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  • FY 19/20 Year end checklist for Small Businesses

    Some companies wait until the last moment to finalize their accounts, it leads to an error and the delaying of the financial budget for the year 2020/2021. Therefore, small companies plan to complete the year end process accurately to give a complete picture of its financial position and plan for the coming year.
    It is vital to prepare for year-end close in advance to ensure a true and timely close. Using a checklist is a helpful way to track which activities have been completed and which are still outstanding, especially if you have multiple employees or teams working together to close the books.

    Below mentioned are the items that are commonly covered in the year end process
    1. Posting of supplier Accrual /Provision for financial year 2019/2020
    2. Reconcile the ledger with sub ledgers
    3. Reconciliation of ledger balances
    4. Reconciliation of Inventory
    5. Check the GP Margin
    6. Bank Reconciliation
    7. Payroll Reconciliation
    8. Asset Verification
    9. Posting of Depreciation
    10. Sales Reconciliation with VAT/NBT/ESC Returns
    11. Gratuity Provision
    12. Reconciliation of Debtors
    13. Write off the very old balances
    14. Posting of Tax Liabilities
    15. Posting of Deferred Liability
    16. Preparing Schedules for Financial Position balances

    Once the above matters are complete, the company will be able to prepare the best estimates for the coming financial year. Accordingly, the company can manage the cash flow and make some investment in capital expenditures.
    Now that you are ready for the year-end close, review our monthly accounting close checklist as well to help your company better reconcile accounts on an ongoing basis. Taking the right steps each month will reduce your workload when it is time to close for the year.

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Accountants.lk is a community of Accounting professionals launched with the purpose of creating unique value for accounting professionals in Sri Lanka .

We offer an online platform that Facilitate useful Contents from the experts in the field for the purpose of enhancing the knowledge of accounting professionals. Also our offline events and sessions help to meet and network like minded professionals and share knowledge among them on the related topics. As the primary step we started our first Learning Club on the 17th of January 2020, this club would assist in developing the skills of young Accountants.

We are continuously closely working with our members to identify their needs and requirements for the purpose of create a great value for them and providing them the unique benefits as community members.

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