Year-End Financial Closeout Checklist

Wrap up cleanly for audits and taxes—reduce errors by 40% with this streamlined guide.

• Reconcile all accounts: Banks, credit cards, payroll (zero out suspense items).
• Accrue expenses: Log unbilled items (e.g., vendor invoices, bonuses) when incurred, per US GAAP.
• Inventory count: Physical/virtual for CPG/e-comm, adjust for shrinkage per IRS guidelines.
• Depreciation/amortization: Update schedules per MACRS tables (e.g., 5/7-year for most equipment) for tax purposes.
• Deferred revenue: Roll forward unearned portions accurately under ASC 606.
• Tax provisions: Estimate current-year liability with Q4 adjustments per IRS estimates.
• Intercompany elims: Clear any internal transactions.
• Final P&L review: Variance analysis vs. budget (>5% flags).
• Board packet: Prep clean financials and narrative highlights.
• Archive securely: Backup in your system, revoke temp accesses.