On January 5th, BAM will begin closing last year’s books by following the three steps below. If all documents are received on time, we aim to close all clients' books by the end of January!
➡️ Review P&L and Balance Sheet for Q4 and make appropriate corrections
➡️ Do Final Reconciliation of all Bank and Credit Card Accounts through 12/31
➡️ Request the following documents from the client* before the 5th of the month
- 12/31 loan statements
- 12/31 Line of Credit statements
- Purchase orders and loan paperwork for any assets purchased
*If the client has loans or lines of credit, create a task for CAS and send them a Slack message to request the necessary documents.
➡️ Using year end loan and line of credit statements book interest to the P&L and make sure the ending balance of all loans, lines of credit match the statements.
➡️ Upload the Loans&Lines of credit statements to canopy under Year End Close in the year folder
➡️ Zero out Distribution and contributions accounts to retained earnings
➡️ Mark 4th Quarter Financials Prepared
➡️ Mark Year End Tasks Done
➡️ Close the books for 12/31 using the password "Close4"