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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 



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 1099s

  • Printing and Distribution of W2s and W3s- reconciling to quarterly 941 reporting

  • Preparation of the annual IRS 940

  • Sales Tax reconciliation to your EOY financial statements

  • Review of Bank Statements for outstanding aged checks- unclaimed assets?

  • Check State registry for unclaimed or abandon assets in the dealership’s name

  • Make a decision on Write Offs

  • Check Balances in your Prepaid Expense Accounts

  • Compare Used Vehicle Inventory with current published values

  • LIFO- Printing of Financial Statement before LIFO adjustments for internal use

  • LIFO- Make sure everyone else gets a Statement including adjustments.

  • Review your EOY Checklist with your Accounting Firm and ask for input before the end of the year gets too close.

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