YEAR END BOOKS CLOSING
- Prepare all year-end payroll and vendor statements, including W-2’s, W-3’s, 1099’s, 1096’s, etc.
- File and pay FUTA (form 940)
- File and pay sales or meals taxes (if an annual filer)
- Verify and update employee withholding and address information
- Review employee benefits programs/update employee information
- Review vendors and services (telephone or internet service providers, credit cards, etc.)
- Update year-end inventory and capital assets in the books
- (Nonprofits only) review the status of any restricted grants; prepare reports for funding sources as necessary
- (Nonprofits only) review overhead expense allocations (Management & General, Development, Program) and adjust as needed
- Review company insurance coverage against inventory value, potential liabilities or increased revenue
- Prepare materials for workers’ comp insurance audit
- Prepare materials for liability insurance audit
- Review status of any owner loan accounts
- Prepare materials for accountant
