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Year End Accounting: Read these tips before you close your 2012 books!

The good news is that the world didn’t end on 12/21 as the Mayans had predicted. The bad news is: you still need to work on your accounting and taxes for 2012. Here are some tips in the form of a checklist so you can avoid overpaying or underpaying the taxman. It’s important you do this before you close your books for 2012. Happy 2013!

Reconcile your bank accounts

If you have been manually entering the bank transactions, it is imperative that you reconcile the bank balances with the actual bank statements. Look for the usual culprits like cancelled or uncleared checks. Give this a skip if you have setup a feed for online banking and have forgotten how to enter the bank transactions.

Complete your invoicing

Send the invoices for all the services you have rendered; products that you have sold and for any task that remains unbilled.

Record all your supplier bills

Ensure that you haven’t missed entering any supplier bills. Filter your inbox for e-mails from your suppliers — pull out that shoe box and if you see any bills that you have missed entering in your accounting system, do it right away.

Write off bad debts

The world isn’t a nice place always and you might have customers who are unlikely to pay you their dues. Let’s hope there aren’t invoices that you would be writing off. However, if that were to happen, then write off the invoices sent to such customers.

Get to the bottom and look for outliers

Compare the reports of the current financial year with the previous year’s and see if everything’s kosher. If something looks unreasonable, don’t fret! Use a magnifying glass and get ready for the great reporting drill-down. Dig and Drill until you are convinced till the last penny. Even pennies matter in business!

Record your depreciation

If your business has any fixed assets, you have to account for depreciation expenses. Consult your accountant, if this applies to your business.

Handle prepaid expenses

If your business has paid in advance for the insurance or other services, you would have recorded that as ‘assets’. You will have to categorize these as ‘expenses’.

Close out the owner’s draw

Any money you have withdrawn from your business for personal expenses is typically recorded under a temporary account. You have to close this account and transfer the balance to an equity account that reflects your stake in the business.


I hope this checklist will come in handy for your year end and beyond. If you have been using an accounting software now and have done your books manually before, you must have realized much of the rigmarole associated with the manual accounting, like transferring of balances from income and expense accounts to retained earnings has completely gone. If you are still doing your books manually, the best gift you can get yourself this new year would be an online accounting software that you can count on!

Have an amazing 2013!

From: Year End Accounting: Read these tips before you close your 2012 books! | Zoho Blogs

[BatmanBeyond]

Business Registration in the Philippines is made easy with the help of bookkeepers. We have registered a handful number of clients here in Cebu, Philippines. We know the procedure of company registration in Securities and Exchange Commission, Business Permit, Bureau of Internal Revenue and Department of Trade and Industry.

We can help you in different business formation

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o The simplest business to set-up. Owned by one person and has all the control and authority in the business. The owner is directly responsible for all the debts and liabilities but at the same time enjoy to all the profits from the business. The owner and the sole proprietorship and the owner are one and the same. This means that they have only one TIN number, reap property tax and same applicable tax laws. The advantage of having a sole proprietorship business is the ability to use different business registration names.

• Partnership

o Partnership is a separate legally entity from that of the partners. Partnership can be a General Partnership or Limited partnership. The partnership must compose of at least 2 individuals or partners. Both are usually responsible for all the actions of the partnership.

• Corporation

o Corporations are separate juridical personality given and regulated by Philippine Securities and Exchange Commission. They are separate and distinct form that of the stockholders. The corporation can either be a stock or non-stock corporation. Minimum of 5 and maximum of 15 incorporators. The company is 60% Filipino owned and 40% foreign-owned; it is considered a Filipino corporation. If foreign owned is more than 40% then it is considered as foreign-owned Domestic Corporation.

• Branch Office

o Branch office is a foreign corporation that registers in the Philippines under existing foreign laws. It can carry business activities and derive income from within the Philippines.

• Representative Office

o Representative office is foreign owned corporation, organized and existing under foreign laws. It main purpose it to deal directly with clients of the parent company in the Philippines.



We can also assist you in the following:

• Name Reservation
o iSEC Registration
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• Preparation of Documents Requirements
o Articles of Incorporation
o By laws

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• Local Business Permit
o Within the vicinity of Cebu ( Cebu City, Mandaue City, Lapu-Lapu City, other Municipalities)

• Registration with SSS, Phil Health and Pag-ibig
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up for today...

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up for the weekend...

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Thank you istorya.net for increasing our client base. Keep them coming!

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TGIF. Enjoy the weekend...

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Happy Monday! Pit Señor!

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Pit Señor!

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For more inquiries, please contact me at 0922-9410412.

[BatmanBeyond]

For more inquiries, please contact me at 0922-9410412.