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✅ Year-end Accounting Checklist – 8 Steps to Get Your Books Ready for Your Accountant 🤓

By EcomAbout1 min read
✅ Year-end Accounting Checklist - 8 Steps to Get Your Books Ready for Your Accountant 🤓

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  1. Compile the Adjusted Trial Balance – Make sure that your trial balance is adjusted for all outstanding transactions and transactions that have not yet been entered.

  2. Reconcile Bank Statements and Deposits – Gather all of your bank statements, reconcile them with your book entries, and check for any discrepancies.

  3. Make Journal Entries for Year-End Accruals – Make sure that all your vendors and employees are properly recorded and credited for their services.

  4. Make Journal Entries for Old Accounts Payable – Go back and post any outstanding account payable that may have been left out of the previous month.

  5. Analyze and Record Year-End Accumulated Depreciation – Post the required entries to reflect the total accumulated depreciation Business has depreciated during the entire year.

  6. Complete a Statement of Cash Flows – Check and update your statement of cash flows to include all the cash flows into and out of the company.

  7. Prepare a Year-End Accrual – Accrue year-end expenses such as expected bonuses or other non-cash expenses.

  8. Prepare a Year-End Adjusting Journal Entry – Make sure all year-end transactions are properly documented with a journal entry before the fiscal year closes.

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