Identify the last completed period
Before transferring files, obtain confirmation of the period for which records and reporting are complete. A clear transition date helps divide responsibilities between the two teams.
Request records and supporting documents
Accounting data should reconcile with source documents and submitted reports. The exact checklist depends on the business.
- ✓Accounting database or usable exports
- ✓Trial balances and detailed balances
- ✓Returns and submission confirmations
- ✓Agreements and source documents
- ✓Personnel records and payroll calculations
List access rights
Record the systems, users and mandates required. Transfer access in a controlled way and review permissions no longer needed. Do not send passwords or certificates through the public website form.
Maintain an open-items list
Missing documents, unreconciled balances and outstanding requests should be recorded separately. For each item, identify the information required and the person able to supply it.
This guide provides general orientation. A transaction’s treatment is established after reviewing its records and applicable rules.