QuickBooks Desktop Year End Guide

Year end is quickly approaching and we want you to stay ahead of the game and learn how to have a successful year-end with QuickBooks Desktop.  This post covers the highlights of year-end planning, but make sure to check out the linked article for a deeper dive into ending the year with QuickBooks Desktop. 

The year is coming to an end which means it’s a great time for small businesses to look back on everything that happened in 2023. It’s also the time to review account balances and financial records to identify any errors. Here are some things you should keep in mind as year-end approaches.

Confirming the first month of your fiscal year can save you hours of headache.

If the first month of your fiscal year is incorrect in your QuickBooks Desktop account, then all of your data and reports are going to be off. As you prepare for year-end, it’s a good idea to double-check that this timeline is correct.

1. From Company , select My Company.

2. Select the pencil icon.

3. Go to Report Information. Check if the first month of your fiscal year is correct to ensure your financial reports use the correct dates.

Reviewed and reconciled accounts lead to accurate reports.

Year-end is a great time to review customer and vendor accounts to make sure that any outstanding balances are tended to prior to closing the books. Remind your customers of their unpaid balances by sending current statements, and confirm that any unpaid vendor bills or credits are addressed prior to the end of the year.

Once your customer and vendor accounts are reviewed, you can turn your attention to bank account reconciliations. If you haven’t been reconciling your accounts throughout the year, it’s not too late to do so now. Take some time to look over your QuickBooks data and compare it against your bank accounts to ensure that all of your transactions have been tracked correctly. The more accurate your accounts are, the more accurate your year-end reports will be.

• Back up your QuickBooks company file.
• Enter all uncleared transactions for the statement period.
• Have a copy of your bank or credit card statement.

Running year-end reports is a perfect opportunity to see the big picture of your business over the year, as well as spot any data errors.

Run your Profit and Loss, Balance Sheet Standard, or custom report of your choice to make sure your numbers look correct. As you look over this data, make sure to celebrate your wins and reflect on the months of success you experienced throughout the year.

To run year-end reports:

1. From Reports, select Company & Financial.

2. Select Profit and Loss and the Balance Sheet Standard, or any customized reports you may need.

Make year-end preparation a collaborative effort by getting your accountant involved.

QuickBooks Desktop allows you to share your company data with your accountant via the Accountant’s File. Get a second set of eyes, as well as some expert advice, by involving your accountant in your year-end process. Once you’ve successfully reviewed, reconciled, and reported your data, you can work with your accountant to prepare your year-end tax returns and then close your books.

While we provided you with a brief overview of getting ready for year-end in QuickBooks Desktop, make sure to check out the full QuickBooks Desktop Year End Guide for step by step instructions and tips.