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Can anybody help with end of year accounting procedures?

Magdy Tadros's Profile


Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |


Can you perhaps specify some pains you are encountering as this topic could otherwise take too long for folk to offer a response that you can use?
e.g. no GL account reconciliations done for 11 months, bank account not reconciled, AR accounts full of invoicing errors and disputes.

What questions are you trying to get answered?

Gerard van Stijn
Title: Head of Finance
Company: Simon Lévelt B.V.
(Head of Finance, Simon Lévelt B.V.) |

You need to specify the question a lot more if you want to get help.

Topic Expert
Keith Bergman
Title: Managing Director
Company: Ledgewood Advisory Group
(Managing Director, Ledgewood Advisory Group) |

Take a look at your current process for month end and quarter end. Look at the journal entries that are passed, the reconciliation that is performed, the reports that are filed at quarter end and the reports provided to management. Year end should not be much different than a quarter end.

It's not that difficult once you understand your current operation and process throughout the year.

(Manager) |

Are you looking for a guide on how to create a set of procedures, like assistance in making a checklist or what to include in a checklist?

(Agent, JKS Solutions, Inc.) |

Have you documented your processes that are performed on a daily level? Have you documented your processes performed on a weekly, monthly, quarterly, yearly, etc. basis? Once you go through those exercises you will have your corresponding checklists. You work from the detail level and then your year-end checklist builds itself. You then update it for any changes or missed items. The year-end checklist is different for every organization. You need to understand what you do, however, and that will help you build your checklist.

(Agent, JKS Solutions, Inc.) |

Year end procedures are the same as monthly close procedures and then you add audit and tax preparation which may include more detail ad hoc based on your account reconciliations. Unless you have step by step documentation for your accounting department staff, it would be difficult to give you a list of procedures. There is no consistency between companies.


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