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  • FY 19/20 Year end checklist for Small Businesses

    Some companies wait until the last moment to finalize their accounts, it leads to an error and the delaying of the financial budget for the year 2020/2021. Therefore, small companies plan to complete the year end process accurately to give a complete picture of its financial position and plan for the coming year.
    It is vital to prepare for year-end close in advance to ensure a true and timely close. Using a checklist is a helpful way to track which activities have been completed and which are still outstanding, especially if you have multiple employees or teams working together to close the books.

    Below mentioned are the items that are commonly covered in the year end process
    1. Posting of supplier Accrual /Provision for financial year 2019/2020
    2. Reconcile the ledger with sub ledgers
    3. Reconciliation of ledger balances
    4. Reconciliation of Inventory
    5. Check the GP Margin
    6. Bank Reconciliation
    7. Payroll Reconciliation
    8. Asset Verification
    9. Posting of Depreciation
    10. Sales Reconciliation with VAT/NBT/ESC Returns
    11. Gratuity Provision
    12. Reconciliation of Debtors
    13. Write off the very old balances
    14. Posting of Tax Liabilities
    15. Posting of Deferred Liability
    16. Preparing Schedules for Financial Position balances

    Once the above matters are complete, the company will be able to prepare the best estimates for the coming financial year. Accordingly, the company can manage the cash flow and make some investment in capital expenditures.
    Now that you are ready for the year-end close, review our monthly accounting close checklist as well to help your company better reconcile accounts on an ongoing basis. Taking the right steps each month will reduce your workload when it is time to close for the year.

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