Year End Accounting Checklist for Irish Businesses

It is important to have a year end accounting checklist ready so that no last minute chaos is there. You need to be prepared with a detailed list and a methodical approach. You need to make sure that you are able to do all bookkeeping quickly and all rules and regulations are met.

In this guide, you will get advice for the small businesses along with the information you want for year end accounting compliance. Without any further delay, let us get started with the article.

What is the Year-End Close?

During the year-end closure, all of your accounting period’s financial records are reviewed and finalized. It is ensuring that every single transaction is well balanced and documented. Apart from reducing the average annual amount of shut time which may be up to 25 days, planning ensures observance of all compliance needs with the law.

Why is Year-End Closing so difficult?

The year-end closing presents special problems to business owners who are presented with unfinished paperwork, human error, manual data entry, and ineffective communication. The most important way to get out of these hurdles is to start early; it is not good to start last minute or late in December. It is a good idea to start planning several weeks before so that there is enough time to collect documents, review accounts, and settle on discrepancies.

Key Irish Filing Deadlines

Irish businesses must meet several critical deadlines for compliance:

• Corporation Tax Return: 9 months after year-end
• Annual Return & Financial Statements (Form B1): 56 days of Annual Return Date (Companies Registration Office)
• VAT Returns: 23 days after VAT period

Missing any of these deadlines may lead to penalties or legal complications, so add these to your year-end checklist and calendar early.

Essential Year-End tips for Irish Businesses

• Start Preparations Early: Begin weeks before your year-end date, not after.
• Schedule Time for Closing Tasks: Set aside specific days or sessions to focus on closing out the year.
• Stay Organised and Create Checklists: Use a checklist for each stage—recording, reconciliations, reviews, and compliance submissions.
• Back Up Your Financial Data: Regularly back up to cloud storage or external drives, and secure key documents.
• Review Payroll and Staff Costs: Double-check payroll figures and ensure all tax obligations (including year-end bonuses or benefits) are correctly processed and compliant with Irish law.
• Communicate with Your Accountant: Ask questions about tax changes, deadlines, and best practices early. They are your best ally in a smooth year-end close.
• Leverage Technology: Use accounting software to automate routine processes, run reports, and flag potential problems early.
• Learn from This Year: Use your year-end review to set goals, spot cash flow trends, and plan improvements for the new year.

Year End Accounting Checklist

Below are the main points that you need to have and keep your end of year accounts Ireland checklist ready. Make sure you fulfill each one of it to avoid the last minute chaos.

Step 1: Prepare a Closing Schedule

Creating a detailed timeline prevents missed deadlines and ensures systematic completion. Identify important dates and activities that must be completed by each.

Build your schedule working backwards from filing deadlines. Include buffer time for unexpected issues or additional documentation requests.

Mark critical milestones like bank reconciliation completion, financial statement preparation, and accountant review meetings.

Step 2: Complete All Transaction Recording

The end of the year is the great time to review the financial health of your business. You need to analyse various reports and statements like bank statements, credit card statements, and cash receipts thoroughly.

To review all the financial data use your accounting softwares more efficiently. Use tools like Intuit Assist to analyse your financial reports. Doing it the traditional way will consume a lot of time and will require multiple revisions.

Essential Recording Tasks:

• Review all bank and credit card statements
• Enter outstanding invoices and bills
• Record depreciation and amortisation
• Adjust prepaid expenses and accruals

Step 3: Gather Outstanding Invoices & Receipts

You’ll need these to close the books. Ensure employees understand what’s required and give ample time to submit documents.

Contact all departments to collect missing documentation. Set clear deadlines for submission to avoid delays.

Consider implementing digital receipt capture systems for future periods. This reduces manual handling and improves organisation.

Step 4: Perform Bank Reconciliation

It is a important year end accounting procedures to ensure that your records are matching with the actual bank balances. The catch here is to spot the discrepancies and errors.

After spotting all the errors, reconcile all the records to adjust the timing differences and bank charges. This needs to be done for all the accounts including current accounts, savings, and credit facilities.

Step 5: Review Financial Statements

You need to observe your profit and loss statement and balance sheet for the accuracy. Identify the unusual balances and entries.

Cross verify all the account balances against supporting documentation. Investigate any amounts that seem inconsistent with expectations.

Compare current year figures to previous years. Large changes may indicate errors or require additional explanation.

Review Checklist:

• Negative balances in asset accounts
• Unusually high or low expense categories
• Missing or incomplete account classifications
• Inconsistent month-to-month trends

Step 6: Close Out Accounts Receivable and Payable

Compare amounts received or paid against what has been accrued. You need to ensure that all records match what actually occurred.

Run aged receivables and payables reports as of year-end. Verify outstanding balances with customers and suppliers.

Identify potential bad debts and create necessary provisions. Review payment terms and credit policies.

Step 7: Review Asset Accounts

Compare inventory accounts with physical stock (if appropriate) and review prepaid spend to ensure accuracy.

Conduct physical inventory counts if applicable. Calculate inventory values using consistent costing methods.

Review fixed assets for impairment or disposal. Ensure depreciation calculations are accurate and complete.

Step 8: Process Year End Closing Entries

Year end closing entries examples include transferring revenue and expense balances to retained earnings. These entries prepare accounts for the new period.

The four closing entries are: Close credit balances in revenue accounts to Income Summary, Close debit balances in expense accounts to Income Summary, Close

Income Summary account to Retained Earnings, Close Dividends account to Retained Earnings.

Summary

Year-end bookkeeping success depends on preparation, organisation, and systematic execution. Following this comprehensive checklist ensures compliance with Irish requirements while minimising stress.

Start your year-end procedures early to avoid last-minute rushes. Consider professional support for complex issues or if you lack internal expertise.

Remember that good year-end practices improve overall business management. Use this annual review to assess performance and plan for future growth.

Commonly Asked Questions about Year End Accounting Checklist