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LeeWhite12341
October 21, 2023
Question

Month-End Comprehensive Closing Task List

  • October 21, 2023
  • 1 reply
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Can anyone share a month-end closing task list for QBO Advanced? Thanks! I have a task list I've used with other accounting software, but want to make sure that I list everything for QBO Advanced. Ideally, any tasks that are not QBO specific would be very helpful, such as ensure long-term/short-term liabilities are correct, fixed assets depreciation, accruals and deferrals, etc., in addition to tasks like matching the AP/AR aging reports to the GL control accounts. Thank you in advance for your help! 

1 reply

Q
QueenC
October 21, 2023

Hello there, @LeeWhite12341. I have a list of tasks you and your accountant can perform in QuickBooks Online to close out the previous year and prepare for the new one.

 

First, you can review the first month of your fiscal year to let QuickBooks Online clear accounting ledgers behind the scenes while you work on other year-end activities. 

 

Here's how:

 

  1. Go to the Gear icon then select Account and settings.
  2. Select Advanced and click on the pencil icon in the Accounting section to change the month in the First month of fiscal year field.
  3. Select Save, then Done to close the page.

 

Second, it's also advisable to verify the account balance of each client. Ensure that their information is current and accurate.

 

  1. Go to the Reports menu then enter Accounts Receivable Aging Summary or Accounts Receivable Aging Detail in the Find report by name field. 
  2. Select the report to open then review the information.
  3. Locate the customers with outstanding balances. 

If you find any outstanding balances, send a statement to the customer.

 

Also, to guarantee that your current year's income is accurate, it's essential to clear any pending bank deposits from the deposit queue. Payments that remain in the undeposited funds account won't be counted toward your income for the current year. If there's any, create a bank deposit. 

 

To know more about the things you can perform before the year ends, check out these articles:

 

 

When ready to close out the year, you can read through this article for the step-by-step process: Close your books in QuickBooks Online. This process ensures no one can edit your accounting data and prevents any accidental changes that could affect your financial reports. 

 

I'm still willing to provide more information if you have more questions or need guidance in completing year-end tasks in QuickBooks Online. Just hit the Reply button and I'll get back to you. Have a great day ahead.

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