As your organization looks to close out the 2021 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 in 2022)
- 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 cost-effective accounting services firm. Iuvo offers services supporting your Quickbooks and Deltek applications including the Costpoint family of products. Iuvo supports government contractors, architecture, engineering & construction, nonprofit, and other project-oriented firms.