To help you plan for closing out your books at the end of year, keep this checklist in mind:
- Reconcile all bank statements
- Record all outstanding transactions in QuickBooks
- Make sure your A/P and A/R are up to date
- Review your expenses and make sure they are categorized correctly
- Double check the mileage reimbursement rate for current year in your QuickBooks
- Verify all employee information is current and accurate
- Collect IRS W9 forms from all independent contractors you have paid this year
- Prepare a budget for next year
Your Quarterly and Year-End Checklist may vary and include additional items that are required for you to accurately manage your books. But these checklists provide a good start for making sure you have an understanding of what the basics are.