FINANCIAL YEAR-END CLOSING CHECKLIST
Books-closure steps for the year ending 31 March under Indian requirements.
Reconciliations
- ☐ All bank accounts reconciled to statements
- ☐ Cash balance physically verified and tallied
- ☐ Debtors and creditors balances confirmed
- ☐ Inter-company / related-party balances reconciled
Ledgers & Provisions
- ☐ Prepaid and outstanding expenses adjusted
- ☐ Accrued income and expenses booked
- ☐ Depreciation charged as per policy / Act
- ☐ Provisions for bad debts and liabilities created
- ☐ Suspense and temporary accounts cleared
Statutory Closures
- ☐ GST liability and ITC reconciled for the year
- ☐ TDS deducted, deposited and returns matched (Form 26AS)
- ☐ Advance tax paid and self-assessment tax estimated
- ☐ PF / ESI / PT dues cleared
Inventory & Assets
- ☐ Physical stock count completed and valued
- ☐ Fixed-asset register reconciled with books
- ☐ Asset additions, disposals and WIP updated
Reporting & Audit
- ☐ Trial balance finalised and reviewed
- ☐ Draft financial statements prepared
- ☐ Schedules and supporting workings compiled
- ☐ Audit documentation ready for the auditor
- ☐ Backups of accounting data secured
Note: Match TDS with Form 26AS and reconcile GST before finalising accounts; clean year-end closure speeds up statutory audit and income-tax filing.