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.
|1||If on-premise, install year-end update.|
|2||Make a complete backup.|
|3||Run normal month-end close process. |
Do not close until year-end is complete.
|4||Setup new calendar/fiscal year, periods and subperiods.|
|5||Reconcile unbilled receivables and balance sheet accounts.|
|6||Roll forward general ledger balances and update retained earnings.|
|7||Enter budgets for new year.|
|8||Roll project balances forward.|
|9||Copy cost pools and service centers to new year.|
|10||Update new year cost pools and service centers, as required.|
|11||Add new year timesheet, leave and payroll period.|
|14||Close 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
- Compliance and year-end reporting
- System consulting, support and training
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. We specialize in working with 8(a), SBA, HUBZone, Women, Minority and Veteran owned firms utilizing QuickBooks and Deltek Costpoint.