QuickBooks Year-End Procedures Checklist

Print the following reports and analyze for obvious errors:

Balance Sheet (Last Fiscal Year)

Profit & Loss (Last Fiscal Year)

Tasks to prepare for Year-End

A. Reconcile all bank and credit card accounts

B. Verify petty cash entries for the tax year

C. Make year-end accrual adjustments

4. Review details of all new assets and equipment purchased during the year
5. Make all asset depreciation entries and adjustments
6. Take a physical inventory and reconcile with book inventory if applicable.
7. Adjust Retained Earnings (Enlist accountant’s help to determine if appropriate and only after final adjusting entries are made)
8. Purchase supplies and tax forms
9. Review fringe benefits that need to be reported on Form W-2
10. Print and mail forms, W-2, W-3, 1099, 940, 941 and 1096
11. Print Financial Reports
12. Print income tax reports to verify tax tracking if you are using a tax program (if not, skip to N)
13. Import to TurboTax or ProSeries
14. “Close” your books by password protection.
15. Archive and Back up your data

Tasks if you use subcontractors:

1. Ensure that 1099 info is correct
2. Print and Mail 1099’s

Tasks if you are an employer:

1. Confirm you have current payroll tax tables
2. Pay payroll liabilities
3. Review W-2 forms
4. Print & Distribute W-2’s
5. Print form W-3
6. Process Form 940
7. Process Form 941
8. Verify W-4 information for new year

Troubleshooting Websites:

Accountant Community – The Accountant Community for Users and Experts

CPA911 - Help For Accounting Professionals

QuickBooks Support - Support for your Products

The Sleeter Group - QuickBooks Software Experts

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