Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
CASH
Obtain bank statements for all accounts.
Perform reconciliation between bank statement and G/L for all cash
accounts.
Review outstanding checklist for any long outstanding checks.
Determine resolution/disposition.
Review all reconciling items:
1. Prepare lead schedule.
2. Prepare list of bank accounts and trading securities for year-end
audit confirmation process.
3. Determine if any cash is considered restricted and/or a
compensating balance for appropriate financial statement
presentation and footnote disclosure.
INVESTMENTS
Evaluate all investments for proper accounting with reference to
SFAS No. 115, and current accounting rules in regard to accounting
for equity investments. Update Controller's investment memo on a
quarterly basis. (See also, Equity Investments below.)
Page 1
The Fiscal Closing Checklist
ACCOUNTS RECEIVABLE
ACCOUNT ANALYSIS:
Obtain detail of A/R balances by accounting personnel.
Reconcile ending A/R balance on sub-ledger to G/L.
Review all reconciling items:
1. Prepare lead schedule.
ROLL-FORWARD OF ACCOUNT:
Prepare roll-forward of A/R activity.
COLLECTIBILITY REVIEW:
Create an aged A/R detail. Show A/R in following buckets: 0-30
days, 31-60 days, 61-90 days, and 91+ days. Review long
outstanding balances.
Perform collectability review of all A/R balances through discussion
with relevant parties. Document results of discussion. Determine if
any balances require reserves.
ALLOWANCE FOR BAD DEBTS:
Prepare account analysis showing bad debt allowance.
Prepare roll-forward of Allowance for Bad Debts account.
Tie beginning balance to G/L and to prior-period financial statement.
Tie Bad Debt Expense to Income Statement.
Tie write-offs to actual write-offs recorded during the period.
Tie ending balance to G/L.
PREPAID EXPENSES
Obtain supporting documentation for all additions to Prepaid Assets
during the period.
Ensure amounts are properly classified as Prepaid Assets.
Prepare account analysis/reconciliation of Prepaid Assets account.
Review all reconciling items (if any):
1. Review all asset items for proper classification of short-term vs.
long-term.
Page 2
The Fiscal Closing Checklist
FIXED ASSETS
ADDITIONS:
Review new Fixed Asset purchases during period. Obtain related
invoices. Ensure invoices have been approved by the responsible
budget holder.
Journal entries related to Fixed Asset additions are approved by the
Finance Team Leader and are supported by appropriate detailed
documentation.
Tie additions in roll-forward to detail of purchases during period.
Ensure all items added to Fixed Assets are properly capitalized.
Tie non-cash acquisitions to Capital Lease or other area(s).
DISPOSALS:
Journal entries related to Fixed Asset disposals are approved by the
Finance Team Leader and are supported by appropriate detailed
documentation.
Tie disposals in roll-forward to detail of assets disposed of during
period.
Ensure journal entries were recorded correctly to remove asset and
accumulated depreciation.
Determine gain or loss recognized on disposals.
ACCOUNT ANALYSIS:
Update roll-forward of Fixed Asset by category.
Agree to fixed assets sub-ledger .
FOOTNOTE DISCLOSURE:
Prepare footnote disclosure to show asset classes and related
balances.
Page 3
The Fiscal Closing Checklist
OTHER ASSETS
Prepare reconciliation of Other Assets account.
Review all reconciling items (if any):
1. Review all asset items for proper classification of short-term vs.
long-term.
GOODWILL
SFAS No. 142 ANALYSIS:
Perform annual (or more frequent, if necessary) assessment for
impairment.
ACCOUNT ANALYSIS:
Discuss with management as to any changes in Goodwill during
period.
Prepare roll-forward of Goodwill account activity.
Obtain supporting documentation for changes to Goodwill during the
period.
Prepare lead schedule.
Page 4
The Fiscal Closing Checklist
INTANGIBLE ASSETS
SFAS No. 141 ANALYSIS:
Perform quarterly assessment for impairment.
ACCOUNT ANALYSIS:
Prepare roll-forward of Intangible Asset account activity.
Obtain supporting documentation for changes to Intangible Assets
during the period.
Prepare lead schedule.
AMORTIZATION:
Perform monthly calculation of amortization expense. Book related
entries.
ACCOUNTS PAYABLE
CUTOFF:
Perform A/P cutoff—Three days before period-end.
ACCOUNT ANALYSIS:
Obtain A/P sub-ledger detail.
Reconcile A/P sub-ledger to G/L.
Page 5
The Fiscal Closing Checklist
EQUITY
Prepare roll-forward of Equity accounts:
1. Tie Net Income in Retained Earnings roll-forward to Income
Statement.
2. Obtain support for all changes in Equity accounts.
Page 6