intuit quickbooks pro 2014 close year end

( Watch a tutorial here) It also ensures that the bank and/or credit card company have not made mistakes. This can be tedious but QuickBooks actually makes it relatively easy. It is important to go through your bank statements on a regular basis and ensure there is a matching transaction in QuickBooks for each. Be able to validate any invoice appearing on the accounts receivable and accounts payable detail reports, and ensure that your previous balance sheet and tax return are a match. Reconcile Your Balance SheetsĪs dull as it may sound, you have to make sure all bank account reconciliations are complete and cleared of any old deposits or debit transactions. This will translate into a stress-free tax season in April. QuickBooks can help save you valuable man hours due to built-in features for organizing your books. We suggest a structured plan to prepare for your year-end close in QuickBooks. Although reaching the end of another fiscal year is a reason to celebrate, there are additional bookkeeping processes that need to be checked off your to-do list. However, scrambling to close your books in the midst of the holiday season is usually a recipe for errors.

This happens a lot and doing a proper year-end close is the easiest way to avoid this issue. It “locks in” your data and ensures you aren’t entering information into the incorrect period. Although your fiscal year may not line up with the calendar year, closing your books properly is still a very important task.

Now that we are firmly in Q4 of 2018, it is time to start looking forward to the end of the year.

Intuit quickbooks pro 2014 close year end