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Accounts Year End Checklist

Its Year End time again and we are all busy checking the integrity of our data before it goes off.
Here is a list to remind you of some of the things to look out for prepared by Mary Collis, Director for Training and Support.

WHAT NEEDS CHECKING? - HOW DO I CHECK IT?

Start at the beginning,  have you got your OPENING tnal balance agreeing to the figures your accountant finally produced for year end last year? Run the Opening TB from Audit and check Then check your closing figures by looking at the following:-

a) Fixed Assets - run the NBV report

  • Ensure the depreciation rates are consistent
  • Ensure all items sold, scrapped or stolen are no longer showing
  • Ensure at items purchased do want to be capitalised and that there is nothing in repairs that should have been capitalised.

b) Stocks- run the Stocks report.

  • Clear out any of last years stocks that you have now sold or harvested or used.
  • Enter the stocks that you have on the valuation for year end
  • Ensure the movement between opening and closing is realistic

c)VAT

From the VAT report ensure each confirmed VAT return has a receipt or payment against it.

d) Banks

  • Run an unpresented cheque list for each account to the year end.
  • Ensure there are no cheques more than six months old here.
  • Make sure all interest is entered for deposit or loan accounts.
  • Ensure the bank balance is the same as your last statement for the year.
  • Check the Petty Cash has the correct balance

e) Debtors and Creditors

  • Run the Age of Debt and Age of Creditor reports, changing the date to the last day of the year
  • Check these are the Debtors and Creditors you expect.
  • Check on the Summary report that those over 60 days old should be there.
  • Check you have PAYE and any other monthly payments paid in arrears entered.
  • Write off bad debts if appropriate.
  • Look through payments and receipts for first month of new year and ensure none should be here.

f) Standing Orders

  • We recommend you check all Standing Orders have been run and those no longer in use are deleted.

g) Current Year transactions

  • Select the date range from the first day of the financial year to the last day. Run this report up on the screen scroll through this (or print it) and check the following -
  • Are all transactions in their correct nominals?
  • Are there twelve mobile bills, or four electricity bills etc.?
  • Are any loans reducing by capital only, is their Interest In the overheads section?
  • What have you got in miscellaneous, or sundry codes? Can you move them or make a new nominal If there are many for one subject? Is anything prepaid - income or expenditure?

h) Prepayments and Accruals

  • Check all these entered where possible. Look through new year transactions too.