The year-end close checklist we run for every client

A year-end close is not one big task. It is a short sequence of small ones, done in the right order. This is the sequence we run at Whitmore & Vale every January, and it is the difference between a filing season that feels routine and one that feels like an audit of your own shoebox.

Reconcile everything first

Start with the accounts that have statements. Until these tie out, nothing downstream can be trusted.

• Bank and credit card accounts, matched to the December 31 statement balances.
• Loan balances, confirmed against year end lender statements so principal and interest split correctly.
• Payroll liabilities, tied to your quarterly filings and W-2 totals.
• Merchant and processor accounts, including the fees deducted before deposits land.

Review the ledger while it is still warm

With the cash picture settled, walk the rest of the balance sheet. Write off receivables you will never collect. Enter every unpaid bill dated in the closing year. List asset purchases and disposals so depreciation is captured. Flag owner draws and personal charges for reclassification before your accountant has to ask.

Gather what your CPA will ask for

Finish by collecting the paperwork in one folder: final payroll reports, details for every contractor paid $600 or more, year end inventory counts if you carry stock, and closing statements for any property bought or sold. Arriving with these in hand usually shortens preparation by weeks.

If any step surfaces a number you cannot explain, stop there and send it to us. Untangling one odd balance in January is cheap. Untangling it in April is not.

This checklist is general guidance, not advice for your specific situation. Bring us your year end and we will run it with you.