Year-end checklist for Irish limited companies (Ireland)

Every bank, card, loan and payment platform account should agree with its statement at the year-end date. Clear suspense and uncategorised accounts, and make sure transfers between the company’s own accounts net to zero. An unreconciled balance at year end becomes an adjustment the accountant has to investigate, and that time shows up on the fee.

Age the debtor list at the year-end date and review every balance older than the normal credit terms. Ask whether each one will be paid, and agree with the accountant whether a doubtful debt needs a provision or a write-off. Do the same for creditors, clearing old items that were paid but never matched.

Review the aged debtors list with a realistic eye. Chase what can be collected and discuss with your accountant any amounts unlikely to be paid. Check creditors against supplier statements, and make sure bills for goods or services received before the year end are in the books, even if they arrived afterwards.

If the company holds stock, count it at the year-end date and value it at cost or net realisable value, whichever is lower. Record work in progress for jobs part-done at the year end. Stock figures move profit directly, so a careful count matters more than most owners expect.

The director’s loan account often holds personal spending on the company card, company expenses paid personally, and drawings. Each line needs an explanation, because the year-end balance affects the accounts and may have tax consequences the accountant will need to consider.

Agree each director’s loan account: money the director paid on behalf of the company, money taken out, and expenses claimed. Separate director pay, which goes through payroll, from loan movements. Your accountant will need these balances to be right, as they affect both the accounts and the tax position.

List assets bought and sold during the year with their invoices, and confirm that items on the register still exist. Accruals capture costs incurred but not yet invoiced, such as the accountancy fee or utilities, and prepayments capture costs paid in advance, such as annual insurance.

List assets bought or sold in the year with their invoices. Record accruals for costs incurred but not billed, such as utilities and professional fees, and prepayments for costs paid in advance, such as insurance. These adjustments ensure the year’s profit reflects the year’s activity.

File the last VAT3 of the accounting year and the Return of Trading Details with it. Revenue’s guidance puts the RTD due on the 23rd of the month after the month the accounting period ends, so a 31 December year end means 23 January. Check that the year’s six VAT returns reconcile to the VAT control account before you file.

Finish by packaging the year for your accountant.

• Give your accountant access to the live books.
• Note anything unusual in the year: new loans, grants, property, big contracts.
• Confirm payroll totals agree to the payroll year-end reports.
• Keep all records for the six years Revenue requires.

A ledger kept current all year in HelloBooks makes the year end a review: transactions are coded with Irish VAT treatment as they arrive, documents are attached, and the AI drafts each month’s close. Your accountant works in the same books from their own login. HelloBooks does not file returns, and payroll comes from your payroll product.