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QuickBooks at Year End
How to prepare for your accountant
Soon it will be time to review year end numbers. Was it a successful year? What amounts will go to an income tax return?
QuickBooks users can do several things that will help prepare them for accurate numbers and a streamlined tax return process. Here are a few.
One, reconcile the bank accounts. This process ferrets out errors made when recording deposits and expenses. It also lists old transactions that will never clear.
For an easy solution to remove old uncleared transactions, see the article linked here.
Difficult bank reconciliation? Look for solutions here.
Two. Review aging reports for accounts receivable and accounts payable. Do you have old invoices that are uncollectible? Write them off. Here’s how.
Clear old credits that sometimes build up in accounts payable. Get some tips here.
Three. Compare inventory reports and the balance sheet. Are the amounts the same? If inventory is handled correctly, they should be.
Four. Review an end of the year balance sheet. Reports->Company & Financial->Balance Sheet Standard. Do loan balances match loan statements from the lending institution?
Do payroll liabilities on the balance sheet seem to agree with amounts shown in the Payroll Center?
Does the balance in Sales Tax Payable match the amount that needs to be paid at the end of the quarter?
There are more. But these ideas will get you started.
QuickBooks WebinarDate and Time
Tuesday Dec 9, 2014
9:00 AM - 10:00 AM PSTWant more? Join us for a free hour-long webinar demonstrating some of these fixes. Your questions are welcome. December 9th, 10:00 am
Register here
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