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.
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