Close Year-End in QuickBooks

Total Time: 30 minutes

1. Step One

   First month Verification

   It is important to ensure that the first month is correctly selected. QuickBooks has the ability to clear accounting journals which are out of the way.

   💠 In the settings option go to Company settings
   💠 In the advanced section click accounting and make changes in the first month of the year
   💠 Tap Done

2. Step Two

   Pay all the vendor bills and verify all the accounts

   💠 Tap reports and then further select all reports
   💠 Tap manage accounts payable
   💠 Select Aging Summary and verify all the details

3. Step Three

   Settle bank Accounts and other pay-ables

   💠 In the settings option select reconcile
   💠 View all the accounts from the first month to the year end and verify every dues are paid and settled

4. Step Four

   Run all the reports

   💠 Click Reports > Recommended Reports
   💠 Select P/L and Balance Sheet
   💠 Select Customize reports and match the P/L report with the balance sheet

5. Step Five

   Prepare tax returns

   The taxes are prepared by a set of tax planners for the company. The accountants have the access to all the major reports and financial data of the organization. They can further make changes to the table if anything goes for a toss.

6. Step Six

   Closing the Accounts

   💠 In the settings design select company settings
   💠 Select Advanced > Accounting > Edit
   💠 Tick the Closing the Books checkbox
   💠 Enter the closing date
   Note: Transactions cannot be altered thereafter without any warning
   💠 Click Save and Done