When it comes to bookkeeping for small businesses it is important to have a year-end checklist to make sure everything is in order. Here is our year-end checklist:
- Backup of data made before correcting transactions
- Review Trail Balance
- Balance changed? Review Audit Trail, Voided/Deleted and Retained Earnings QuickReport for prior year.
- Review Chart of Accounts for any newly created accounts
- Correct type selected?
- Duplicate accounts?
- Assign as sub-account?
- Item list review - Print Reports - item list include Account and COGS Account
- Correct accounts assigned?
- Duplication?
- Assign as sub-item?
- Review Accounts Payable
- Paid open vendor bills
- 1099 form setup
- Unapplied vendor credits
- Review Payroll
- Non-payroll Transactions
- Employee defaults
- Payroll item mapping
- W-9's complete?
- Review Completed Bank Reconciliations
- Account(s) reconciled
- Print discrepancy reports - voided checks
- Review un-cleared bank transactions
- Review Inventory Setup
- Inventory Valuation Summary Asset Total agrees with Balance Sheet
- Old outdated item receipts
- Journal entries posted to inventory asset account
- Review Cleaning Account (is payroll cleaning)
- Review accruals (does insurance reflect 12 months?)
- Compare expenses against prior year… are the differences reasonable?
- Review expenses that are the same each month… does the balance reflect 12 months?
- Review unclassified entries if using classes
- Review non-job entries if using jobs
- Review Fixed Assets and Repair/Maintenance for additions and disposals during the year
- Print/save reports for management purposes only
- Back up QuickBooks file
If you need help organizing a year-end checklist or simply need bookkeeping help, BudgetEase provides outsourced bookkeeping for all types of businesses.
