YEAR-END bookkeeping tasks (+questions from my real accountant)

[@FinePointsBookkeeping]

How's year-end stuff going for you??

[@wg8290]

I typically download the financials to excel and highlight the cells as I finish.

[@FinePointsBookkeeping]

Ohh, good idea. I think I'll try that instead next time.

[@YoucefYoucef-ft9ce]

Thank you for your efforts I love you channel 👍

[@FinePointsBookkeeping]

Glad you enjoy it!

[@natalyasni]

Good video. Reassurance that I have been doing it right. For furniture and equipment I have separate asset line. For example 35G excavator. Or 2020 dodge Vin #4567. I do not believe that any furniture or machinery should be on P&L. I also have category Small tools under $2000 on P&L and large tools over $2000 on balance sheet. And I send notes to accountan for those items. Good video. Good job

[@FinePointsBookkeeping]

This is helpful to see how you do it! I haven't had clients with such big machinery, so my account is more like your "small tools," I think. :) I agree, clear communication with your accountant is key.

[@natalyasni]

I had a soft ruler that I used for like 9 years and this month my dog ate it 🤷🤦 I was so bummed out 😂 that piece of plastic went through hundreds of transaction matching over the years 😂

[@FinePointsBookkeeping]

Haha, love it!

[@Johnsoncrna]

Thanks, this was very helpful!

[@AndreaGonzalez-ir4dh]

Great video thank you 🙏

[@FinePointsBookkeeping]

My pleasure!

[@juliesotelo3771]

Great videos!

[@FinePointsBookkeeping]

Thanks so much for watching!

[@mollymcnallyroberts]

One more question, are there any EOY journal entries you make in QBO to close out accounts? Or do you leave that for the CPA to enter?

[@Sarah-db2lc]

Hi Morgan, I was thinking about categorizing expense into big four like youve mentioned. Do you add that as parent chart of account in quickbooks? I really wanted to apply those categorization. Thanks for informative video.

[@lbrookeknowles]

Do contract bookkeepers have to file 1099’s or keep up with them throughout the year for all the clients vendors? I’ve done that and absolutely hate it during 1099 season, but I can’t find any information anywhere on if contract bookkeepers HAVE to do those or not. I would prefer not to if I don’t have to lol

[@FinePointsBookkeeping]

Hey! Morgan is not a tax preparer or CPA. She recommends reaching out to one of them to find out what you need to do for contract bookkeeping. Krista (FinePoints Admin)

[@livscreativeescapes6523]

So I have a new client and I have two main questions. When they started buying things in 2020 they didn't have a business account and didn't use those expenses as a deduction since they didn't actually make a sale until 2021. How do I let the accountant know or how do I record prior year expenses on accounts that are not in QuickBooks? And for purchases made in 2021 with their personal accounts? These were from personal accounts that are not in QuickBooks.

[@FinePointsBookkeeping]

Hi! Good questions! Hmm, for the ones in the previous year... I had that happen a long time ago, but I can't remember how I dealt with it. I would guess that you could send a list/spreadsheet to the accountant and they could deduct those expenses from 2020 (or, check with them about what's the easiest way to get the info). For personal accounts, I have a video about that--you can make a journal entry that contains the expense and an equity account that is "owner's contribution" (or named whatever you want). kzbin.info/www/bejne/ZmLSkGmFiq11a5Y Alternatively, if they are being reimbursed (like with a check) you can just code that to the expense (office supplies, computer, or whatever) when the check is cashed and comes through bank feeds (and have them save the receipts, of course). Hope that helps!

[@mollymcnallyroberts]

If you client's accountant has access to their QBO, do you still send them reports or let them access them on their own?

[@FinePointsBookkeeping]

I send them! :)

[@bleh329]

2:18 Does that mean you don't usually do depreciation, or is this client on cash-basis accounting?

[@josephzhang2492]

I think she is talking with here accountant (know how much depreciation will be calculated [I.e. bought furniture (or other depreciable assets) for the whole year or part of the year. Furthermore, straight-line or diminishing depreciation])

[@natbrown1974]

Hi! Do you offer payroll services to your clients? I have taken basic payroll courses but still don't feel confident enough to offer it as a service. Just wondering if you have any recommendations on that side of things. Thanks!

[@FinePointsBookkeeping]

I don't offer manual payroll--I found the same thing as you, I took a class on it, but it was a lot to manage and the laws are ever-changing. I have my clients sign up for a payroll company (through QuickBooks, Gusto, ADP, etc). It's reasonably affordable for most businesses. Good question, I think I could make a dedicated video about this topic.

[@johnnytarkpah6782]

@@FinePointsBookkeeping this will be wonderful as I full in the same category

[@steffanyavalos]

Hello! I just heard about book keeping a month ago and I been watching your videos for about a week 😃!! I saw you have a program for this... I would love to take it since I don't know much about this but the videos I been watching in your channel.... could I please get the link to your program I haven't been able to find it.. Thank you!

[@steffanyavalos]

By the way I'm a stay home mom of 2 and from what I have heard I could do this after they go to sleep 😄... im excited to feel I'm bringing some type of help in my home's income again

[@TorontoBookkeepingSolutions]

Hi Morgan! Thank you so much for another amazing video. When you're creating the "ask my accountant" or "checks to check" are you creating those clearing accounts in your QBOA accounting or in your clients QBO account? Thank you and do you have a Facebook group?