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Rachel Barnett

End of Year Bookkeeping Checklist

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.

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This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Gentle Frog, LLC does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Gentle Frog, LLC does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.

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