Year end Procedures 8.03

My year end procedures are the same as my month end procedures. I have a checklist of month end tasks which follows. The list may or may not be useful to others since some of the tasks are unique to this company. As soon as all my month end entries are done, I close the month. I sometimes close it earlier to prevent others from making entries that affect the numbers I am reviewing. You can always reopen a prior period to make adjustments.

Payroll Entries
Payroll and Vacation Accrual
Adjust Loan and Lease Amortization
Interest Expense Accrual
Straight line rent adjustment
Rent Allocation
Review and Adjust Prepaid Expense
Review/Analysis Employee Advances
Bank Reconciliations
Verify that all shipments have been invoiced
Close all eligible jobs
Run Capture COS/WIP through month end
Sales/COS Classification Details
Warranty Costs Accrual
Verify inventory balances
Run AR Aging/Reconcile to GL
Review and Adjust Accrued Expenses
Construction in Progress rollforward/completions
Fixed Asset Additions
Fixed Asset Disposals
Depreciation and Amortization Expense
Reconcile Fixed Assets
Reconcile AP/Receiving Clearing Account
Reconcile payroll liabilities
Reconcile deferred revenue and deposits received
Accrue commissions
Allowance for Bad Debts
B&O Tax Accrual (This is a Washington State tax which is basically a gross receipts tax)
Check for out of balance condition and correct
Review Miscellaneous Expense Account
Verify Customer Overpayment Clearing Account
Verify Payroll Clearing Account
Verify Shipped Not Invoiced Clearing Account
Verify Customer Prepayments Clearing Account
Prepare analysis/rollforward of Prepaid Expenses
Prepare analysis/rollforward of Accrued Liabilities
Sales Analysis
Compare Prior month GL to archive - should be the same
Save Current month GL Archive
Save current month journal archive
Prepare and distribute Financial Statements
Prepare and distribute Job closeout list

Thom Rose
Electric Mirror LLC

"The World Leader in Back-lit Mirrors & Mirror TV Technology"

T 425 776-4946
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA<>

From: [] On Behalf Of mmcwilliams22
Sent: Monday, February 08, 2010 5:57 AM
Subject: [Vantage] Year end Procedures 8.03

Can anyone share year end procedures? Accouting is asking to see what other users in a 12 month year do when closing the year.

[Non-text portions of this message have been removed]
Can anyone share year end procedures? Accouting is asking to see what other users in a 12 month year do when closing the year.