10 Steps for Year-End Accounting Close

November 10, 2018

 

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.

 

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10 Steps for Year-End Accounting Close Process

 

  1. Confirm fiscal year.

  2. Confirm customer balances.

  3. Confirm vendor balances.

  4. Reconcile all balance sheet accounts.

  5. Advisor (CFO) review your profit & loss and balance sheet reports.

  6. Run year-end reports.

  7.  Reclassify transactions, if necessary.

  8. Journal Entry to redistribute retained earnings.

  9. Prepare for year-end tax return.

  10. 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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Schedule a Consultation Today! 

 

Interested in learning more about Year-End Accounting Close. Contact us today for your free business consultation! 

SimpliProfit.com |  e info@simpliprofit.com | p 408-809-1001

 

 

 

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