The end of the year presents an opportunity for you to clean up your books and ensure your finances are in order. To help you with this, we have developed the following list of year-end to-do’s:

General

  • Reconcile all bank and credit card accounts. If you have uncleared transactions older than six months, verify that they are actual transactions and not duplicates. Correct any errors and/or write off old, uncleared transactions.
  • Reconcile loan balances to match your bank’s year-end balance.
  • Review accounts payable for unapplied credits.
  • Review receivables for unapplied credits. Write off outstanding receivables that are considered to be uncollectible.
  • Review sales and use tax records to prepare for annual filings, if applicable.
  • Compile a list of equipment, vehicles or fixtures acquired or disposed during the year for your accountant. Verify major purchases (over $2,500) are posted as fixed assets and not expensed.
  • Take a physical inventory, if applicable, and adjust to actual.
  • Review 1099 vendors – verify information is correct; process 1096 and 1099 forms.

Payroll

  • Review employee records – verify social security numbers and addresses are correct.
  • Prepare year-end returns: 941, 940, state withholding reconciliations, and unemployment reports prior to processing W-2 forms to verify payroll information is correct.
  • Reconcile all four quarters of Form 941 to Form W-3.
  • Process W-2 and W-3 forms.

Other

  • Before processing your first payroll in the new year:
    • Update your tax tables by running “Payroll Update.”
    • Update unemployment rate changes.
  • Set a closing date so QuickBooks alerts you to any transactions being posted in the prior year.
  • Enter year-end adjusting journal entries.

Our QuickBooks support team is always happy to assist you with any questions.

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Debbie Denny
I joined the Green Bay, WI office of Hawkins Ash CPAs in 2008. I am a Tax Manager and Advanced Certified QuickBooks ProAdvisor. I have been certified in QuickBooks for more than 16 years. I specialize in software consulting and training, small business accounting and tax preparation. I am also experienced in Sage 50 software.

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