Article from QuickBooks
As the end of the year approaches, you will need to complete certain tasks in QuickBooks to close out the old year and prepare for the new one.
The following sections can help guide you through these end-of-year tasks to make the ending of one year and the beginning of another easier.
Task 1: Confirm the first month of your fiscal year
Task 2: Confirm customer account balances, send statements, and clear any outstanding deposits
Task 3: Confirm vendor/vendor account balances and pay bills or write checks
Task 4: Reconcile bank accounts, credit cards, and petty cash
Task 5: Invite your accountant – it’s time to collaborate and consult
Task 6: Run year-end reports
Task 7: Distribute profits from the business (accountant)
Task 8: Prepare year-end tax return (with accountant assistance)
Task 9: Close the books (optional)
Click here to read this article from QuickBooks.
Need help? We offer accounting, bookkeeping & payroll services as well as QuickBooks training. Click here to learn more or feel free to give us a call.
Blog by Kim Storen – Managing Tax Accountant, Business Services Manager
Learn more about Kim and the rest of the Storen Financial team here.