Fiscal year end 2023 – 24 – Accounts closing Advisory

As we all aware, fiscal year 2023 – 24 is fast approaching and here is our quick advisory for your reference and perusal:

  1. Get the balance confirmation from Bank/s (For current account as well as loan/OD/PC/CC and EEFC accounts).
  2. Get the balance confirmation for receivables.
  3. Get the balance confirmation for payables.
  4. Credit Card / Debit Card account reconciliation.
  5. E wallet account reconciliation.
  6. Ledger review.
  7. Re grouping / classification of expenses, if any.
  8. Updating the capital work in progress.
  9. Working and recording the depreciation Journal Entry.
  10. Recording all the expenses and incomes as per matching principle.
  11. Provision for expenses, incomes and TDS there on, if any.
  12. Physical verification of stock / inventory.
  13. Fixed assets physical verification.
  14. MSME declaration to be obtained from all the vendors.
  15. Advance Tax Payment – 4th Installment (Due by 15th March 2024).
  16. Statutory schedules – TDS, eTDS, PF, PT, ESI and GST, etc.
  17. eTDS filing – Q4.
  18. Issuing form 16.
  19. Issuing form 16A (4th Quarter).
  20. Foreign currency Debtors and Creditors reinstatement.
  21. Recording foreign currency gain / loss JE.
  22. Annual filing and reconciliation of PT, PF, ESI and GST, etc.
  23. Preparation of Profit and Loss account & Balance Sheet schedules and tying the same with Trial Balance.
  24. As soon as the books of accounts are updated / reviewed and verified, please go ahead and prepare the financial statements as per the companies Act.
  25. Audit for the fiscal year.
  26. Tax Audit and ITR filing.
  27. ROC filing.
  28. TP filing.

Thank you for your time.

** Please keep in touch with your tax consultant / adviser for any further question.

Disclaimer This document has been issued in the general interest of knowledge transfer purpose and it cannot be construed in any other manner whatsoever.