Balance all ledgers | |
5 | Review all accounts receivable and payable balances |
Tax Records Review
Involves the verification and validation of tax obligations according to local, state, and federal tax requirements.
No | Activities | Status |
1 | Review tax filing statuses | |
2 | Ensure completeness of sales tax submissions | |
3 | Check payroll tax and withholding | |
4 | Validate income tax filings | |
5 | Prepare for potential tax audits |
Financial Documentation
This involves sorting and classifying all relevant financial documents and records for proper storage and retrieval.
No | Activities | Status |
1 | Sort and classify all financial records | |
2 | Verify in-house reports with bank statements | |
3 | Ensure secure storage of important financial documents | |
4 | Digitize all necessary paperwork | |
5 | Discard outdated records according to company policy |
Regulatory Compliance
In this category, the company ensures compliance with all regulatory and legal requirements related to its financial responsibilities.
No | Activities | Status |
1 | Verify all necessary licenses and permits are up-to-date | |
2 | Confirm adherence to all financial regulations | |
3 | Ensure data protection compliance | |
4 | Check labor law adherence for payroll | |
5 | Prepare for possible financial audits |
Financial Closeout
The compilation of all financial statements and summaries of the year's financial activities to conclude the fiscal year
No | Activities | Status |
1 | Prepare profit and loss statement | |
2 | Compile balance sheet | |
3 | Create a cash flow statement | |
4 | Compile an annual financial report | |
5 | Review year-end financial positioning |
Templates
Checklist
Templates
