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Period End - & - Year End - General Ledger - Check List

Period End_&_Year End_General Ledger_Check List

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55 views4 pages

Period End - & - Year End - General Ledger - Check List

Period End_&_Year End_General Ledger_Check List

Uploaded by

dinesh.k
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GENERAL LEDGER MONTH END CHECK LIST

FOR THE MONTH OF: _______________________

[ ] Verify that Accounts Payable, Accounts Receivable, Payroll and Job Cost Month End Procedures have been
completed.

[ ] Verify that all General Ledger Distributions have been transferred to the General Ledger from Accounts
Payable, Accounts Receivable, Payroll and Job Cost.

[ ] Verify that all standard entries have been updated for the month being closed.

[ ] Verify that all journals and reversing entries have been entered and updated for the month being closed.

[ ] Print a General Ledger trial balance in detail.

[ ] Print a General Ledger working trial balance. (Optional)

[ ] Review the trial balance for accuracy.

[ ] Reconcile the General Ledger balances for:

[ ] Accounts Receivable (compare to A/R month end trial balance)


[ ] Accounts Payable (compare to A/P month end trial balance)
[ ] Verify cash account(s) balance(s)
[ ] Inventory totals with inventory valuation report
[ ] Payroll tax accounts
[ ] Payroll salary accounts

[ ] Other account balances to reconcile:

[ ] ________________________________________
[ ] ________________________________________
[ ] Make any necessary adjustments.

[ ] If adjustments were made, reprint a final General Ledger trial balance as part of your
permanent month end records.

[ ] Print other Month End Reports

[ ] Balance Sheet [ ] _______________________________

[ ] Income Statement [ ] _______________________________

[ ] Cash Flow Report [ ] _______________________________

GL: General Ledger Responsibility > Open/Close


GENERAL LEDGER YEAR END PROCEDURES

FOR THE YEAR ENDING:

This section presents instructions for executing the year-end processing procedure. This procedure
accomplishes several tasks simultaneously:

Creates a closing entry transaction for each income statement account


Creates a profit (loss) transaction to a specified balance sheet
Prints the closing entry transaction register
Prints the closing trial balance
Updates the last year balance file with current year balances
Prints the opening balance register
Clears the year-to-date file of prior year's transactions
Clears opening trial balance transactions for the year-to-date file

Because the year-end closing procedure clears the transactions file, it is recommended that permanent backup
copies of the files be made before executing this procedure. Other procedures recommended for execution at
year-end include:

Printing of all desired financial reports.


Copying your data files onto a backup tape, or keep a copy a copy of your data on your hard drive (Call support
for assistance).
Update budgets from last year's figures (Section 11.5).

All these procedures should be considered for execution before running the year-end program which
Clears the files. Reports and Listings that must be printed for the current year before the files are cleared
include:

General Ledger Account Master File List


Standard Entries Master List
General Ledger Trial Balance
Income Statement and Schedules
Balance Sheet and Schedules
Cash Flow Report - Changes in Components
Income Statement Trend Report
Comparative Income Statement Trend
Balance Sheet Trend Report
Cash Flow Trend - Changes in Components Trend
Chart of Accounts Extract
System Information File List
Period Ending Dates List
Employee Ledger
941A forms
W2 forms
1099 and Miscellaneous List

Many of these reports and listings can be included as part of your routine year-end processing. It is up to you to
determine what documentation you need at the close of each fiscal year. Remember that all reports for the
current year must be printed before running the Year-end program.
New Year transactions may be posted before the year end procedures are run. If you want to produce a new
year's financial statement before clearing the previous year's figures, enter a new fiscal year start date. This
prevents the previous year's transactions from being included in the YTD figures. Period end dated must also be
changed in the System Information File. To run the year end procedures for the previous year, period end dates
must be changed back to their previous condition.

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