CHECKLIST
Year-End Checklist for Online Sellers
Stock count, cut-off, the liabilities people forget, and everything your accountant will ask for. About three hours, and roughly a third of it has to happen before the date rather than after it.
- Six sections, thirty-five items, about three hours
- The decisions that expire the moment your year end passes
- A three-item shortlist if you will not do all of it
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Who this checklist is for
Anyone whose year end is coming up, and particularly anyone whose year end is a month away, because that is the only point at which the first section is still useful.
Sellers with a year end approaching
Sellers with a year end approaching
Read section one now rather than on the day. Capital purchases, pension contributions, an overdrawn loan account and a bad debt all have to be dealt with before the date, not after it.
Anyone whose stock never agrees with their books
It is almost always cut-off rather than theft or arithmetic. Section three lists the six places where the goods and the paperwork move on different days.
People who dread the accountant’s list of questions
Section five is that list, written down in advance. A year end sent complete costs less and takes less time than one sent in pieces.
FACTS
How to value stock properly
Landed cost rather than the supplier invoice, then the lower of cost and net realisable value applied line by line, so a healthy line cannot subsidise a dead one. The write-down reduces your tax in the year the stock went bad.
35 items
Six sections
3 hours
A third of it before the date
FACTS
The liabilities that quietly overstate your profit
Gift cards, customer deposits, returns you expect in January on December sales, costs incurred but not yet invoiced, and the VAT sitting in your bank looking exactly like your money.