Checklist for Finalization of Accounts – FY 2024–25
Dear Sir/Madam,
As the financial year has ended, kindly ensure the following steps are
completed for accurate and timely filing of returns and finalization of
accounts.
1. Creditors (Sundry Creditors)
1. Verify each supplier ledger.
2. Ensure all purchase invoices till 31st March 2025 are booked.
3. Confirm whether any advances paid are adjusted or shown correctly
as closing balances.
2. Debtors (Sundry Debtors)
1. Cross-check all sales invoices are booked.
2. Review debtor balances and confirm if any payments are
received but not accounted for.
3. Ensure aging reports are reviewed for long-pending receivables.
3. Fixed Deposits (FD)
1. Collect Interest Certificates for FY 2024–25.
2. Book accrued and received interest accurately based on the
certificate.
4. Investment in Shares/Mutual Funds
1. Record all share transactions (purchase/sale) correctly.
2. Get Transaction Statement and Capital Gain Statement for
the year.
3. Book capital gains/losses accordingly (short term or long
term).
5. Form 26AS (Tax Credit Statement)
1. Download and review the latest Form 26AS.
2. Match and book TDS/TCS entries against relevant income
heads.
3. Flag any mismatch for follow-up.
6. GST – Duties & Taxes
1. Ensure all GST payment entries are recorded properly.
2. Set off GST payments against liability in books.
7. GST Input Tax Credit (ITC)
1. If not eligible for ITC, transfer ineligible input credit to Profit &
Loss Account under the correct expense head
(Purchase/Direct/Indirect).
8. Bank Reconciliation
1. Ensure bank accounts are fully reconciled till 31st March 2025.
2. Check for any unrecorded receipts/payments and pass entries.
9. Loan Accounts
1. Reconcile interest paid and principal amounts for each loan.
2. Ensure all EMIs and bank charges are correctly booked.
10.Fixed Assets
1. Check if any new assets purchased during the year are recorded.
2. Record depreciation as per Income Tax Act/Companies Act (as
applicable).
11. Provisions & Expenses Payable
1. Create year-end provisions for unpaid expenses like audit fees,
salary, electricity, rent, etc.
2. Ensure TDS is deducted wherever applicable.
12. Advance Tax / Self-Assessment Tax
1. Record all advance tax and self-assessment tax payments made
during the year.
13. Salary & Payroll
1. Ensure salary payments and payroll liabilities (PF, ESI, TDS, etc.)
are correctly recorded and reconciled.
14. Closing Stock
1. Take physical stock as on 31st March 2025.
2. Ensure valuation is done as per cost or market value, whichever
is lower.
15. Capital Account / Drawings / Introductions
1. Reconcile proprietor’s/partners' capital accounts.
2. Record any capital introduced or drawings during the year.
16. Contingent Liabilities (If Any)
1. Disclose any pending litigations, guarantees, or claims not
acknowledged as debt.
17. Trial Balance & Ledger Scrutiny
1. Final review of trial balance and all ledger accounts.
2. Rectify any misclassifications or suspense entries.
18. Project Wise Accounting
If There are more than 1 Projects in your entity kindly book the
expenses separately for each of the project and create separate
ledgers project wise for all the expenses and if possible use the cost
center
Please complete and submit the required documents and information
at the earliest so that we can proceed with finalization and return filing
in a timely manner.
Let us know if you need any assistance in completing the above steps.
Best regards,
[Your Name]
[Your Firm Name]
[Contact Details]
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