Year-End Balance Sheet Close Checklist
Move from trial balance to supported financial statements.
Move from trial balance to supported financial statements. Use the sections below to understand the practical decisions, records and compliance points before taking action.
Plan the close calendar
Assign owners and deadlines for ledgers, schedules, adjustments and review.
Lock operational cut-off
Check sales, purchases, inventory, payroll and expenses in the correct period.
Reconcile all controls
Complete bank, customer, supplier, tax, loan, payroll and intercompany reconciliations.
Post year-end entries
Record depreciation, provisions, accruals, prepayments and tax with workings.
Build note schedules
Every material balance should have a roll-forward or supporting listing.
Complete review and archive
Resolve exceptions, approve statements and preserve a version-controlled close file.
Official References
Rules and portal requirements can change. Review the current official material relevant to the proposed company.
This article provides general information and is not a substitute for legal, tax or investment advice. Applicability should be reviewed for the proposed entity and current law.