Intuit provides the following checklist to assist with year-end accounting tasks. It can be accessed from within QuickBooks. Just go to: [Help] and then select [Year End Guide].
Tasks to prepare for filing season
- Reconcile all bank and credit card accounts
- Verify petty cash entries for the tax year
- Make year-end accrual adjustments and corrections
- Close your books
- Adjust Retained Earnings
- Review details of all new equipment purchased during the year
- Make all asset depreciation entries and adjustments
- Review fringe benefits that need to be reported on Form W-2
- Take a physical inventory and reconcile with book inventory
- Print financial reports
- Print income tax reports to verify tax tracking
- Import you tax-related date to TurboTax or ProSeries
- Archive and back up your data
- Order supplies and tax forms
Tasks to do if you use subcontractors
- Ensure that 1099 info is correct
- Print and mail 1099’s
Tasks to do if you have employees
- Confirm you have current payroll tax tables (QuickBooks Payroll only)
- Clear YTD payroll amounts – QuickBooks does this for you
- Pay payroll liabilities
- Review W-2 forms
- Print and distribute W-2’s
- Print Form W-3
- Process Form 940
- Process Form 941
- Verify W-4 informationAttention Quick
Ketel Thorstenson, LLP
Ketel Thorstenson, LLP, has over 60 CPA’s on staff and has been serving clients across the region since 1936. With offices in Rapid City, Spearfish, and Custer SD, the firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks, bookkeeping, payroll, business valuation and estate planning.
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