Yes, QuickBooks Online (QBO) can help you compile and generate reports that are essential for annual tax returns, @the-laundrypeople.
To compile annual returns in QBO, the main approach is to generate financial reports that summarize the business's economic activity over a full year. You can use the Profit and Loss, Balance Sheet, or Tax Liability report for the relevant fiscal year.
Here's how to run the report:
- Go to the Reports section in QuickBooks.
- Search for the report you want to run.
- Run the report to show income, expenses, and net income for the year.
QBO does not file tax returns directly, but provides financial data to prepare annual returns either for tax filings or company accounting purposes. You can export this data to your accountant or tax software for completing the filing.
Please feel free to respond with any questions or updates on your progress. We'll be happy to assist.
