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First all the debtors and creditors statement must be reconciled with our accounts.
All the provisions must be taken into account such as provision for salary, leave salary, gratuity, bad debts, doubtful debts, rents, etc.
All the advances paid / received from the customers / suppliers must be taken into account.
All the depreciations and accrued expenses must be taken into account.
All the bank accounts must be reconciled with the bank statements.
All the company advances must be checked and finalised.
Print or extract the trial balance and examine it payroll entries, such as deductions from salary.
Post month-end adjustments for depreciation, prepayments and accruals. Write off any debts that cannot be collected and calculate and post the allowance for bad debts.
Reconcile the company's bank accounts to the cash book. Post transactions from the bank statement
Post any transactions from credit card statements that have not been entered in the ledgers and check that the outstanding amounts due agree with the balance for each card in the accounts payable ledger.
Count the amount in the petty cash box and reconcile it with the balance on the petty cash account. Post any outstanding entries from the petty cash book to the general ledger.
Reconcile accounts receivable and accounts payable by listing individual balances and checking that they agree with the balances on the debtor and creditor accounts.
Print out or extract a new trial balance report, check it and make any further adjustments needed.
Temporary accounts can either be closed directly to the retained earnings account or to an intermediate account called the income summary account. The income summary account is then closed to the retained earnings account. Both ways have their advantages.
Closing all temporary accounts to the income summary account leaves an audit trail for accountants to follow. The total of the income summary account after the all temporary accounts have been close should be equal to the net income for the period.
Closing all temporary accounts to the retained earnings account is faster than using the income summary account method because it saves a step. There is no need to close temporary accounts to another temporary account (income summary account) in order to then close that again.
Both closing entries are acceptable and both result in the same outcome. All temporary accounts eventually get closed to retained earnings and are presented on the balance sheet.
1- Payable and receivable accounts reconciliation
2- provision exp. should be recorded as beer the company financial policy
3- all banks reconciliation
4- close all of the old accounts to make the ledger is fresh in new year
An accounting procedure undertaken at the end of the year to close out business from the previous year, carry forward balances from the previous year, and open posting accounts for the upcoming year. Year-end closing is part of a company's closing operations, and is used to create a company's financial statements. See also month-end closing, day-end closing.Read more: http://www.businessdictionary.com/definition/year-end-closing.html
1. Reconciliation of Below accounts
A. Banks
B. Creditors with balance confirmation
C Debtors
2. Below Accounts should be close before financial close
A. Petty Cash
B. Cash in Accounts
3. Below thing need to be do Before closing the financial
A. Verifying Stock IN and OUT total year and Physical Stock Variation count and pass the necessary journal vouchers if any thing required.
B. Fixed Asset Evaluations
C. Prepaid Expenses closing with the passing the necessary entries.
D. Passing of the provisions
E. Verifying the Sales analysis
4. Reviews Below things and comments/ suggestions before closing.
A. Nominal Budget and Actual Budgets Reviews
B. Cash Flow / Funds Flow statement.
C. Profit Ratio review with previous years and comments with accurate reasons.
5. Final
A. Preparation of P&L account
B. Balance Sheet
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