Year End Checklist - Managed Client | Financial Cents Templates

About this template

Here’s a comprehensive year-end bookkeeping checklist template for a corporation with complex accounting processes. It’s structured into major task categories with detailed subtasks, so you can use it as a working template for closing the year.

Work type: Accounting

Location: Canada

Client industry: Generic

Version: 1 (Latest)

This template includes

34 tasks
12 client tasks

	Client Year-End Document Request List Client Tasks
	General & Corporate Information
	Banking & Cash
	Accounts Receivable & Revenue
	Accounts Payable & Expenses
	Payroll & Employee Benefits
	Fixed Assets
	Inventory & Cost of Sales
	Loans, Leases & Financing
	Taxes
	Equity & Shareholder Information
	Financial Statements & Supporting Information
	Audit/Review Support (if applicable)

Client Year-End Document Request List Client Tasks

General & Corporate Information

Banking & Cash

Accounts Receivable & Revenue

Accounts Payable & Expenses

Payroll & Employee Benefits

Fixed Assets

Inventory & Cost of Sales

Loans, Leases & Financing

Taxes

Equity & Shareholder Information

Financial Statements & Supporting Information

Audit/Review Support (if applicable)

	Pre-Close Preparation
	Confirm Deadlines
	Verify year-end reporting deadlines (CRA filings, tax deadlines, shareholder reporting).
	Communicate timelines to accounting/finance team and external accountants.
	Review Accounting Policies
	Ensure consistent application of revenue recognition, accruals, and capitalization.
	Confirm any policy changes are documented and approved by management.
	Backup & Security
	Backup accounting files, ERP/QBO data, and supporting schedules
	Restrict access to sensitive year-end files.

Pre-Close Preparation

Confirm Deadlines

Verify year-end reporting deadlines (CRA filings, tax deadlines, shareholder reporting).

Communicate timelines to accounting/finance team and external accountants.

Review Accounting Policies

Ensure consistent application of revenue recognition, accruals, and capitalization.

Confirm any policy changes are documented and approved by management.

Backup & Security

Backup accounting files, ERP/QBO data, and supporting schedules

Restrict access to sensitive year-end files.

	General Ledger Review
	Account Reconciliation
	Reconcile all bank accounts, credit cards, and petty cash.
	Reconcile AR
	Reconcile AP
	Reconcile payroll clearing
	Reconcile loan balances
	Reconcile intercompany accounts
	Trial Balance Review
	Scan trial balance for unusual or unclassified entries.
	Correct posting errors and reclassify where needed.
	Suspense/Unapplied Accounts
	Clear out suspense accounts
	Clear out unapplied credits
	Clear out deposits.

General Ledger Review

Account Reconciliation

Reconcile all bank accounts, credit cards, and petty cash.

Reconcile AR

Reconcile AP

Reconcile payroll clearing

Reconcile loan balances

Reconcile intercompany accounts

Trial Balance Review

Scan trial balance for unusual or unclassified entries.

Correct posting errors and reclassify where needed.

Suspense/Unapplied Accounts

Clear out suspense accounts

Clear out unapplied credits

Clear out deposits.

	Revenue & Accounts Receivable
	Revenue Recognition
	Review contracts for cut-off: ensure December revenue recorded, January deferred.
	Adjust for unearned/deferred revenue.
	Accounts Receivable
	Reconcile AR subledger to GL.
	Review aging report and calculate allowance for doubtful accounts.
	Write off uncollectible balances with management approval.

Revenue & Accounts Receivable

Revenue Recognition

Review contracts for cut-off: ensure December revenue recorded, January deferred.

Adjust for unearned/deferred revenue.

Accounts Receivable

Reconcile AR subledger to GL.

Review aging report and calculate allowance for doubtful accounts.

Write off uncollectible balances with management approval.

	Expenses & Accounts Payable
	Expense Cut-off
	Record accrued expenses for invoices not yet received.
	Ensure bills are recorded in the correct period.
	Accounts Payable
	Reconcile AP subledger to GL.
	Review aging report for long-outstanding balances.
	Prepaid Expenses
	Amortize prepaid insurance, rent, software, etc.

Expenses & Accounts Payable

Expense Cut-off

Record accrued expenses for invoices not yet received.

Ensure bills are recorded in the correct period.

Accounts Payable

Reconcile AP subledger to GL.

Review aging report for long-outstanding balances.

Prepaid Expenses

Amortize prepaid insurance, rent, software, etc.

	Payroll & Employee Benefits
	Payroll Reconciliation
	Reconcile gross wages, deductions, and employer contributions to GL.
	Match payroll register with T4/T4A summary totals (Canada).
	Accruals
	Accrue year-end bonuses, unused vacation, and benefits payable.
	Compliance
	Verify statutory deductions (CPP, EI, income tax) remitted properly.

Payroll & Employee Benefits

Payroll Reconciliation

Reconcile gross wages, deductions, and employer contributions to GL.

Match payroll register with T4/T4A summary totals (Canada).

Accruals

Accrue year-end bonuses, unused vacation, and benefits payable.

Compliance

Verify statutory deductions (CPP, EI, income tax) remitted properly.

	Fixed Assets & Depreciation
	Review Fixed Asset Register
	Record purchases, disposals, and transfers during the year.
	Match invoices with additions.
	Depreciation
	Run depreciation entries as per corporate policy.
	Review useful lives and impairment indicators.

Fixed Assets & Depreciation

Review Fixed Asset Register

Record purchases, disposals, and transfers during the year.

Match invoices with additions.

Depreciation

Run depreciation entries as per corporate policy.

Review useful lives and impairment indicators.

	Inventory & Cost of Goods Sold
	Physical Inventory
	Perform year-end stock count or verify perpetual inventory.
	Reconcile variances between physical and book records.
	Valuation
	Apply costing method (FIFO, weighted average).
	Adjust for obsolete or slow-moving stock (write-downs if required).
	COGS Reconciliation
	Match COGS with revenue cut-off and inventory adjustments.

Inventory & Cost of Goods Sold

Physical Inventory

Perform year-end stock count or verify perpetual inventory.

Reconcile variances between physical and book records.

Valuation

Apply costing method (FIFO, weighted average).

Adjust for obsolete or slow-moving stock (write-downs if required).

COGS Reconciliation

Match COGS with revenue cut-off and inventory adjustments.

	Loans, Leases & Financing
	Loan Accounts
	Reconcile loan statements with GL balances.
	Record interest accruals and principal repayments.
	Leases
	Review lease contracts and apply IFRS 16/ASPE treatment if applicable.
	Update right-of-use assets and lease liabilities.
	Debt Covenants
	Test covenant compliance and prepare supporting schedules.

Loans, Leases & Financing

Loan Accounts

Reconcile loan statements with GL balances.

Record interest accruals and principal repayments.

Leases

Review lease contracts and apply IFRS 16/ASPE treatment if applicable.

Update right-of-use assets and lease liabilities.

Debt Covenants

Test covenant compliance and prepare supporting schedules.

	Taxes
	Sales Tax (GST/HST/PST/QST)
	Reconcile sales tax payable/receivable accounts.
	File outstanding returns.
	Income Tax
	Book current income tax provision and deferred taxes.
	Review permanent/temporary differences.
	Gather required schedules for corporate tax return.

Taxes

Sales Tax (GST/HST/PST/QST)

Reconcile sales tax payable/receivable accounts.

File outstanding returns.

Income Tax

Book current income tax provision and deferred taxes.

Review permanent/temporary differences.

Gather required schedules for corporate tax return.

	Equity & Shareholder Transactions
	Dividends/Distributions
	Record declared and paid dividends.
	Ensure shareholder loan accounts comply with tax rules.
	Share Capital
	Confirm issuance/redemption entries with corporate records.

Equity & Shareholder Transactions

Dividends/Distributions

Record declared and paid dividends.

Ensure shareholder loan accounts comply with tax rules.

Share Capital

Confirm issuance/redemption entries with corporate records.

	Financial Statements & Disclosures
	Trial Balance Finalization
	Lock the books after adjustments are complete.
	Financial Statements
	Prepare draft Income Statement, Balance Sheet, Cash Flow, and Equity Statement.
	Compare actuals vs. budget/forecast.
	Notes & Disclosures
	Document contingent liabilities, related party transactions, commitments.

Financial Statements & Disclosures

Trial Balance Finalization

Lock the books after adjustments are complete.

Financial Statements

Prepare draft Income Statement, Balance Sheet, Cash Flow, and Equity Statement.

Compare actuals vs. budget/forecast.

Notes & Disclosures

Document contingent liabilities, related party transactions, commitments.

	Audit & External Review
	Audit Preparation
	Prepare PBC (Provided By Client) schedules.
	Organize supporting documents (contracts, invoices, bank confirms).
	External Accountant Coordination
	Provide trial balance, reconciliations, and working papers.
	Respond to queries from auditors/reviewers.

Audit & External Review

Audit Preparation

Prepare PBC (Provided By Client) schedules.

Organize supporting documents (contracts, invoices, bank confirms).

External Accountant Coordination

Provide trial balance, reconciliations, and working papers.

Respond to queries from auditors/reviewers.

	13. Management Reports & Next Year Setup
	Internal Reporting
	Prepare year-end management discussion & analysis.
	Identify variances and unusual trends.
	Budget & Forecast
	Roll forward budgets for next year.
	System Roll-Forward
	Close prior year in accounting software.
	Open new fiscal year and review carryover balances.

13. Management Reports & Next Year Setup

Internal Reporting

Prepare year-end management discussion & analysis.

Identify variances and unusual trends.

Budget & Forecast

Roll forward budgets for next year.

System Roll-Forward

Close prior year in accounting software.

Open new fiscal year and review carryover balances.