Question { 88944 }

how to do finalisation of accounts

Answer

First step.Check all the opening balances of all ledger and P&L A/C and Balance sheet .

Step Two. Check opening balance of Cash and Bank balance is is Tally with bank statement and cash book maintained by the company

Step Three.Post all current year exp and income based on available documents

Than start checking with debtor and creditors reconciliation that means payment to creditors and payment advice received from debtors and arrive the correct closing balance

Check TDS deducted by the debtors while payment made to us is reflected in AS 26 other wise we will not get credit

Check TDS deducted by the companies properly accounted and weather they file returs correctly if not make necessary working and adjustment entries

Than account month end entries like EB ,Rent ,Salary etc.For which benefits consumed in Year end but payment made in next year

Do BRS Reconciliation

If you do this above mentioned correctly Tally or whatever the software used by the company will prepare Financial statement

Than Export to excel and make necessary reporting working and schedule and give to your Auditors they will check and signed the Financial statement


If any thing if you find mistake please inform