Year-end closing checklist and adjustments

What the year-end closing checklist and adjustments does

Closing the books takes many small steps: count stock, reconcile banks, accrue expenses, check fixed assets and file returns. This checklist lists each task with an owner and a due date, records the adjustment amount where there is one and shows which tasks are done, open or overdue, with the percentage complete.

Who it is for

Accountants, finance managers and business owners closing the financial year, and anyone coordinating the work with staff or an external accountant.

How to use the workbook

1. Type today's date at the top so overdue tasks are flagged.
2. List each year-end task with its owner and due date.
3. Enter any adjustment amount that the task produces.
4. Mark tasks as done and watch the percentage complete.
5. Save a copy under a new name for each month or year, so earlier records stay as they were.

What is inside

• Task list with owners and due dates
• Adjustment amounts recorded
• Done, open or overdue status
• Percentage of tasks complete
• Summary of tasks by status with a chart

The workbook has these sheets: Instructions, Tasks, Summary. The main table has the columns Task; Owner; Due date; Done?; Adjustment amount; Status. Yellow cells are for you to fill in and grey cells calculate by themselves, so leave the grey cells alone. The example rows show how it works; type over them with your own entries.

Tips for getting it right

• Start the checklist a month before the year ends.
• Reconcile bank, M-Pesa, debtors and creditors before you adjust anything else.
• Have a second person review the adjustments.
• Keep the completed checklist with the year's accounts.

Why keep this record

Accounting records let you answer three questions at any time: what came in, what went out and who owes whom. Kept consistently they also make tax returns, loan applications and the sale of a business much easier, because the evidence is already organised. Entering transactions the day they happen is far cheaper than reconstructing them at year end.

Questions people ask

Do I need to know Excel formulas? No. Type into the yellow cells and the rest is worked out for you. The formulas are visible if you want to see how a figure is reached.

Can I add rows or change the layout? You can add your own columns to the right and your own notes. If you insert rows inside a table, copy the grey formula cells down so the new rows calculate too.

Will it work on my phone or in Google Sheets? Yes for viewing and typing, but dropdown lists and the charts look best in desktop Excel or LibreOffice.

Keeping it safe and up to date

Good accounting records are a legal duty as well as a management tool: keep the supporting receipts and invoices with the workbook, and keep each year's copy for at least five years. Work on a copy, never on your only file, and back it up.

Read how to keep business records for KRA for the wider picture. Free calculators that go with it: Corporation tax calculator. See more accounting templates or ask us for a custom one.

The workbook works in Microsoft Excel, LibreOffice and Google Sheets. It is a tool to help you work out and record figures, not tax, legal or accounting advice, and it is not affiliated with the Kenya Revenue Authority. If something does not work as described, contact us and we will put it right.

Related guides, calculators and templates

• Free calculator: Corporation Tax Calculator
• Guide: When to hire an accountant or tax agent, and what to expect
• Guide: Bookkeeping for small businesses in Kenya: how to get started
• Guide: Lease or buy: how to decide on equipment and vehicles
• Another template: Branch and department profit and loss
• Another template: Monthly profit and loss statement
• Another template: Accounts payable ageing schedule

Need something different? Request a custom template, browse all guides or see every Excel template.