Financial Year-End Closing Checklist

Has the financial close and review timetable been defined?

Have roles and responsibilities for preparation and review been assigned?

Have all core financial records been collected (bank, credit cards, loans, tax, etc.)?

Have all invoices and receipts for the period been submitted and recorded?

Has a full backup of financial data been completed?

Are supporting schedules and working papers available for key balances?

Has a physical stock count been completed for the period?

Have stock records been reconciled to the general ledger?

Has the stock valuation method been reviewed and applied consistently?

Has slow-moving, obsolete, or damaged stock been identified and provided for?

Have any material stock adjustments been reviewed and explained?

Has the gross margin impact of stock adjustments been reviewed?

Has revenue recognition for the period been reviewed for correctness and cut-off?

Have all material costs and expenses for the period been recorded?

Have accruals and prepayments been reviewed and updated?

Have major P&L lines been reviewed for reasonableness?

Have variances vs budget and prior period been analysed and explained?

Have one-off or unusual items been identified and documented?

Have accounts receivable balances been reviewed and aged?

Have overdue or doubtful receivables been identified and provided for?

Have credit notes and post-period receipts been reviewed?

Have accounts payable balances been reviewed and reconciled to supplier statements?

Have unrecorded or late invoices been identified and accrued where necessary?

Has the cut-off for sales and purchases around period-end been reviewed?

Have payroll records for the period been reviewed for completeness and accuracy?

Have bonuses, commissions, and accruals been reviewed and recorded?

Have statutory filings (e.g., payroll tax, social contributions) been prepared and submitted?

Have year-end employee and contractor forms (e.g. W-2, 1099, P60, etc.) been prepared where applicable?

Have VAT / GST / sales tax balances been reconciled and filed?

Have all material tax provisions and liabilities been reviewed and recorded?

Have all bank and credit card accounts been reconciled?

Have fixed assets and depreciation been reviewed?

Have prepayments and deferred income been reviewed?

Have provisions and liabilities been reviewed for completeness and accuracy?

Have intercompany, suspense, or clearing accounts been reviewed and cleared where possible?

Has the Profit & Loss statement been reviewed and approved?

Has the Balance Sheet been reviewed and approved?

Has a Cash Flow statement been prepared and reviewed (if applicable)?

Has the trial balance been checked and balanced?

Are key balances supported by reconciliations and schedules?

Have review notes and explanations been documented?

Have accounting periods been locked after final review?