Join 10,000+ professionals who enrolled in the Controller Academy 🚀
Get your copy of the checklist:
I am a CPA in the United States and I summarized the steps to close out the financial year from an Accounting standpoint.
Videos mentioned during this tutorial:
Bank Reconciliation:
Record Payroll JE:
Vacation Accrual JE:
Revenue Recognition ASC 606:
Stock Options JE:
Allowance for Doubtful Accounts JE:
Balance Sheet Reconciliation:
How To Analyze The Financial Statements:
Time Stamps:
00:00 Intro
00:50 Agenda
01:10 Overview of the checklist
03:34 1. Billing & AR
06:21 2. Accounts Payable
08:21 3. Cash & Credit Cards
09:54 4. Employee Expenses
10:55 5. Payroll
14:19 6. Revenue Accruals
16:16 7. Inventory Accruals
19:30 8. Fixed Assets
22:33 9. Other Accruals
26:34 10. Account Reconciliations
28:22 11. Flux Analysis
28:56 12. Discuss results with management
29:52 13. Close the year in the system
-----------------------------------
Hang Out with me on social media:
DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!
All views expressed on my channel are mine alone. Not intended as financial or professional advice