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QuickBooks: Year-End Procedures

QuickBooks: Year-End Procedures. Presented by: Scott Gregory, QuickBooks Expert Bottom Line Accounting Solutions. QuickBooks: Year-End Procedures. Content adapted from QB year-end guide Help > Year-End Guide Topics today will be at a “high level”

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QuickBooks: Year-End Procedures

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  1. QuickBooks: Year-End Procedures Presented by: Scott Gregory, QuickBooks Expert Bottom Line Accounting Solutions

  2. QuickBooks: Year-End Procedures • Content adapted from QB year-end guide • Help > Year-End Guide • Topics 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.

  3. QuickBooks: Year-End Procedures • Preparing for Tax Time – The Groundwork • Reconciling – all bank and credit card accounts (you’ve been doing that all year, right?) • Square up your petty cash account • Depreciation and other “journal entries” • Physical inventory and related corrections

  4. QuickBooks: Year-End Procedures • Preparing for Tax Time – Payroll • Payroll reconciliations – 100% right! • Key reports for verification (Reports > Employees and P/R): • Payroll summary report • Summarize payroll data in Excel • Key tool to use • Employees > P/R Taxes > Adjust P/R Liabilities • Be sure to work with your CPA in this area!

  5. QuickBooks: Year-End Procedures • Preparing for Tax Time – Payroll • Payroll forms: • W-2, W-3, 940, 941, state and local • Some 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!

  6. QuickBooks: Year-End Procedures • Preparing for Tax Time – Subcontractors • Verify 1099-MISC Tracking • Edit > Preferences > Tax: 1099 • Watch the accounts mappings • Exclude credit and debit card payments! • Run 1099 Reports • Issue 1099 and 1096 forms • Be sure to work with your CPA in this area!

  7. QuickBooks: Year-End Procedures • Preparing for Tax Time – Reports to Run • Reports > Company and Financial (cash + accrual basis) • Profit and Loss - for the year • Balance Sheet – as of year-end • A/R Summary – as of year-end • A/P Summary – as of year-end • Statement of Cash Flows – going deep! • Review contents – anything look wrong? • Fix and re-run

  8. QuickBooks: Year-End Procedures • Preparing for Tax Time – Reports to Run • Familiar with the Process Multiple Report option in QuickBooks? • Reports > Process Multiple Reports

  9. QuickBooks: Year-End Procedures • Preparing for Tax Time – Getting Info to Your CPA • Backup copy – be careful with this! • Accountants copy • Remote access to your computer • Flash drive, www.sendthisfile.com, etc.

  10. QuickBooks: Year-End Procedures • Preparing for Tax Time – Other QB Activities • Create a backup for historical purposes • Set the Closing Date – “closing the books” • Clean up and re-sort lists • Check file size via F2 key • 150 mb or more? • Archive/Clean-up Company Data • Super-Condense file via QuickBooksUsers.com • Move to Enterprise?

  11. QuickBooks: Year-End Procedures • Rolling Into The New Year – Tips for Success • Keep up with data entry and reconciliations • Get some training on areas of uncertainty • Arrange for daily backup of your QB data • Off-site and automated: Carbonite, Mozy, etc. • Consider ways to streamline • Doc management, etc. – add-ons • Be sure to get a mid-year review of finances with your CPA for tax planning • Have great success with your business in 2013!

  12. QuickBooks: Year-End Procedures • Wrap-Up of Key Topics • Lots of things to do as part of year-end • Coordinate with outside CPA or QB specialist to adjust/fix trouble areas – don’t guess at it • Consider outsourcing your payroll – lots of benefits and value in this

  13. QuickBooks: Year-End Procedures • FINAL Q+A FOR TODAY! Your Presenter: Scott Gregory, QuickBooks Expert www.BetterBottomLine.com Your Host: Shannon Tucker, Accounting Users, Inc. QuickbooksUsers.com See quickbooksusers.eventbrite.com for more online seminar details!

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