* Year End Procedures *

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Alicia
Alicia Registered Posts: 40 Regular contributor ⭐
in General accounting discussion
Do any one have any guidance on completing year end procedures...??

Any advice would be kindly appreciated.

Alicia x

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  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    You need to give some more information.

    What specifically do you need help with?

    Accounting year end procedures, payroll year end procedures?

    I'm presuming accounting year end, what is your information on sage or excel??
  • Alicia
    Alicia Registered Posts: 40 Regular contributor ⭐
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    Its an accounting year end - i have only ever done one year end before for the company and this was with some help from the person i was replacing. Who has now retired.

    Our accounts information is on Sage - i am aware of prepayments/accruals etc but not sure what else i need to do to finalise this process. We do have a few items in excel set up for such as - Bank Reconciliation, VAT Reconciliation.


    Thank you

    Alicia x
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    Is it being passed on to an accountant to finalise or are you trying to do the whole accounts as well?
  • Alicia
    Alicia Registered Posts: 40 Regular contributor ⭐
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    Bluewednesday wrote: »
    Is it being passed on to an accountant to finalise or are you trying to do the whole accounts as well?

    They will be going to the accountants to finalise.
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    One big tip to save time and money is to copy and reconcile every statement you can find, this will save the time and attention of the accountants...also reconcile control accounts to reports (e.g. SLCA to debtors report, PLCA to creditors, PAYE to liability due over year end date).

    Also ensure everything is filed in a logical order and that you have provided notes on any anomolous transactions/missing information postings you have calculated etc. Lastly a rundown of unusual aged debts/creditors amounts and steps being taken (or payment dates if paid after year end ) never go's amiss .
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
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    Reconcile your VAT (Presuming you're vat registered).

    Reconcile the VAT liability of the return @ the year end to the total of the 3 codes: Purchase tax control account, sales tax control account & VAT liability.

    Reconcile total box 6 for the 4 returns in the year to the sales for the year.
  • Hasan.Ahmet
    Hasan.Ahmet Registered Posts: 87 Regular contributor ⭐
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    basic principle is the same whether you use manual or the most sophisticated computerised systems.
    Accounting year end proceedure means transferring the balances from the nominal ledger to the p&L and/or BS. Balances transferred to BS are then c/fwd to the ensuing year.

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