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    The Fiscal Year-End Checklist For Accounts Payable (AP)

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    jeya

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    The Fiscal Year-End Checklist For Accounts Payable (AP)

    Uploaded by

    jeya
    53 views2 pages

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    the_fiscal_year_end_checklist

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    53 views2 pages

    The Fiscal Year-End Checklist For Accounts Payable (AP)

    Uploaded by

    jeya

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    The Fiscal Year-End Checklist for Accounts Payable (AP)

    Introduction
    IOFM is pleased to provide the following twenty point checklist to assist Accounts Payable
    Professionals with the fiscal year-end closing process. Even if you are a seasoned veteran and
    are familiar with all the steps required for the fiscal close, this checklist will serve as an excellent
    roadmap to ensure you and your team cover all the bases from establishing schedules, fine
    tuning your supplier information, ensuring your company’s accruals are correct, to completing
    AP account reconciliations. This practical tool is a step-by-step checklist that can be shared with
    your controller, accounting team, procurement team, and business partners.

    1. Establish a calendar or schedule that contains all the deadlines and cut offs. Provide all
    appropriate team members with a copy of the schedule.

    2. Remember that those who file T&E reimbursement requests need this fiscal year-end cut-off
    information, too.
    3. Review your 1099 supplier information to make sure it is complete. Review your supplier
    master file for missing TINs and try to obtain as many as possible. We suggest an annual
    Tax Identification Number (TIN) matching process prior to completing your 1099 process.
    4. Consider scheduling calls to business units and/or departments in mid-December to ensure
    they are aware of the requirements for the fiscal year-end closing process.

    5. Coordinate with Accounting to ensure that their schedule and to-do lists coordinate with AP’s.
    Consider publishing a joint calendar or schedule.

    6. Review year-end policy and procedures and update the documentation if required.

    7. Assign specific year-end related tasks to appropriate team members.

    8. Review vacation schedules to ensure adequate staffing - particularly in the week between
    Christmas and New Year’s Day.

    9. Determine what routine tasks (if any) can be delayed in order to comply with year-end
    closing requirements.

    10. Make sure that all invoices that have been received are entered into the system.

    11. Review recurring payments to ensure that they will fall into the correct accounting period.

    1|Page Copyright 2013


    IOFM
    The Fiscal Year-End Checklist for Accounts Payable (AP)

    12. Ensure all routine journal entries are completed in a timely manner.

    13. Establish the proper procedures for accruing amounts due for invoices that are not received
    by the end of the year. Consider closing schedules of your key suppliers during the holiday
    period.

    14. Adjust any prepaid items, such as insurance, that should be expensed.

    15. Journalize any other accruals for year-end that won’t be paid until the following calendar
    year.
    16. Review all invoices received shortly after the new year has begun to determine when the
    goods were received or services performed to ensure that the accrual is made for the correct
    amount.

    17. Complete intercompany transfers.

    18. Research and properly account for voided and outstanding checks.

    19. Review and reconcile AP clearing and other AP accounts.

    20. Schedule the production, review, and archival of year-end reports.

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    IOFM

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