Is Your Bookkeeping Ready for Year-End? 7 Things to Check Now
The holiday season is coming—and so is year-end! Before the calendar fills up with celebrations, shopping, and maybe one too many pumpkin spice treats, take a little time to check in on your business books.
A few simple cleanup steps now can make December and tax season feel a whole lot smoother. Here are seven places to start:
1. Reconcile your bank and credit card accounts
Make sure your bookkeeping records match your bank and credit card statements. Reconcile each account through the most recent month, and look into anything that doesn’t match.
A duplicate transaction or forgotten bank fee may be easy to fix now. It can be much harder to track down later when you’re trying to remember what happened three months ago.
2. Tidy up uncategorized transactions
“Uncategorized” is a fine temporary parking spot, but it’s not where transactions should spend the whole year. Review uncategorized income and expenses and assign each one to the right account.
If you’re unsure what a transaction was for, check the vendor name, email, or bank description—or make a note to follow up. A little detective work now can make your reports more useful.
3. Gather those missing receipts
Receipts have a way of disappearing just when you need them. Look for expenses that are missing support, especially larger purchases, travel costs, meals, and equipment.
Save receipts digitally or in a clearly labeled folder. Future-you will appreciate not having to dig through your glove box, inbox, and desk drawer in search of one tiny piece of paper.
4. Review unpaid customer invoices
Take a look at your accounts receivable and follow up on past-due invoices. Confirm that each open invoice is still valid, sent to the right person, and accurately reflects the work or product provided.
If a customer has already paid, make sure the payment was recorded and applied to the correct invoice. That helps keep your customer balances—and your cash flow—clear.
5. Check unpaid bills and vendor balances
Review bills you still owe and confirm they’re entered for the correct amount and date. Look for duplicate bills, credits that haven’t been applied, or payments that are recorded but not matched to the right vendor.
This is also a good time to compare your records with vendor statements and ask questions about anything that doesn’t line up.
6. Take a closer look at key account balances
Review important balances such as loans, credit cards, sales tax payable, payroll liabilities, and fixed assets. Check that payments and deposits have been recorded correctly and that the balances make sense based on your records.
If something looks unusual, make a note and investigate before year-end. It’s much easier to resolve a question while the details are still fresh.
7. Make a year-end questions list
As you review your books, keep a running list of anything you need to clarify: a transaction you can’t identify, a missing receipt, an old invoice, or a balance that doesn’t look right.
You don’t have to solve every mystery in one sitting. The goal is to catch questions early and give yourself time to find the answers before December gets busy.
A little cleanup now goes a long way
You don’t need a perfect set of books by the end of October. You just need a clear picture of what’s complete, what needs attention, and what questions are still open.
If year-end bookkeeping is starting to feel like a bigger job than you expected, JPC Accounting can help you get organized and head into the new year with confidence. Let’s get those books ready before the holiday rush!