QuickBooks: QuickBooks: Year-End ProceduresYear-End Procedures

Presented by:

Scott Gregory, QuickBooks ExpertBottom Line Accounting Solutions

Content adapted from QB year-end guideHelp > Year-End GuideTopics today will be at a “high level”Coordinate with your outside CPA or QuickBooks advisor for needs specific to your business – no way to cover all the variables today.

Preparing for Tax Time – The GroundworkReconciling – all bank and credit card accounts (you’ve been doing that all year, right?)Square up your petty cash accountDepreciation and other “journal entries”Physical inventory and related corrections

Preparing for Tax Time – PayrollPayroll reconciliations – 100% right!Key reports for verification (Reports > Employees and P/R):

Payroll summary reportSummarize payroll data in Excel

Key tool to useEmployees > P/R Taxes > Adjust P/R Liabilities

Be sure to work with your CPA in this area!

Preparing for Tax Time – PayrollPayroll forms:

W-2, W-3, 940, 941, state and localSome states may not get full credit on 940 this year

Don’t have to buy your forms directly from QuickBooks

Be sure to work with your CPA in this area!

Preparing for Tax Time – SubcontractorsVerify 1099-MISC Tracking

Edit > Preferences > Tax: 1099Watch the accounts mappingsExclude credit and debit card payments!

Run 1099 ReportsIssue 1099 and 1096 forms

Be sure to work with your CPA in this area!

Preparing for Tax Time – Reports to RunReports > Company and Financial (cash + accrual basis)

Profit and Loss - for the yearBalance Sheet – as of year-endA/R Summary – as of year-endA/P Summary – as of year-endStatement of Cash Flows – going deep!

Review contents – anything look wrong?Fix and re-run

Preparing for Tax Time – Reports to RunFamiliar with the Process Multiple Report option in QuickBooks?

Reports > Process Multiple Reports

Preparing for Tax Time – Getting Info to Your CPA

Backup copy – be careful with this!Accountants copyRemote access to your computerFlash drive, www.sendthisfile.com, etc.

Preparing for Tax Time – Other QB ActivitiesCreate a backup for historical purposesSet the Closing Date – “closing the books”Clean up and re-sort listsCheck file size via F2 key

150 mb or more?Archive/Clean-up Company DataSuper-Condense file via QuickBooksUsers.comMove to Enterprise?

Rolling Into The New Year – Tips for SuccessKeep up with data entry and reconciliationsGet some training on areas of uncertaintyArrange for daily backup of your QB data

Off-site and automated: Carbonite, Mozy, etc.Consider ways to streamline

Doc management, etc. – add-onsBe sure to get a mid-year review of finances with your CPA for tax planningHave great success with your business in 2013!

Wrap-Up of Key TopicsLots of things to do as part of year-endCoordinate with outside CPA or QB specialist to adjust/fix trouble areas – don’t guess at itConsider outsourcing your payroll – lots of benefits and value in this

• FINAL Q+A FOR TODAY!Your Presenter:Scott Gregory, QuickBooks Expertwww.BetterBottomLine.com

Your Host:Shannon Tucker, Accounting Users, Inc.QuickbooksUsers.com

See quickbooksusers.eventbrite.com for more online seminar details!