About this template
Work type: Bookkeeping
Location: United States
Client industry: Generic
Version: 2 (Latest)
This template includes
- 13 tasks
- 3 client tasks
Year End Accounting Review
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| Team Tasks | ||
|---|---|---|
| Automatically request year end statements from client with client tasks in Financial Cents |
Admin
|
|
| Bank statements | ||
| Credit card statements | ||
| Loan statements | ||
| Receive year end statements from client |
Admin
|
|
| Loan statements | ||
| Interest statements | ||
| 1099K forms | ||
| Brokerage accounts | ||
| K-1s from investments | ||
| End of Year Payroll Reports from Payroll Company | ||
| W-2s from Payroll Company | ||
| Confirm all banking feeds have been cleared | ||
| Confirm all accounts have been reconciled | ||
| Make sure there are no outstanding transactions on any bank or credit card accounts that are not correct. Investigate anything outstanding for more than 30 days! | ||
| If not reconciled with monthly bookkkeeping tasks, now is the time to reconcile year-end payroll reports with payroll expense and payroll liability accounts. Make sure all 941 reports match the W-3. Make sure all state withholding totals equal the state information on the W-3. | ||
| Review P&L Detail | ||
| Review Balance Sheet | ||
| Make sure retained earnings or owners equity matches the prior year tax return on Schedule L | ||
| Tie Out Balance Sheet | ||
| Prepare Financial Statements |
Bookkeeper
|
|
| Reconcile fixed asset accounts to CPA depreciation listing and adjust year-to-date depreciation accounts as needed | ||
| Make adjusting entries as needed for prepaid expenses, customer deposits, accrued expenses, etc | ||
| Run & match reconciliation reports with statement balances | ||
| If your client owns investments, reconcile investments to brokerage statement | ||
| If your client owns investments in the form of other partnerships, record activity or reconcile activity in the investment account with the current K-1 received | ||
| Create and compile draft financial reports | ||
| Share year end reports with client for review using the client tasks feature in Financial Cents |
Bookkeeper
|
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| Get approval from client |
Bookkeeper
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| 1099s |
Bookkeeper
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| Confirm all accounts have been reconcile prior to issuing any 1099s | ||
| Prepare 1099's using QBO or input data from QBO reports to your 1099 system | ||
| Print and send copies to receipients | ||
| Download copies and save to client folder | ||
| Archive year-end review documents to the "Client Documents" link in the resources section |
Admin
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|
| Build working papers and close the books |
Reviewer
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|
| Verify prior year financials match prior year tax return | ||
| Ensure you have all working papers and each one ties to an account on the balance sheet or profit and loss statement. | ||
| Save copy of tax return from accountant | ||
| Client Tasks Client Tasks | ||
|---|---|---|
| Upload your bank statements | ||
| Upload your credit card statements | ||
| Upload your loan statements | ||