As year end approaches, we need to give our bookkeeping records a really thorough review so that our records are clean and organized for taxes. This checklist was written with my clients in mind (small business owners that are often taking a do it yourself approach), who often use QuickBooks Desktop or QuickBooks Online.
Reconcile against your bank statements
- Checking account(s)
- Saving account(s)
- PayPal account
- Clearing/suspense account(s)
- Credit card accont(s)
- Loan account(s)
Balance Sheet Review
- Uncategorized asset
- Accounts receivable
- Inventory
- Other assets
- Accounts payable
- 401K liability
- Payroll tax liabilities
Profit and loss review
- Income detail
- Cost of goods sold detail
- Expense detail
Review loose ends
- Ensure all expenses have a payee
- Review undeposited funds
- Review uncleared transactions
- Reconcile 941’s against bookkeeping records
- Calculate total business mileage (save this for your tax preparer)
- Review your personal banking records looking for business expenses
- Gather W9s in anticipation of generating 1099 MISC and 1099 NEC forms
If you’d like help reviewing your books before year end, please add yourself to my calendar using the green button below.
