Monthly, quarterly and annual closing checklist

• Reconcile all bank accountsAccountant
• Check cheques receivable and cheques payableAccountant
• Check petty cashCashier
• Check project loan accounts (drawdowns and outstanding balance)Senior Acc.
• Record interest income and bank feesAccountant
• Submit the cash position report to the CFOSenior Acc.

• Reconcile receivables to the subsidiary ledgerAccountant
• Check contract liability by unit (booking deposit + contract deposit + down payment)Accountant
• Follow up customers more than 30 days behind on down payment instalmentsSales
• Record the allowance for doubtful debts (if any)Senior Acc.
• Record contract cancellations and forfeited deposits (if any)Accountant
• Report movements in contract liabilitySenior Acc.

• Check progress billings from every contractorQS + Acc.
• Accrue work not yet invoicedAccountant
• Allocate site management costs to each building or phaseSenior Acc.
• Record capitalised interest under TAS 23Senior Acc.
• Compare total WIP with the CAPEX budgetPM + CFO
• Transfer WIP to units ready for transfer once the Form Or. 6 is obtainedAccountant
• Update the EAC with the project managerCFO + PM

• Reconcile payables to the subsidiary ledgerAccountant
• Check retention payable by contractorAccountant
• Record accrued expenses and accrued salariesAccountant
• Check taxes payable: VAT, WHT, SBT and CITSenior Acc.

• Check units transferred in the month against the registration dateLegal + Acc.
• Record revenue and close the contract liability by unitAccountant
• Record cost of sales using cost per unitSenior Acc.
• Record SBT and transfer fees borne by the companyAccountant
• Set up the warranty provision (0.3–0.8% of revenue)Senior Acc.
• Record commission and WHTAccountant

• PND 1, 3, 53 and 54 (if applicable)7th of the following month
• PP 3015th of the following month
• Social security15th of the following month
• Reconcile taxes paid to receiptsBy the 20th

• Depreciation, amortisation, ROU assets and loan feesSenior Acc.
• Reverse the prior month's accruals and adjust prepaid expensesAccountant
• Revalue foreign currency balances (if any)Senior Acc.
• Close the trial balance and review itSenior Acc.
• Project P&L and budget vs actualSenior Acc.
• 3-month cash flow forecastCFO
• Presale status, construction progress and management reportCFO

• Review the EAC and cost per unit; adjust if the EAC changes by more than 3%CFO + PM
• Review the assumptions for capitalised interest (WAR)Senior Acc.
• Calculate DSCR, LTV, LTC, D/E, ICR and the Presale CovenantCFO
• Submit the compliance certificate to the bankCFO
• Review NRV and indicators of impairmentCFO
• Prepare reports for investors and the boardCFO + MD

Advance preparation

• Agree the timetable with the auditorT-60
• Send interim balances and prepare working papersT-45
• Review accounting policies and complete the audit readiness checklistT-30

Counts and confirmations

• Count materials and fixed assetsAdmin + Acc.
• Send confirmation letters for receivables, payables, banks and loansAccountant
• Confirm retention balances with contractorsQS + Acc.

Year-end adjustments and tax

• Allowance for inventory write-down, doubtful debts and warranty provisionSenior Acc.
• Deferred tax (if using TFRS for PAEs)Senior Acc. + Tax
• Events after the reporting periodCFO
• Calculate taxable profit and non-deductible expensesCFO + Tax Adv.
• Separate BOI and non-BOI profit (if applicable)CFO + Tax Adv.
• Transfer pricing disclosure form (if the thresholds are met)Tax Adv.
• File PND 50 within 150 daysCFO