QUICKBOOKS ONLINE YEAR END CHECKLIST
· If you have inventory – plan to take a physical inventory as close to year- end as possible.
· Reconcile your physical inventory with book inventory.
Reconcile and review accounts
· Reconcile all bank and credit card accounts – to ensure that all transactions are recorded.
· Review transactions in QuickBooks for proper account classification – make changes as needed.
Record personal expenses correctly
· Did you record personal expenses correctly? Personal expenses should generally be recorded as distributions or dividends.
Record major asset purchases
· Record major asset purchases as fixed assets (example, asset purchases in excess of $500). This includes equipment, furniture, etc).
· Prepare a list of fixed asset purchases for your tax preparer – including date acquired, description, and amount paid.
Clean up customer and vendor accounts
· Review Customers and Vendors to check for duplicates or missing information.
· Review accounts receivable aging for any clean up needed (old balances, etc).
· Review accounts payable aging for any clean up needed (old balances, etc).
· Review key financial reports such as the Balance Sheet and Profit & Loss for the year.
Enter a closing date in QuickBooks Online
· Enter a closing date and password so that you or your staff don’t accidentally change any balances.
Notify your tax preparer
· Notify your tax preparer that your QuickBooks file is ready for tax preparation. In QuickBooks Online you can easily give your Accountant access to your QuickBooks Online file.
Prepare 1099’s and 1096
· Every year, businesses are required by the IRS to send a Form called “1099-MISC” to certain individuals and businesses. See instructions from the IRS at “2014 Instructions for Form 1099-MISC” (see http://www.irs.gov/pub/irs-pdf/i1099msc.pdf).
Mike McVay, Certified QuickBooks ProAdvisor 850-725-5696 Mike@MikeMcVay.com