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Posted on January 11, 2021 at 9:43 PM
Written by Justin Atneyel
As an outsourced accounting firm with expertise in QuickBooks Online, we work with many businesses to help them close out their books for year-end.
In just eight steps, first you must close your books in QuickBooks Online:
When it comes to year-end, there are certain tasks that you must do in QuickBooks Online in order to close the year and prepare for a new one. Here are the tasks listed in the QuickBooks Online Business Community Section.
To confirm or change the first month of your financial year:
To check customer account balances:
To send a statement:
You must also confirm that all deposits are cleared, so they are not included in your current year’s income.
By year-end you should be paying any outstanding bills that you owe and addressing any credits, discounts or products that you are owed from your suppliers (if applicable).
To review outstanding bills:
To reconcile your bank and credit card accounts in QuickBooks online:
To run year-end reports:
At this point in the year-end process, it’s best to collaborate with your management and accounting team to lay the groundwork for financial data. At Plumb, we are an outsourced accounting team, providing virtual or on-site solutions for setting up QuickBooks Online best practices for accounting procedures and the year-end close.
Here are some tasks that should be handled in QuickBooks with the help of an accountant.
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