Financial Year-End Checklists – Stay Ahead!

With the financial year-end around the corner, staying organised is key.

We’ve put together essential checklists for both accounting and payroll to help you wrap up the year smoothly.

ACCOUNTING YEAR-END CHECKLIST:

✅  Reconcile bank accounts and clear outstanding items

✅  Review and adjust provisions, accruals, and bad debt write-offs

✅  Finalise fixed asset registers and apply depreciation per SARS guidelines

✅  Ensure all VAT 201 submissions and reconciliations are up to date

✅  Reconcile customer and supplier accounts and follow up on outstanding payments

✅  Review customer accounts for any bad debts which require writing off

✅  Prepare for annual financial statements and tax return (IT14) submission

✅  Back up all financial records and reports for audit and compliance

PAYROLL YEAR-END CHECKLIST:

✅  Process final earnings, bonuses, and deductions for the year

✅  Verify employee records, tax numbers (Income Tax Reference Number), and banking details

✅  Review and reconcile leave balances, overtime, and allowances

✅  Back up payroll records and reports for compliance

✅  Ensure all UIF, PAYE, and SDL payments (EMP201s) are up to date

✅  Submit EMP501 reconciliation via eFiling or EasyFile before the SARS deadline

✅  Generate IRP5s / IT3(a)s and distribute to employees

 

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If you’re ready to optimise your solutions, we’d love to hear from you.

info@mrbm.co.za  /  031 818 9030.