Year-End Closing
Timeline: Late November
Pre-closing checklist: Start your
review early by completing the following checklist.
 Print
the Income Statement
Print
the Balance
Sheet
Print
the Trial
Balance
Print
the YTD General
Ledger
Print
the Client
Invoice Aging
Print
the Vendor
Invoice Aging
Check for the YTD Profit on your Income Statement
to match the Current Earning on your Balance Sheet.
Check for the Client Invoice Aging to match
the total of your Accounts Receivable accounts from a period
12 Balance Sheet.
Check for the Vendor Invoice Aging to match
the total of your Accounts Payable accounts from a period 12
Balance Sheet.
If you encounter any problems check the Client & Profits
FAQs/Tech Notes Index for information about troubleshooting
your agings. By checking these early on you'll be well prepared
for the close year process.
Compile all of these printed reports together
into a 3-ring binder labeled with the closing year, then keep
this binder handy. (Later, you'll replace these preliminary reports
with your final closing financial statements.)
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