To prepare for a simpler year-end close using financial accounting software, organizations should review their chart of accounts, reconcile bank and credit card statements, and ensure all transactions are recorded. Key tasks include updating depreciation plans, conducting physical inventory checks, verifying payables and receivables, and ensuring tax compliance. Additionally, organizations should prepare preliminary financial reports and make necessary adjusting entries.

1. How to Get Ready for Your Financial
Accounting Software for a Simpler Year-End
Close
Year-end preparation in financial accounting software is essential for the financial
reporting process to run smoothly and accurately. Here are steps to help you prepare
your financial accounting software for a simpler year-end close:
Review and update chart of accounts: Start by reviewing your chart of accounts.
Make sure it accurately reflects your organization's financial structure. Make any
necessary updates or changes.
Reconcile bank and credit card statements: Reconcile all bank and credit card
statements for the year to ensure your financial records match actual transactions. End
of current transactions: Make sure any outstanding transactions, such as unpaid bills or
invoices, are recorded and updated in your accounting software. Depreciation and
amortization: Review and update your fixed asset depreciation plan. Make sure they are
up to date and accurate.
Stock valuation: If your organization manages inventory, take a physical inventory
and reconcile it with records from your accounting software. Adjust inventory value if
necessary. Payables and receivables: Review your payables and receivables. Ensure all
invoices and invoices are accurate and up to date. Look for any late payments. Tax
compliance: Make sure your financial records comply with tax regulations. This may

2. involve reconciling tax liabilities, preparing tax forms, and ensuring all deductions and
credits are accounted for. Salary and employee records: Verify that all payroll records
are accurate and up to date. Make sure you have proper records for tax reporting and
compliance.
Economic situation: Prepare and review preliminary financial reports for the year,
including income statement, balance sheet and cash flow statement. Adjustment items:
Prepare any adjusting entries necessary to correct errors or explain items not recorded
accurately during the year.
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