With year-end less than a month away, it is time to begin thinking about the processes to finalize and close the books.

Reconcile the Balance Sheet

• Reconcile Bank & Credit Card Accounts. Void/Make adjustments for old outstanding items.
• Review Accounts Receivable balances. Fix unapplied customer payments. Make contact with customers with overdue payments. Write off accounts deemed uncollectible.
• Perform a Physical Inventory Count. Make adjustments where needed.
• Confirm fixed assets additions and disposals have been recorded, along with corresponding depreciation.
• Review Accounts Payable balances. Confirm all bills have been recorded. Fix unapplied vendor payments. Verify all information is obtained for 1099 preparation.
• Review loan balances. Adjust for interest paid.
• Review any remaining asset and liability account balances.

Review the Profit & Loss Statement

• Review accounts for misclassified transactions or items that should be capitalized.
• Review expense accounts and determine if 1099s should be prepared.