Written By Brianne van Reenen and Lori Bogart
Make your list and check it twice!
We’re in the final stretch as 2017 comes to a close to make way for 2018. Here’s an easy checklist to make sure you’re on track.
1. Complete Day-to-Day Entries – Be sure to have entered all of the year’s transactions in your accounting system and to complete all entries.
2. Analyze Receivables – If you have any past due receivables and believe the likelihood of those customers paying is low, consider writing off the bad debt or send them to a collection agency.
3. Take Inventory – Always perform a physical inventory count and create necessary adjustments.
4. Evaluate Fixed Assets – Make sure to create postings for depreciation, enter retirements/acquisitions and account for changes in value.
5. Reconcile Accounts and Trial Balance – Especially if manual adjustments have been made, check your AP and AR subledgers balances against the general ledger, bank recs, etc. Beware of any cancelled or uncleared checks.
6. Perform Closing Entries – Clear your profit and loss statement to your retained earnings through closing journal entries.
7. Review Position – Create financial statements for an in-depth look into your business to be able to establish and make any necessary changes to your budget for the coming year.
8. 1099’s – Don’t forget to make those 1099 forms for all vendors and independent contractors.
9. Finalize ACA Reporting – Cannot forget to run reports for ACA and send forms to the IRS and employees.
10. Analyze & Submit – Go through your payroll information. All annual amounts for payroll should reconcile with the totals for your 941s, W-2s and W-3s. Don’t forget to double-check your year-end tax entries for your payroll! Then, submit tax forms – both federal and state (W-2, W-3, 940, 941, DE 9C, etc.)