Tips & Advice

Year-end check list

Customer Ledger

• Run Customer Invoices Due Report
• Allocate payments on a/c and sales credits
• Deal with any anomalies
• Clear old outstanding debts if not due
• Is a bad debt provision appropriate?

Purchase Ledger

• Run Purchase Invoices Due Report
• Allocate payments on a/c and purchase credits
• Deal with any anomalies
• Clear old outstanding invoices if not due

Nominal Ledger

• Run Nominal Activity Report – excluding control a/c’s (see month-end reports)
• Check/amend VAT codes, incorrect postings, narrative etc (if appropriate)
• Are there any items on the Balance Sheet to be cleared at the year-end?
• When corrections completed, run a nominal to view with a b/fwd balance as a final check

VAT

• Post VAT journals to liability a/c (if not already done)
• Reconcile VAT

Payroll

• Reconcile accounts to Payroll records to check there are no anomalies

Other Reconciliations (if appropriate)

• HP Accounts
• Business Loans
• Inter-Company accounts
• Sales orders
• Purchase orders
• Stock