2023 Accounting Year-End Checklist for Government Contractors

As your organization looks to close out the calendar year, here is a government contractor focused accounting year-end checklist to get you started. This can be applied with systems such as Deltek Costpoint or QuickBooks.

Laptop with a checklist image
1If on-premise, install year-end update. 
2Make a complete backup. 
3Run normal month-end close process.  
Do not close until year-end is complete. 
4Setup new calendar/fiscal year, periods and subperiods. 
5Reconcile unbilled receivables and balance sheet accounts. 
6Roll forward general ledger balances and update retained earnings. 
7Enter budgets for new year. 
8Roll project balances forward. 
9Copy cost pools and service centers to new year. 
10Update new year cost pools and service centers, as required. 
11Add new year timesheet, leave and payroll period. 
12Run 1099’s. 
13Run W-2’s. 
14Close month and close calendar/fiscal year. 

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Need Assistance with Year-End Accounting?

If you have any questions please reach out, we’d love to chat further and assist your organization with your year-end and general accounting needs. Our services include:

  • Year-end close and reconciliations
  • Indirect rates reconciliation (building new rate structures for new year)
  • 1099 & W-2 processing and closing out payroll year
  • Leave balances reconciliation and closing out leave year
  • Time & expense year-end close
  • Incurred cost submission assistance
  • Prepare budgets/projections for the next year
  • Compliance and year-end reporting
  • System consulting, support and training

Learn more about our Managed Accounting Services and Iuvo as a Deltek Premier Partner.

About Iuvo Systems

Iuvo Systems is the premier GovCon accounting services firm that provides DCAA compliant outsourced bookkeeping, consulting, implementation and training to government contractors. In addition to working with large prime contractors we specialize in working with 8(a), SBA, HUBZone, Women, Minority and Veteran owned firms utilizing QuickBooks, Deltek Costpoint and other industry specific applications.

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