QuickBooks Desktop year-end guide

Stay ahead of the game and learn how to have a successful year-end with QuickBooks Desktop.  This post covers the highlights of year-end planning, but make sure to check out the linked article for a deeper dive into ending the year with QuickBooks Desktop. 

The year is coming to an end, which means it’s a great time for businesses to look back on everything that happened in 2022. It’s also the time to review account balances and financial records to identify any errors. Here are some things you should keep in mind as year-end approaches.

Confirming the first month of your fiscal year can save you hours of headache. If the first month of your fiscal year is incorrect in your QuickBooks Desktop account, then all of your data and reports are going to be off. As you prepare for year-end, it’s a good idea to double-check that this timeline is correct.

Year-end is also a great time to review customer and vendor accounts to make sure that any outstanding balances are tended to prior to closing the books. Remind your customers of their unpaid balances by sending customer statements or scheduling payment reminders, and confirm that any unpaid vendor bills or credits are addressed prior to the end of the year.

Once your customer and vendor accounts are reviewed, you can turn your attention to bank account reconciliations. If you haven’t been reconciling your accounts throughout the year, it’s not too late to do so now. Take some time to look over your QuickBooks data and compare it against your bank accounts to ensure that all of your transactions have been tracked correctly. The more accurate your accounts are, the more accurate your year-end reports will be. 

Running year-end reports is a perfect opportunity to see the big picture of your business over the year, as well as spot any data errors. Run your Profit and Loss, Balance Sheet Standard, or custom report of your choice to make sure your numbers look correct. As you look over this data, make sure to celebrate your wins and reflect on the months of success you experienced throughout the year.

Make year-end preparation a collaborative effort by getting your accountant involved. QuickBooks Desktop allows you to share your company data with your accountant via the Accountant’s Copy. Get a second set of eyes, as well as some expert advice, by involving your accountant in your year-end process. Once you’ve successfully reviewed, reconciled, and reported your data, you can work with your accountant to prepare your year-end tax returns and then close your books.

While we’ve provided you with a brief overview of getting ready for year-end in QuickBooks Desktop, make sure to check out the Year-end guide for QuickBooks Desktop for step-by-step instructions and tips.  

Have more questions about preparing for year-end with QuickBooks Desktop? Our live social team is available to chat Monday through Friday from 9am to 8pm EST: https://quickbookshelp.ca/facebook