DEMO | End of Year Preparation for Bookkeepers - QuickBooks

This video can be used for small business owners or in-house bookkeepers using QuickBooks Online. I did not go over the accountant tools, since you need a special login as an accountant for those.
If you need a discount on QuickBooks Online, click here (I use Advanced for my videos): quickbooks.int...
If you are not totally familiar with end of year processes and are looking for something informal, this video goes through some basic accounting tie-ins and things to check before you turn your books over to your accountant or CPA for final tie ins.
Accompanying blog post will be posted here soon.
My usual flow (which we adapt per client) is:
1. Tie in A/R and A/P to Balance Sheet. Tidy up (review old Aging, etc).
2. Ensure all Assets (Bank Accounts, Credit Cards, Current Assets and so on), Liabilities, and Equity Accounts are accurate and *reconciled*. If you are comfortable calculating things like Depreciation you can do so, otherwise leave your depreciation and equity entries for your accountant to complete.
3. Prepare 1099 documentation no later than December. This is 1099-NES, M, and any other documents needed.
4. If you are accounting-trained, do an analysis of last year's reports and tax filings against your books and ensure nothing has been changed in error.
5. Review your payroll end of year checklists and review your W-2s in advance. Make any rounding adjustments to final paychecks according to comp plans and best practices.
6. Set aside the months of November and December for budgeting and planning. I didn't dive too deeply into this, but you can reach out to us if you'd like help.
7. When you are finished, LOCK YOUR BOOKS. Save the password with the most responsible person in the office. ;-)
If you need a bookkeeping service, or would like to talk to us about questions, you can schedule a meeting on our Calendly: calendly.com/c...
If you have things we may have missed, feedback, or your own tips, add them in the comments. Thank you!
Call 980.210.6946 | Email [e-mail]
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[@DavidCombs-zk4es]

Great timing on this, I appreciate the enthusiasm! Thanks for posting.

[@CertumSolutions]

Thank you! Anytime! Let me know if I can help with any other questions! Happy holidays!

[@MarikoSakoda]

Thank you for this video! I'm excited like Fantasy Football!!!

[@CertumSolutions]

Wooo!! I am, too!!! Thank you so much for the great comment and the support - you made my day!!!

[@chucksims8244]

I really like the list and planning aspect of year end task.

[@CertumSolutions]

Would it be helpful if I made a list in a related blog post?

[@chucksims8244]

@@CertumSolutions Yes, that would be great!

[@CertumSolutions]

I will get on it! Thank you for the idea/feedback!

[@chucksims8244]

@@CertumSolutions thank you for listening

[@colindaperry6532]

Can you show how to match taxes paid to balance sheet please

[@CertumSolutions]

Any specific taxes? Payroll, sales tax, or income? Income may not be on the BS if it is pass through, but I am happy to put something together! Thank you for the comment!

[@AngieGarwood]

are you making one of these for desktop version too?

[@CertumSolutions]

I sure will, Ms. Angie! Thank you for the request! Stay posted!