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    Year-End Checklist: Bookkeeping for Small Businesses

    [fa icon="clock-o"] Jan 7, 2014 9:20:00 AM [fa icon="user"] BudgetEase [fa icon="folder-open'] Quickbooks, Small Business, Financial Management, For Accountants, Bookkeeping

    ID-100105844

    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      • Old outdated item receipts 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.

    meet with a certified quickbooks advisor

    Image Credit: Organizing File with Date by Stuart Miles via freedigitalphotos.net
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    Written by BudgetEase