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ACCOUNTING CLOSURE CHECKLIST - ACCOUNTING BOOK CLOSURE - ACCOUNTING PROCEDURE FOR CLOSURE-ACCOUNTING - YouTube
Channel: ICAN GJAMES ASSOCIATES
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let us answer our third question that we started聽
with that we are going to answer in this video and聽聽
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which is the checklist what are the list of things聽
or items when we want to close a book of accounts聽聽
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we must ensure the reconciliation of cash and聽
cash equivalent balances so our cash books must聽聽
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all be closed and we must lift their balances to聽
where they should be i want to believe we know聽聽
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where the balances must be lifted to the travia聽
the trial balance okay also when we close accounts聽聽
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we must ensure that all customers revenues聽
invoices have been booked and are complete
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all the invoices generated for the year聽
must be accounted for so if there is a聽聽
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transaction that is happening let's say聽
for example today is the 31st of december
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any year that transaction is happening聽
as we are about to close at our door
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we need to ensure that we record that聽
invoice or that transaction and ensure聽聽
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is part of the accounts for that year or for that聽
month as the case may be i hope we understand that
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so hot invoices must be behind also we must聽
ensure payment receipts from customers have聽聽
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been accurately applied to invoices don't聽
forget we mentioned invoices being booked now聽聽
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we need to ensure we match all payments received聽
against our invoices if not we are going to have聽聽
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debts that are exaggerated that is customer might聽
have paid because we do not match the payments聽聽
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all the payments in particular to聽
invoices then we have debt figures聽聽
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that do not exist so it must not be by the time we聽
are closing we must ensure this on our checklist
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also we must ensure that our class what are our聽
cracks across our spendings across our obligations聽聽
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i think for better word obligations towards what聽
we've enjoyed so an organization has saved our聽聽
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organization we've purchased something from an聽
organization a vendor and we are yet to pay or聽聽
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we anticipated that we are going to make payment聽
on a particular item we need to accrue for them聽聽
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even though they are yet to be paid but they聽
are payments and we've enjoyed them in the聽聽
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year we are accounting for so we must enclose聽
we close them up with the year on the review聽聽
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we must ensure all vendors and procurement聽
invoices have been booked and are complete聽聽
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i've said that earlier we must ensure that聽
all payments made to settle the liability now聽聽
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or they are crew or the accra as the case may be聽
have been completely applied to the view received聽聽
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from our vendor now we've spoken about the credit聽
side now we're talking about the debit side
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also our inventory especially for organizations聽
which with large volume of stock and inventory聽聽
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must ensure that our inventory book balances聽
are reconciled with the physical inventory聽聽
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so that means before we can close our聽
books accounting books we must do stock聽聽
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account so stock accounts should be on our聽
checklist too then we'll be able to reconcile聽聽
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our fiscal inventory with what we have聽
in the book whether they agree or not聽聽
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fix asset register also we must ensure that all聽
existing assets at the particular time let's say聽聽
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india or end of the month are accurately聽
recorded and they are physically verified
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also we must ensure proper accrual聽
have been made for withholding taxes聽聽
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and all relevant taxes as it may be applicable聽聽
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in your country we must ensure we accurately聽
close up the year as regards taxation
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from Gjames Associate challenges Gbenga聽
Olatunji fca if you are yet here to subscribe聽聽
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please maybe you are just joining聽
us we would love that you subscribe聽聽
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so that you encourage us and at the聽
same time push forward the channel聽聽
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