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Year-End Checklist: Bookkeeping for Small Businesses

Mar 22, 2021 2:30:00 PM BudgetEase QuickBooks, Small Business, Financial Management, For Accountants, Bookkeeping


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    • Old outdated item receipts 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.

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Image Credit: Organizing File with Date by Stuart Miles via

Written by BudgetEase