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This is why we’ve created 11 checklists to guide you through your accounting processes. This process typically involves reconciling your bank accounts, reviewing all entries for accuracy, and closing out the books for the month. This task includes verifying bills from vendors and ensuring their accuracy. Review accounts payable at the end of the week to see if any bills are still outstanding. This weekly review helps clients avoid late fees or upsetting their vendors and suppliers. Ensure you’re well-informed about tax due dates, including payroll taxes and income tax filings. Timely preparation and submission of required tax payments and …

Within this time it will have also incurred expenses of $9,000. In this example, it is assumed that there is just one expense account. Once we have made the adjusting entries for the entire accounting year, we have obtained the adjusted trial balance, which reflects an accurate and fair view of the bakery’s financial position. Companies are required to close their books at the end of eachfiscal year so that they can prepare their annual financialstatements and tax returns. However, most companies prepare monthlyfinancial statements and close their books annually, so they have aclear picture of company performance during the …