I recently gave a presentation to the Troy Chamber of Commerce that included some helpful information for finishing off the year. By following these steps you may save money by paying less in taxes and fees!
Year End tips for QuickBooks BALANCE SHEET ITEMS:
- Reconcile all Bank and Credit accounts with your QuickBooks.
- Reconcile Petty Cash & Cash drawers as well
- Make sure the Payroll & Sales Tax Liability accounts reflect the correct amounts due
- You may know what your Inventory balance is, but make sure that it is correctly stated in QuickBooks
- Double check your Accounts Receivable invoices. Don't let them get stale!
- ALL Loans and large purchases should be recorded for the year
- Update ALL Loan balances, so that QuickBooks reflects that amount
Year End tips for EMPLOYMENT FORMS:
- Make sure you have ALL employee Social Security Numbers and current addresses
- Have ALL sub-contractors complete a W-9 so that you can do the 1099
Year End tips list in QuickBooks:
- Under HELP in QuickBooks there is a Year End Guide with a list of Year End activities and links to the Help functions for those task that you don't know how to do. As you can see there are MANY things that you should be doing over the course of the year to keep good records. If you aren't happy with your current accounting methods or are ready to hand your bookkeeping over to someone you trust, so you can focus on RUNNING your business, we can help.
