Bookkeeping Year-End Checklist for Small Businesses:

  1. Enter all transactions incurred for year.
  2. Reconcile bank accounts (ensure all transactions are cleared, reconciled, or voided if duplicate/incorrect).
  3. Review Account Receivable Aging Report and send statements to customers with open balances.
  4. Review open balances on Accounts Payable Aging Report.
  5. Review contractors paid and file 1099’s as necessary.
  6. Create Profit & Loss Report and Balance Sheet Report.
  7. Review Financial Reports in number 6 and reallocate any incorrect or missing transactions.
  8. Send reports to CPA for review and schedule a consultation with them.

The end of a fiscal year can be stressful, however by following the above steps, you should be on the right track to have a successful close to your year.