Hey
Is there a comprehensive list of year end procedures that you know of online? In essence I'm on the lookout for a check list of what an accountant will do at year end to finalise the accounts. Thanks
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Ive not seen anything online, but I do have my own list in my head. Would be good to get it down on paper perhaps. How about you start one on here and peeps can then add to it? Oh Im playing that devil again arent I?!!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
He he! Ok here goes - group all previous bank Recs into an excel file - rec all b/s accounts. SLCA / PLCA rec with accounts within them. Run through debtors / creditors, check status of each. End of year VAT rec if applicable. In essence, a lot or reconciliations! If recognition of dividends is relevant, first make sure there is enough retained to take them, request minutes save a copy to client file. This is where I am at. (For info: I haven't any LTD's, purely learning real world as an oppose to textbook) thanks
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
1.Reconciling bank accounts with copy of year end statement
2. Reconciling list of debtors to SLCA. Review up to date list of debtors for any bad/doubtful debts
3. Reconciling list of creditors to PLCA. Review up to date list of creditors for any old balances still not paid.
4. Fixed asset register. Go over with client to ensure all assets still exist and owned at year end. Review for any assets under HP.
5. Make provision for WIP and stock if applicable
6. Review for prepayments and accruals (reconcile the accounting accrual to the accounts)
7. VAT reconciliation to VAT returns submitted in year.
8. Sales Rec to Box 6 VAT return
9. Reconciliation of HP/loan agreements. Split between < 1 year > 1 year as appropriate and reconcile interest charge to P&L account
10. Director loan account analysis for the year.
11. Review companies house for documents submitted since last accounts for any changes.
12. PAYE/NIC reconcilation to payroll records.
13. Wages rec to payroll records. Separate out directors pay for disclosure purposes.
14. CT provision calculation.
15. Deferred Tax calculation.
16. P&L analysis of tax sensitive accounts eg sundries, repairs, legal & professional, donations, travel and subsistence, motor expenses, any other large/unusual balance.
17. Variance analysis comparing last year to this year and explain any unusual/large variances.
18. 5 year report and look at anything that seems unusual this year.
Marks list pretty comprehensive but just a few things that come to mind immediately
physical stock list at year end, together with a note of slow/obsolete stock
physical cash count at year end
check b/forward figures in software from start of year to your info (2nd yr--> as this will highlight items keyed with wrong date prior to year)
Obtain source docs including all invoices/cheque book stubs etc
access to software to obtain reports/carry out year end adjustments (if cloudy)
relevant reports from non cloudy software for full year.
Provide list of adjustments to be made last working day/first day of next year (you may need to go and key these yourself) - eg depreciation, your invoice accrual, CT, called up share cap,divis etc
provide example wording for board resolutions
provide (tax) certificates for dividends
ensure client runs year end routine in software (if required)
May need to review long term contracts to ensure reflected in accounts correctly
interest charge on DLA?
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Wow, I hadn't realised I had most of that in my head. Thanks Mark and Joanne, it would be useful to copy them as a checklist and mark them off, although I only do about 4 a year so my brains not that befuddled - yet.
An excellent question Johnny
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
