Year End Tips for 2016

November 22, 2016 by Aaron Thomas
Copeland Buhl

It is that time of the year again.  Along with all the holiday festivities, accountants are also busy finalizing the books for 2016 and preparing for 2017.  Here are some tips to help you stay organized and accomplish all the yearend tasks:

  • Schedule year end software updates.  Consultants are busy this time of year so schedule early to ensure your updates are done timely.
  • Schedule your yearend inventory counts.  Check with your accountant to see if they need to be present during the count.  Pick a time that will have the smallest impact on your customers and vendors.
  • Review your balance sheet accounts.  Make sure you can reconcile all prepaid and accrual accounts.
  • Review your inventory and write off any obsolete stock.  Make sure your sub-ledger ties to the General Ledger.
  • Review your accounts receivable – if any accounts are deemed uncollectable, write them off.  Make sure your sub-ledger ties to the general ledger.
  • Review your accounts payable – try to resolve any vendor invoice disputes before year end.  Make sure your sub-ledger ties to the general ledger.
  • Review your fixed assets – make sure additions and disposals have been recorded.  Make sure your sub-ledger ties to the general ledger.
  • Review your cash accounts to ensure all bank accounts are reconciled.
  • Print a trial balance and check for any posting errors.  Make sure the trial balance is in balance.
  • Review your 1099’s and ensure all vendors are properly flagged as 1099 and all purchases have been recorded.  Be sure you have tax identification numbers for all 1099 vendors.
  • If you are running payroll in-house, review your W-2 information to ensure you have correct information for all employees.
  • If you are running payroll in-house and must report Affordable Care Act information, ensure you have all the correct information entered and you have the most recent forms available.
  • Review your chart of accounts.  Check to be sure balance sheet and income statement accounts are marked correctly.  These settings will dictate which accounts are closed to Retained Earnings at yearend.
  • Obtain and review year end close steps for your accounting software.
  • Set up the fiscal periods for the New Year in your accounting software.
  • Finalize budgets for the New Year.  Import or update in your accounting software.

Please feel free to reach out to your Copeland Buhl accountant or Beyond It Advisors consultant with any questions on any of the topics listed above.