QuickBooks is a strong and powerfully designed advanced software for accounting purposes. It gives you an added advantage of making amendments in your accounts during the year end analysis.
The companies always want to make sure that when the year end reports are being closed, there is nothing left in the accounts which is untrue and does not depict the true nature of the organizational profit or loss.
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In this piece we will talk about the essentials of year end closing. All the important aspects which have to be amended and verified would be included in the article. These aspects will be including set up budget in Quickbooks or invoice verifications and more.
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How to Close Year-End in QuickBooks
Let us examine all the aspects which have to be focused upon during the last month of the fiscal year:
Total Time: 30 minutes
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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 -
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 -
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 is paid and settled -
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 -
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.
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Step Six
Closing the Accounts
💠 In the design of the setting 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
Need Professional Help?
QuickBooks can be very assistive and proactive with the year-end chaos that every business has to deal with. In case you’re unable to revise the books clearly you can contact our QuickBooks Toll-Free Number smb_accountants and get assistance from experienced QuickBooks professionals. They are available 24/7 to assist you with the best in class knowledge. You can also chat with them on Quickbooks Chat Support.
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