Belk On Business

21 Year-end Tasks for 2021 - Belk on Business - Episode 128 1. Review licensing requirements – business, sales, and industry specific licenses 2. File annual reports with your state’s secretary or department of state and/or make any necessary amendments for changes (address, officers, etc.) 3. Hold annual board meeting and prepare and file meeting notes 4. Conduct inventory count as of December 31 5. Review large purchases for capitalization requirements. Review fixed asset count 6. Review aged accounts receivable for bad debt or collection 7. Review accounts payable for any possible adjustments 8. Review other current liabilities (payroll and sales tax) 9. Confirm loan balances 10. Review personal vs. business nature of transactions 11. Review and properly book any funds received through grants or federal/state relief 12. Reconcile all bank and credit card accounts 13. Reconcile prepaid accounts and accruals such as payroll 14. Reconcile point of sale reports with revenue and deposits 15. Make sure all bonus