Nursing Home Year-end Financial Closing Checklist
Nursing Home Year-end Financial Closing Checklist
Please follow each step diligently to guarantee that our financial reporting is compliant, accurate, and reflective of our operations.
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Verify all bank statements to ensure they match the recorded transactions.
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Analyze all resident billing records to confirm accurate payment status.
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Adjust for any uncollectible accounts and ensure a timely follow-up.
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Conduct a physical inventory count of supplies and other inventories.
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Adjust the accounting records to reflect the actual year-end count.
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Update depreciation for fixed assets and amortization of intangible assets.
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Review payroll records for accuracy.
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Examine transactions between the nursing home and any related entities.
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Review the terms and conditions of all lease agreements.
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Generate accurate and comprehensive financial statements.
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Ensure compliance with all financial regulatory requirements.
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Finalize all journal entries and close the general ledger for the fiscal year.
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Prepare the accounting system for the upcoming fiscal year.
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Update budget forecasts and financial projections based.
