Preparing for End of Year Accounts

March 18th, 2010

Hard to believe but it is almost the 31 March.   A quarter of the year almost gone!

So if you are getting ready to close your financial year off at 31 March what are some things to give consideration to now?

  • Count all cash balances, tills, petty cash at the end of business
  • General Ledger and bank account reconcile
  • Make sure a complete stock take has been completed and all adjustments made
  • Account for any outstanding cheques/deposits
  • Do a plant inventory and make sure that any plant written off in the last year is removed from your asset schedule
  • Ensure any Work In Progress or Income Received In Advance is accounted for
  • Creditors list is accurate and up to date – any credits accounted for
  • Gather all End of Year documents that you may need – bank statements – tax certificates – dividend notices
  • Set yourself a timeline to work towards to complete all EOY activity
  • Suspense account cleaned up
  • Any customer adjustments made
  • Communicate with accountant
  • Draft P&L and Balance Sheets prepared for accountant
  • Compare all actual figures against your Balance Sheet

The EOY can either be a stressful time or a seemless part of your year.   Remember though that the EOY accounts should be the final confirmation of what you knew your business has done over the past 12 months.   If you’ve managed your key metrics and management accounts well then you should know exactly how the year has tracked and what your tax position may be.

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