Topic: Year-End Accounting Closing Process
Year-End Accounting Process
Closing your books is an important process for all businesses. There are many steps to ensure your financials are properly stated at the end of the year. Your financial reports will be used to prepare your tax return filing and possibly complete a financial audit.
10 Steps for Year-End Accounting Close Process
Confirm fiscal year.
Confirm customer balances.
Confirm vendor balances.
Reconcile all balance sheet accounts.
Advisor (CFO) review your profit & loss and balance sheet reports.
Run year-end reports.
Reclassify transactions, if necessary.
Journal Entry to redistribute retained earnings.
Prepare for year-end tax return.
Close the books.
Year-End Accounting Close
There are certain tasks you'll need to complete at the end of the year to help you close out the previous year and prepare for the new year.
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