Receive Full No-Charge Access to This Resource
Sign Up for a FREE 30-Day Trial and gain access to this workshop recording.
​
Plus Provide Member Log In Access to Over 300 other Online Dealership Management Topics, Reports, and Related Resources!
Closing the Books on 2023: A Step-by-Step Process
Featuring: Brooke Samples - Profit Blueprints
Air Date: December 7, 2023
1pm Eastern/ 12pm Central / 11am Mountain / 10am Pacific
Program Length: 45 minutes
SKU DSL1
It’s a BIG Job… But Much Easier if Fully Organized
​
December (and January can be very busy months for the Accounting Office. Regular Daily, Weekly and Monthly responsibilities do not stop… but added to the workload is the somewhat larger task of closing out the year to the satisfaction of ownership and your accounting firm.
Just some of the Year-End Considerations for Accounting Management:
-
Inventories of fixed assets – taking write-offs when appropriate
-
Organizing Printing and Mailing of IRS 1099sï‚·
-
Printing and Distribution of W2s and W3s- reconciling to quarterly 941 reportingï‚·
-
Preparation of the annual IRS 940ï‚·
-
Sales Tax reconciliation to your EOY financial statementsï‚·
-
Review of Bank Statements for outstanding aged checks- unclaimed assets?ï‚·
-
Check State registry for unclaimed or abandon assets in the dealership’s nameï‚·
-
Make a decision on Write Offsï‚·
-
Check Balances in your Prepaid Expense Accountsï‚·
-
Compare Used Vehicle Inventory with current published valuesï‚·
-
LIFO- Printing of Financial Statement before LIFO adjustments for internal useï‚·
-
LIFO- Make sure everyone else gets a Statement including adjustments.ï‚·
-
Review your EOY Checklist with your Accounting Firm and ask for input before the end of the year gets too close.