What does an essential starting checklist include
The optimal annual accounts IV. Annual accounts of the GmbH
Have all business transactions been booked on the balance sheet date (cash receipts, bank / postal check statements, loan accounts, outgoing and incoming invoices, wages / salaries, advance VAT registration in November and December, LoSt registration and proof of contributions to social insurance in December, etc.)?
Are the opening balance values correct, do the accounts 9000, 9008 and 9009 go to zero on balance?
Are there personal accounts for customers (debtors) and suppliers (creditors) in the bookkeeping? Have the individual personal accounts been reconciled, i.e. can the balance be broken down into open invoices and payments made without difficulty? Statute of limitations on claims? If so, apply for a payment order.
Check wage postings (if there are employees). Coordination with the annual wage journal. Are accounts receivable or payable to employees, social security and payable income tax shown in the balance sheet and affecting income in the income statement?
The fixed assets according to the depreciation list are to be compared with the balance sheet accounts.
Check the inflows and outflows of fixed assets, are there any documents (purchase contract, purchase and sales invoices, evidence of scrapping)?
Checking the possibility of deducting low-value assets:
Acquisition costs (AK) Immediate depreciation up to € 410 net (from 2018: € 800 net) or alternatively,
Acquisition costs (AK) Immediate depreciation up to € 150 net (from 2018: € 250 net), beyond this AK up to € 1,000
Pool depreciation of 20% regardless of the useful life and the actual length of service with the business assets.
Was the depreciation determined according to the official depreciation tables of the tax authorities?
Are the requirements for special or increased depreciation available?
Are there any reasons for exceptional technical or economic wear and tear?
Intangible assets, e.g. software and licenses, are not movable assets.
Is there an off-balance sheet investment allowance of up to 40% of the planned investment? Maximum amount 200,000 €, maximum operating assets 235,000 €, investment period up to 3 years, almost exclusively operational use (90% also for company cars, proof e.g. via logbook).
Are there any financial investments? Checking the account and deposit balances as well as booking income credits.
Check the balances of loan accounts. Do you have debt interest certificates?
Has interest on debt been assigned to the correct expense account, in the case of loan terms of one year or more to the â € œLong-term debt interestâ € expense account? Does the â € œinterest barrierâ € apply?
Are there any reserves? Do the reserves comply with the Articles of Association and the law (§ 272 Paragraph 2 HGB)?
Are reserve movements correctly shown in the income statement?
Are there any profit or loss carryforwards? Were advance or other ordinary profit distributions made on the balance sheet date?
Check the provisions carried forward for taxes, liabilities, maintenance with regard to dissolution and new formation.
Are there expert reports with partial value calculations according to § 6a EStG available for pension provisions?
Are prepaid expenses to be formed?
(Note the minimum limit of 410 € / 800 €)
Valuation of the inventories according to the inventory on the balance sheet date with purchase price or production costs.
Check the inventory deductions.
Are there any work in progress?
Do the financial accounts match the balance confirmations from the financial institutions?
Does the cash balance match the cash book? Was there a negative cash balance during the fiscal year? Were deposits necessary? Check the daily solution.
Will the cash transit account be closed?
Are there any checks in circulation?
Are there any checks in circulation?
Check the receivables from customers for intrinsic value (is there a risk of bad debts or statute of limitations?).
Have bad debts been posted (VAT correction)?
Are individual value adjustments on receivables documented?
Are the prerequisites for a general value adjustment on accounts receivable (usually 1â € “2Â% of net sales)?
Are there any other receivables on the balance sheet date that will be received in the following year (e.g. bonuses, credits from the annual energy bill, ancillary rental costs)?
Are there any tax claims? The status must be checked on the basis of the respective tax assessment.
Are all supplier invoices posted on the balance sheet date?
Does an input tax correction have to be carried out in the event of supplier insolvency (write-off of the liability)?
Are individual supplier accounts (sub-accounts for the account "trade payables") coordinated?
Do you have shareholder clearing accounts? Is interest contractually agreed or necessary?
Are there silent partners? Check the contracts for the tax classification, whether there is a co-entrepreneurship. The profit claim of the breastfeeding as of the balance sheet date must be determined.
Check the inflows and outflows of other liabilities (e.g. bookkeeping fee, telephone costs for December)
Are not yet paid wage tax, social security contributions, wealth formation, etc. reported as a liability for employees?
Have payments been made in the current year for services after the balance sheet date (deferred income)?
Are professional association contributions according to the notification of the following year still to be accrued for the period on the balance sheet date?
Carry out a sales tax check: Are there any prerequisites for the input tax deduction? Have (tax) transfer notices from the finance office been observed? Have you booked late or late surcharge correctly?
Have any free value taxes been recorded for VAT (e.g. private company car use)?
Have any prohibitions or restrictions on input tax deduction been observed (e.g. travel expenses, tax-free sales, missing invoice details) and the regulations for input tax correction?
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