Skip to content

QuickBooks Year End Checklist

Year End Checklist For Small Business Owners

While preparing the QuickBooks Year End Checklist list there are lot of things that should be finished to make accounts books all set for the taxes. Below mentioned list gives a fair idea about the things that needs to be comprised while preparing the year end taxes.

Order Forms: Get ready with the forms that you may need like:1096s , W-3s, 1099s, and W-2s. You need to e-file, collect all vendor & employee essential documents and paper .
Reconcile: Keep eyes all money come & out from company back account that’s why check again all missed , duplicate entries also find those checks which are deposited but not cashed yet or bounced. Some savings done by accountant , if don’t have such entries no need to reconcile . The accounts to reconcile comprise of:
Bank and credit cards
Loan accounts consider, interest is an expense – because you are wrong if you are thinking that its can reduce loan balance , on the other hand its may cause that online bank will reflect ‘out a statement’ warning .

There are some extra balance sheet accounts, including such as customer prepayments, prepaid insurance, or even employee advancesList of loans and terms etc.

Line up all loans & terms – Prepare a list of current year lines of credits, new loans, etc. taken by you.
List of equipment purchased – Make a list of any equipment, vehicles, furniture etc purchased during the year. Your accountant will let you know if the purchase is large enough, rather than expense the purchase in full, your accountant will depreciate the purchase over a few years. Your accountant will require a copy of the receipt or purchase document with the price.

For the reference in the future there is Fixed Asset list where you can keep lots of relevant information. Click on List -> Fixed Asset List. In the future, when you purchase a fixed asset, you can use an Item and select Fixed Asset so you can detail it.

Inventory – If you have inventory items perform: Inventory -> Physical Inventory Worksheet and then compare with what QuickBooks states.
Payroll – Review your payroll options. Compare the payroll products. Consider job/project costing, amount of time to handle payroll tasks, risk or fraud. Those who want to stay away from the hassle of the payroll tax filings and w-2’s.
Adjustments to make to your books. While some adjustments are best left for your accountant, there are a few that you can do or at least get the information pulled together for your account.
Bonuses – It’s great to give bonuses to employees at year-end, but it’s not so great to forget about the tax part of it. Bonus checks should always be run through payroll, but often are not, which requires an adjustment after the fact.
Work in Process – The businesses who have projects for a few months and need to track work in process there are usually two methods – one simply for year-end for tax purposes and the other is monthly method; typically only my larger commercial clients track monthly. Contact our office if you want help with that.

If you have any doubts or queries regarding QuickBooks Year End Check List contact QuickBooks customer care support. The QuickBooks experts ProAdvisors accord you immediate assistance to resolve your issue and in no time you can follow your work hassle free. The Intuit certified ProAdvisors are approachable via various modes like phone support, email support, live chat etc. Sometimes due to some valid reasons you fail to reach the support professionals. In such scenario you can contact other reliable agencies.

Help for Genrating Year End Tax Reports

At QuickBooks Phone Number, we hire extensive years of experienced with QuickBooks year end check list and work with Intuit ProAdvisors and CPAs across the US/Canada to help their clients . It is the time to switch to one of the most established software by migrating to QuickBooks.
At QuickBooks247 we resolve your QuickBooks query/issue regarding QuickBooks year end checklist in the first phone call itself. It is an independent technical support provider for QuickBooks accounting software and peripherals. The resolution offered is complete and assured to be resolved in the minimum wait time.

More QB Tax Related Help

Quickbooks 1099 Form
List of Quickbooks Tax Forms

6 thoughts on “QuickBooks Year End Checklist”

  1. I am trying to run a report on quickbooks online and am struggling to set it up correctly. I want a total sales by client. Total amount we invoiced the client for and the client name. I need this report YTD

  2. If quickbooks closing is 12/31, can you still make adjustment to the equity accounts after 12/31 closing?, So, any additional profit or loss made for the year end will automatically go to the equity accounts?,I mean any journal entries dated 12/31/2021 made in January will change the equity accounts?

  3. trying to make the “due date” match with the “terms net”… terms are net 10 days so “due date” should be 1/13/22 (10 days from today’s date. how do I change that?,: trying to make the “due date” match with the “terms net”… terms are net 10 days so “due date” should be 1/13/22 (10 days from today’s date. how do I change that?shows desktop pro 2022, shows desktop pro 2022

  4. my bank only is giving me transaction after 11/21 and I need all of 2021, so I am trying to do the web connect to bring in the qbo file but when it is asking me for an account I i dont see the bank account that was made from the online connection to that bank with the current transactions so I dont know how to proceed using : 2020 desktop for mac

  5. how to make a payroll report or year end in quickbooks. I do not subscribe for payroll service because we only have 2 employees. there is no report for payroll on my list

  6. I’m doing my year end YTD reset… all the accounts reset but not the payroll liabilities total, every other year it works but not this time using pro 2021

Leave a Reply

Your email address will not be published. Required fields are marked *

20 − seventeen =


Disclaimer : MyOnePro assemble the showcase the information of accounting software as accurate as possible , aim to provide user can resolve issue and get technical aspects of downloading, installing , update , upgrade accounting software. Intimating the MyOnePro visitor the information shown here for only information purposes. We have no direct or indirect association with any brand or any accounting software manufacturing company. QuickBooks Desktop and related versions are manufactured, promoted and distributed by Intuit®, Inc which is a USA based company. Other software like G-Suite, Gmail, Fiber owned by Google® USA, Excel, DOC, Word, Windows OS, Windows Server have under the copyright trademark of Microsoft® USA. MyOnePro is a team of certified ProAdvisor helps the user for managing accounting software like QuickBooks Pro, Premier, enterprise, POS, Non Profit, Accountant, Retail, Professional services Etc. All the images and content are under copyright of MyOnePro. The more information you can check the full disclaimer. Also for any dispute you need to first intimate our legal team to get full details, any action against web property and other resources of MyOnePro may be liable to penalties and a million dollar claim. Beware of fraudsters!

Phone

+1516-494-3146