Year-End of Accounting Checklist

Year-End closing is one of the most important processes for any company, requiring coordination and consistent joint work between different departments. It is necessary to carry out many tasks in the shortest possible time: obtain all primary documents, reconcile with counterparties, conduct an inventory of fixed assets and inventories, inform the management of the preliminary results of the year, calculate taxes, prepare and submit accounting, management and tax reports.

At the same time, it is necessary to think about the future, consider new standards and legislative changes, and update the accounting policy for 2024.

How to not miss important things and get everything done on time by properly allocating employees‘ time?

SCHNEIDER GROUP starts preparing for the year-end closing as early as November. We use check-lists as a basis for structuring tasks. The check-list implies a level of detail sufficient for the employees of the departments involved to understand; each task has a deadline and a responsible person. All SCHNEIDER GROUP clients are treated individually - from early closing requirements to the extensive network of warehouses where inventory taking is required. We are constantly improving and flexibly adapting our approach to the specifics of our clients.

We are ready to share with you the information about the basic elements that can be on your financial check-list.

Employee availability

• Information on absent employees (including the General Director), especially those with signature rights for payments, payroll, incoming and outcoming shipments, inventory taking, write-offs, etc.
• Working hours on public holidays if necessary
• List of employees who can replace or support key staff in case of emergencies

Timelines

• Dates of year-end payments, salary payments, acceptance of closing documents, accruals
• Dates of the latest warehouse operations in the period (receipt / shipment, intra-warehouse transfers, write-offs)
• Coordination of inventory taking dates and details (locations, methods, participants, counting objects: finished goods, inventories, cash, fixed assets)
• Dates of receipt of primary documents from customers and suppliers, taking into account delivery – Setting dates and scope of internal and external audits

Reconciliations

• Plan and forms of reconciliation with counterparties, affiliated companies and state authorities
• Analyzing and dealing with accounts receivable and payable

Accounting operations

• Analysis of the need for estimated liabilities and provisions
• Preliminary calculation of taxes and financial result
• Review of statutory net asset requirements