QuickBooks Year-End Checklist

December 30, 2013 by Gordon Advisors

 

The end of the year is a great time to clean up you QuickBooks to ensure your financial records are in order. Below is a list of the top 10 yearend steps to take.

 

1. Reconcile all bank accounts –Before you click the “reconcile now” button, review any transactions that are uncleared. Are there checks that should be void since stale dated or deposits that did not happen at the bank?

 

2. Reconcile all credit card accounts – As with the bank reconciliation be sure there are no uncleared charges or payments that should not be there.

 

3. Petty cash – Physically check your petty cash balance as of the last day of the year. Prepare a journal entry to correctly record the activity in QuickBooks to the actual petty cash amount.

 

4. Take a physical inventory and reconcile with the QuickBooks inventory.

 

5. Make sure all asset purchases are posted to the fixed asset section of the Balance Sheet. Put a description of what was purchased in the memo.

 

6. Review Accounts Receivable – Write off any bad debt as of the last date of the year.

 

7. Review Accounts Payable – Review all unpaid bills.

 

8. Review vendors for any form 1099misc that will need to be issued to the recipient by January 31, 2014.

 

9. If you complete Payroll in QuickBooks follow the Intuit end of year checklist.

 

10. Make a backup of the QuickBooks file on removable storage device. Keep this back up in a separate location.