1. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Presented by:
Scott Gregory, QuickBooks Expert
Bottom Line Accounting Solutions
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

2. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Content adapted from QB year-end guide
Help > Year-End Guide
Topics today will be at a “high level”
Coordinate with your outside CPA or QuickBooks advisor for needs specific to your business – no way to cover all the variables today.
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

3. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Preparing for Tax Time – The Groundwork
Reconciling – all bank and credit card accounts (you’ve been doing that all year, right?)
Square up your petty cash account
Depreciation and other “journal entries”
Physical inventory and related corrections
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

4. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Preparing for Tax Time – Payroll
Payroll reconciliations – 100% right!
Key reports for verification (Reports > Employees and P/R):
Payroll summary report
Summarize payroll data in Excel
Key tool to use
Employees > P/R Taxes > Adjust P/R Liabilities
Be sure to work with your CPA in this area!
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

5. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Preparing for Tax Time – Payroll
Payroll forms:
W-2, W-3, 940, 941, state and local
Some states may not get full credit on 940 this year 
Don’t have to buy your forms directly from QuickBooks
Be sure to work with your CPA in this area!
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

6. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Preparing for Tax Time – Subcontractors
Verify 1099-MISC Tracking
Edit > Preferences > Tax: 1099
Watch the accounts mappings
Exclude credit and debit card payments!
Run 1099 Reports
Issue 1099 and 1096 forms
Be sure to work with your CPA in this area!
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

7. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Preparing for Tax Time – Reports to Run
Reports > Company and Financial (cash + accrual basis)
Profit and Loss - for the year
Balance Sheet – as of year-end
A/R Summary – as of year-end
A/P Summary – as of year-end
Statement of Cash Flows – going deep!
Review contents – anything look wrong?
Fix and re-run
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

8. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Preparing for Tax Time – Reports to Run
Familiar with the Process Multiple Report option in QuickBooks?
Reports > Process Multiple Reports
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

9. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Preparing for Tax Time – Getting Info to Your CPA
Backup copy – be careful with this!
Accountants copy
Remote access to your computer
Flash drive, etc.
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

10. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Preparing for Tax Time – Other QB Activities
Create a backup for historical purposes
Set the Closing Date – “closing the books”
Clean up and re-sort lists
Check file size via F2 key
150 mb or more?
Archive/Clean-up Company Data
Super-Condense file via QuickBooksUsers.com
Move to Enterprise?
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

11. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Rolling Into The New Year – Tips for Success
Keep up with data entry and reconciliations
Get some training on areas of uncertainty
Arrange for daily backup of your QB data
Off-site and automated: Carbonite, Mozy, etc.
Consider ways to streamline
Doc management, etc. – add-ons
Be sure to get a mid-year review of finances with your CPA for tax planning
Have great success with your business in 2013!
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

12. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
Wrap-Up of Key Topics
Lots of things to do as part of year-end
Coordinate with outside CPA or QB specialist to adjust/fix trouble areas – don’t guess at it
Consider outsourcing your payroll – lots of benefits and value in this
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

13. QuickBooks: Year-End Procedures
4/20/2017 8:20 PM
QuickBooks: Year-End Procedures
FINAL Q+A FOR TODAY!
Your Presenter:
Scott Gregory, QuickBooks Expert
Your Host:
Shannon Tucker, Accounting Users, Inc.
QuickbooksUsers.com
See quickbooksusers.eventbrite.com for more online seminar details!
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.