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QuickBooks Tips – Year End Tasks for Filing Taxe

Year End Tasks for Filing Taxe

QuickBooks Tips – Year-End Tasks for Filing Taxe

The end of the year always adds more to your already busy

Intuit has created a great “QuickBook Air & Guide / Checklist” and includes it in your QuickBooks program by going

to the Help menu and choosing Air & Guide. Over the next few days, we’ll cover each of the topics listed in the Year-

End Guide, and offer some additional tips on each of the three sections: Preparing for Tax Submission, if you use

year  Things to do, things to year  if you have employees, and some tips for the coming year.

Tax submission preparation work:

QuickBooks Tips – Year-End Tasks for Filing Taxe

Year End Tasks for Filing Taxe
Year End Tasks for Filing Taxe

Reconcile all bank and credit card accounts – now you really should have done this every month …

Decide which month was the last month in which the piece was made.
Submit and sort all your bank or credit card statements. The oldest and the most recent. If you do not have all the

statements, please do not be tempted to just “skip” this month, contact the bank and ask for a copy, or if you have the

Select the account you want to reconcile from the drop-year account list (you can select your bank account or your

credit card account).
Statement date should be the end date of your most recent statement.
The initial balance should be the same as the initial balance of your old statement. If for some reason the amount is

not the same, click on the link that says “What if my initial balance does not match my statement?” And follow the

instructions in the QuickBooks help file to find out what’s wrong and how to fix the problem.

QuickBooks Tips – Year-End Tasks for Filing Taxe

The closing balance should be the amount shown on your current bank statement as the closing balance.

Enter any service charge only for the latest statement – (we’ll add the rest manually), please “add them all” and don’t

be tempted to put that amount here.

Just enter any interest you received for the current statement – (we’ll put the rest manually), please “add them all”

and don’t be tempted to put that amount here.
Click the Continue button that will take you to the Reconciliation window.

To enter service charges and/or interest earned for additional months, from the Banking menu, leave the

Reconciliation window open – select the Usage Register and use the end date stated as the entry date individually.

Enter the transaction at, In addition, you may want to create “other names” called bank service charges and interest

to be used in the Mayfield when recording these transactions, just to facilitate communication.

QuickBooks Tips – Year-End Tasks for Filing Taxe

Year End Tasks for Filing Taxe
Year End Tasks for Filing Taxe

Working with statements, the oldest first, just pass and check and check every deposit until you complete.

If you find checks or deposits on statements that are not in your QuickBooks file, go to the Banking menu and select

Usage Register, record the transaction with its actual date, the amount in either category Assign to Forgotten Income

or Unclassified Expenses – so you can later run a year-to-date profit and loss report, zoom in on these accounts and

find a hard copy of the original transaction and register Or can correct entries.
Confirm small cash entries for the tax year.

Make year-end adjustments and corrections – I generally recommend that you work with your accountant on these issues.

QuickBooks Tips – Year-End Tasks for Filing Taxe

Close your books – I generally recommend that you close your books with a password for the financial year – only a

QuickBooks administrators can do this, but it can be an accidental change in the default transactions of others.

Prevents, Of course, the QuickBox administrator can make changes to the transaction as needed and create an end

date exception report by going to the Reporting menu, selecting Accountants and Taxes, and then selecting the End

Date Exception Report. With QuickBox 2011, you don’t have to worry about ineffective transactions such as

estimates and purchase orders.

QuickBooks Tips – Year-End Tasks for Filing Taxe

Year End Tasks for Filing Taxe
Year End Tasks for Filing Taxe

Adjust retained earnings – QuickBox does this automatically, so you don’t have to do it manually.

Review details of all new devices purchased during the year – If you are using QuickBox Premier (including Premier

Contractor, Manufacturing, etc.) you can purchase your fixed assets by going to the list-menu and selecting the Fixed

Assets item list. Can enter details about. – Otherwise, you’ll need to track these items by adding sub-accounts to your

Excel worksheet, Word document, or QuickBox.

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