Financial Statements Readiness Checker

Is the trial balance extracted and balanced?

The TB must agree to zero — debit totals equal credit totals

Are all transactions captured up to year end?

No invoices, payments, or journals outstanding for the period

Have all year-end journals been processed?

Includes depreciation, accruals, prepayments, and provisions

Are all bank accounts reconciled to bank statement at year end?

Reconciliation should show no unexplained differences

Are year-end bank statements available for all accounts?

Statements required as supporting evidence for the AFS

Have outstanding cheques or deposits older than 90 days been investigated?

Stale items distort the cash balance and require reversal or write-off

Is an age analysis of debtors available at year end?

Current, 30, 60, 90+ day buckets required

Have doubtful or irrecoverable debts been identified and provided for?

A provision for bad debts may be required under IFRS/GRAP

Does the debtors control account agree to the age analysis total?

Control account in GL must reconcile to the debtors subsidiary ledger

Is a creditors age analysis available at year end?

Required to confirm liabilities and assess payment obligations

Have supplier statements been reconciled to the creditors ledger?

Unreconciled creditors are a common AFS preparation blocker

Does the creditors control account agree to the age analysis total?

Is there an up-to-date fixed asset register?

Must include cost, accumulated depreciation, and carrying value per asset

Has depreciation been calculated and processed for the full year?

Depreciation must be charged to year end on all qualifying assets

Have any asset disposals during the year been accounted for?

Profit or loss on disposal must be recognised and removed from the register

Is payroll reconciled to the general ledger for the full year?

Gross salaries, PAYE, UIF, SDL must all agree between payroll and GL

Are all EMP201 returns submitted and paid up to year end?

Outstanding SARS liabilities must be disclosed in the AFS

Have VAT returns been submitted and reconciled to the GL for the year?

VAT output and input must agree to the VAT control account in the ledger

Are director's / shareholder loan accounts reconciled and agreed?

Loan accounts must be supported by signed agreements and statements

Are intercompany balances (if any) confirmed and reconciled with the counterparty?

Has interest on loans been accrued at the correct SARS official rate?

Interest-free or below-market loans to connected persons trigger fringe benefit tax

Are invoices and source documents available for material transactions?

Source documents are required to substantiate amounts in the AFS

Are the prior year AFS available for comparative figures?

Comparatives for the prior year are required in most AFS frameworks

Are CIPC and statutory records (share register, MOI) current and accessible?

Directors, shareholders, and company details must be confirmed for the AFS