Year End Closing Checklist
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Discard outdated records according to company policy |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 |
|
