Here is a helpful list to help you keep track of your fiscal year end tasks:
- Invoice all clients through the end of your fiscal year.
- Run the Receivables report with Balances as of End D. Collect as needed
- Run the Payables report as of Payment up to Date with the same end date as your fiscal year. Pay any outstanding payables.
- Reconcile all bank accounts. Bank Reconciliation - Legal Accounting
- Run the financial reports for the fiscal year. Review for accuracy. If necessary, submit to your accountant.
- Review your 1099 listing and produce the necessary 1099 forms.
- Close all fiscal months with the exception of the last month of your fiscal year.
- Enter any GL adjustments as reported by your accountant. Date them the last day of your fiscal year.
- Enter the budgets for the new fiscal year.
- Close out the last month of your fiscal year, toggle on close fiscal period. Closing and Re-Opening Financial Periods
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