Year-End Closing
Closing checklist in execution order
Annual inventory count
before Dec 31Stock, fixed assets, cash, settlements. Document discrepancies before the balance.
Counterparty reconciliations
DecemberReconciliation acts for AR/AP. Doubtful debt — to reserve.
FX revaluation
at Dec 31Revalue monetary FX items at NBU rate on balance date.
Accrue reserves
DecemberDoubtful debt, vacation, warranty reserves per accounting policy.
Depreciation & impairment
DecemberFinal year depreciation, FA impairment test, useful lives reviewed.
Close the books
Dec 31Class 7 to 79, costs to 23/91-93, result to 44. Post-closing trial balance.
Annual reporting
Jan–MarFinancial statements by Feb 28 (small), declarations, stats — per calendar.
Order matters: inventory and reconciliations come before closing the books — otherwise corrections land in the new year as error fixes.