Here's a helpful CHECK-LIST to get you ready for your tax professional:

�  Does my general ledger bank balance reconcile to the bank statement?  

�  Are there any accounts receivables that are worthless and that should be written off?

�  Is my balance in Allowance for Bad Debts a reasonable estimate of potential write-offs?

�  Is the company's inventory balance correctly stated?

�  Are there inventory items that cost more than their worth and that should be written down to their market value?

�  Does the company still have all of the fixed assets?

�  Is my depreciation correctly recorded for those fixed assets still in the company's possession?

�  Did I amortize goodwill and franchise fees?

�  Are there any prepaid items that need to be adjusted such as prepaid insurance?

�  Have all assets been reviewed for accuracy?

�  Have we recorded all of our payables?

�  Do the payroll tax liabilities coincide with our quarterly reports?

�  Do the balances in the notes payable accounts (loans) agree with what the banks say we owe?

�  Are there other debts that have not been included on the books?

�  Are there debts on the books that no longer exist because of forgiveness or oversight?

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This page last modified: 10 Mar 2008