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This end of the year financials check list comes to us via Alfred Johnson’s blog. We hope you find it useful.

 

Federal Reports

  • Make sure you have blank forms for all IRS needed filings. NELCO has what you need.  Click Here to order forms
  • Deadline for filings now is January 31, 2018 for most reports

General Ledger

  • Check all sub ledgers for unposted 2017 transactions
  • Check Journal Entry to make sure all journals have been posted to the ledger
  • Check your year-end Statement of Financial Position for year-end updates
    • Reclassifying any capital expenses
    • Verify and update Payroll activity
    • Check and take needed action on restricted income
  • Enter any year-end accruals needed
  • Modify chart of accounts for new year if needed
  • Choose timing to change default year to 2018
  • Run Year-end Closing procedure

Accounts Payable

  • Make sure all invoices to be accrued in old year are posted (Accrual based)
  • Make sure all expense checks to be recorded in 2017 are to be posted and printed (Cash Based)
  • Verify that all 1099 vendors’ invoices have been coded correctly.

Accounts Receivable

  • Review all unpaid invoices and write-off all that probably will never be paid
  • Verify that all Unapplied payments have been handled properly
  • If you have a Day Care then print statements for parents to use in filing their income tax report
  • Verify all 2017 invoices and payments have been posted

Payroll

  • New Year tax table updates are handled for you. No action necessary
  • May need to update individuals time-off hours
  • Use Manual Check feature to:
    • Add non-cash compensation for taxable benefits, such as insurance
    • Add Employer Paid Health Care Value for each employee
  • Run test reports for Form W-2 and ACA reports and correct any omissions / errors observed

Purchasing Management

  • Review and clean up outstanding Purchase orders that are old and no long viable
  • Review partially fulfilled Purchase Orders and clean up as needed

Fixed Assets

  • Inventory all items and adjust for retired, sold, or missing. Make adjustments as needed
  • Run depreciation for month, or for year if appropriate

Year End Closing

  • Run the Year End Closing procedure if you are on a calendar year

 

Source: alfredjohnson.net

 

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