BALANCE SHEET FINALISATION CHECKLIST

 

Given below is the checklist for finalisation of Balance sheet hope this will help you for sure in finalising the balancesheet of all organisations. Must check the following things before finalising .

1No Entry On National Holiday.
2Confirmation of Secured Loans.
3Confirmation of Unsecured Loans.
4Confirmation of S.Creditors (Specialy Those With Debit Balance.)
5Confirmation of S.Debtors (Specialy Those With  Credit Balance)
6Bonus Sheet To Be Tallied With Bonus Paid In Cash And By Cheque.
7Check Cash For Negative Balance.
8Electricity Charges For 12 Months Entered Or Not.
9Salary Sheet – Tally With Salary Paid In Cash+Cheque. Salary of Employees Who Have Not Signed Salary Sheet Should Reflect As Payable. Tally With Salary Summary For Whole Year.
10Copy of All Full & Final A/C Papers Required.
11Insurance Exp. – Pre-Paid Entries To Be Done. Copy of All Cover Notes To Be Kept In Balance Sheet File.
12Other Pre-Paid Exp. Entries Like Licence Fee, AMC Etc.
13Tally Opening Balance With Last Year Balance Sheet.
14Reconcile Sale + Purchase With Sales Tax Returns.
15Licence Fee – Receipt Or Covering Letters of Licence Copy.
16Tel. Exp. – Bill of 12 Months Entered Or Not. Narration Similar To That of Electricity Exp.
17Depriciation Entries.
18Tally Tds Certificates With Relevant Ledgers.
19Tally Tds Returns With Relevant Ledgers.
20Reconcile All Bank Accounts.
21G.P. Rate Comparison With Last Year.
22Audit Fee To Be Entered.
23Check Cash Exp. Vouchers.
24Check All Debit Notes / Cr. Notes. Should Be Signed
25Check All Cash Receipts. Should Be Signed
26Check All Discounts To Customers Or Short & Excess Or Bad Debts Vouchers. Should Be Signed
27All Heads In Previous Year P&L, Trading Balance Sheet Should Be In Current Year Balance Sheet And Comparasion of Amount To Be Done.
28Challans of All Govt. Dues To Be Enclosed With I.T.R., VAT / CST / ESI / EPF / TDS Etc .
29Exp. Payable Entries : Tel., Electricity, Water Etc .
30Freight Inward For All Central Purchases Should Be Entered.
31Transfer Previous Year Pre-Paid To Relevant Expense Head.
32Check Payment of Previous Year Expenses Payable.