Every December, companies scramble. Accruals need posting, fixed assets need reviewing, prepaid expenses need adjusting, and the bookkeeper is on vacation. Year-end close doesn’t have to be a crisis — it just requires preparation starting in October.
The October Checklist
- Verify all bank accounts are reconciled through September
- Review your fixed asset register — are there assets that need to be written off or fully depreciated?
- Confirm all intercompany balances are reconciled
- Start gathering 1099 contractor information
- Review deferred revenue schedules for accuracy
The November Checklist
- Reconcile all payroll reports to GL
- Review prepaid expense amortization schedules
- Confirm sales tax filings are current
- Prepare preliminary year-end adjusting entries
- Schedule time with your CPA for year-end planning
The December/January Checklist
- Post all year-end accruals (bonuses, commissions, vacation)
- Finalize depreciation and amortization entries
- Complete physical inventory count (if applicable)
- Reconcile all balance sheet accounts
- Prepare draft financial statements for CPA review
Do This Monday
- Check: are your books current through last month? If not, catch up before year-end compounds the backlog.
- Schedule a year-end planning call with your CPA or accounting team for early November.
- Create a shared checklist with your finance team. Assign owners and deadlines for each item.
If you want help with year-end close, book a free consultation →