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.

• Verify all bank statements to ensure they match the recorded transactions.

• Analyze all resident billing records to confirm accurate payment status.

• Adjust for any uncollectible accounts and ensure a timely follow-up.

• Conduct a physical inventory count of supplies and other inventories.

• Adjust the accounting records to reflect the actual year-end count.

• Update depreciation for fixed assets and amortization of intangible assets.

• Review payroll records for accuracy.

• Examine transactions between the nursing home and any related entities.

• Review the terms and conditions of all lease agreements.

• Generate accurate and comprehensive financial statements.

• Ensure compliance with all financial regulatory requirements.

• Finalize all journal entries and close the general ledger for the fiscal year.

• Prepare the accounting system for the upcoming fiscal year.

• Update budget forecasts and financial projections based.

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