Year-End Tips

Review Your Data

Now that 2009 is over, it’s time to address year-end activities, such as W-2’s, 1099’s and getting your QuickBooks file ready for taxes.  Your accountant often has a questionnaire or checklist for you, but QuickBooks has a guideline, too.  Click on Help, Year End Guide.  You may find that some of the items on the checklist are handled by your accountant, payroll service, or other outsourced service,  so this list may actually get shorter for you.   Don’t be afraid to ask for help for areas that are either confusing or need fixing – you will save your sanity and spend less time working on the books and more time being productive at work.

Protect Your Data

When you give your accountant your data file, it’s a good idea to have a record of what you sent.  Keep a backup copy for yourself in a safe place.  Print a Profit & Loss Report and a Balance Sheet for the year-end and keep those with the backup. If you have administrative access, then click on Edit, Preferences, Accounting – and set a password for the closing date.  A rule of thumb is DO NOT make changes to last tax year after you give your accountant your file unless you talk to your accountant first. 

Review Your Options

Calendar or fiscal year-end can be a good time to review other services – whether you need them, need to upgrade or downgrade or need others.  This would include the version of QuickBooks your using, payroll, and merchant services for just a few.  We’ll discuss these in more depth in our next blog.

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