Closing Your Year-End Books: A Comprehensive Checklist
As we approach the year’s close, ensuring that your financial records are in order is essential. Whether you’re a business owner or an individual looking to streamline your financial planning, our checklist can guide you through the necessary steps:
Get Started with These Steps:
- Reconcile All Bank and Credit Card Accounts – Ensure that all transactions are accurately recorded.
- Review Fixed Assets – Did you purchase or dispose of any assets in 2022? Record them properly and consult your CPA.
- Check Open A/R and A/P Reports – Confirm accurate balances and make any required write-offs or adjustments.
- Review Your Profit & Loss – Does everything make sense? Ensure consistency and correct categorization.
- Close Out Your Books – Reconcile all accounts, review your books for accuracy, and make any necessary corrections.
Communicate with Your CPA:
- Book a Conversation – Discuss how to close your year and plan for the next.
- Send Your Financials – Include listings of purchased and retired assets, and give an overview of what you expect in the coming year.
- The result? – Your CPA will have everything needed to evaluate your tax liability and advise on last-minute strategies.
- 1099s, W2s, and 940 Forms are due by Jan 31, including government copies. Prepare early to meet this new deadline!
Whew – OK, 2023, bring it!
At this crucial time of the year, a well-structured approach to your financial matters can make a difference. Need further assistance? Book a conversation with your CPA today! Let’s close out the year on a high note, with everything in its proper place.