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It is vital to a business to complete an end of year close accurately to get a clear picture of the financial position of the company and plan for the upcoming year. Using a checklist is the right way to track which financial activities have been completed and which ones are still in process, especially when you have multiple employees working in your books.

The following is a list that covers the most important items that are commonly forgotten:


o   Reconcile your cash against your bank statements and correct any discrepancies

o   Account for interested earned on any loan, checking or savings account.

o   Clean up negative cash balances from your balance sheet.

o   Void outstanding checks

o   Remove double entered postings

Long- Term Assets

o   Record capital assets, add new ones and remove any disposals

o   Update useful life calculations for your fixed assets and record depreciation


o   Tie out your payroll expense account to your W2 and W3’s


o   Record Property Taxes

o   Record Payroll Taxes

o   File Sales Tax Returns

Accounts Payable

o   Verify all your bills are still valid

o   Eliminate double entered bills

o   Apply any outstanding credits

Accounts Receivable

o   Verify all your invoices are valid

o   Eliminated double entered, apply any outstanding credits, and/or re-class as bad debt if you won’t be able to collectNeed help preparing for year-end close?
360 Bookkeeping Solutions assists small businesses throughout San Diego to close their books weekly, monthly, or yearly.

Contact us at to inquiry about our services.

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