Scribd
Upload
2K views1 page

Steps for Finalizing Accounts

Manish Kumar Gupta provides steps for finalizing books of accounts which include taking the opening trial balance print out to match with last year's balance sheet to identify early discrepancies, confirming with sales and purchases departments any pending items, confirming account balances with debtors and creditors, making appropriate expense provisions, preparing bank reconciliation statements, identifying expenses relating to the coming financial year, making tax provision estimates, scrutinizing ledgers, and preparing the final trial balance. Gupta can be contacted for any queries or suggestions regarding the bookkeeping process.

Uploaded by

Hiren Shah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
2K views1 page

Steps for Finalizing Accounts

Manish Kumar Gupta provides steps for finalizing books of accounts which include taking the opening trial balance print out to match with last year's balance sheet to identify early discrepancies, confirming with sales and purchases departments any pending items, confirming account balances with debtors and creditors, making appropriate expense provisions, preparing bank reconciliation statements, identifying expenses relating to the coming financial year, making tax provision estimates, scrutinizing ledgers, and preparing the final trial balance. Gupta can be contacted for any queries or suggestions regarding the bookkeeping process.

Uploaded by

Hiren Shah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

Manish Kumar Gupta

B.Com, A.C.A
+ 91 9718262561
E-mail: [email protected]

Steps for finalisation of books of accounts:


 Take the print out of opening trial balance and match it with the last year balance sheet. So
any discrepancies identified in early stages.
 Confirm with sales and purchased department that any pendency are there.
 Account confirmation from debtors and creditors.
 Make appropriate provisions for the expenses.
 Prepare bank reconciliation statement.
 Identified the expenses which may relate to coming financial year like insurance, rent etc.
 Make the provision for taxation on the basis of estimated profit.
 Ledger scrutiny.
 Prepare the final trial balance.

For any query or suggestion, feel free to contact

You might also like