Question:
I use
QuickBooks for my small business, and I’m wondering what I need to do to
“close out” my books at year end. Can you help me?
You are in luck because the year-end procedures in QuickBooks are
minimal compared to other small business accounting software programs.
QuickBooks wants to make the start of your New Year as seamless and easy
as possible.
Since every small business has different needs and procedures, I highly
recommend that you visit the Intuit website and review their
Year-End
Center
. Go to the following website and click on the version of QuickBooks
which you currently use:
http://www.quickbooks.com/support/yearend/
At this site, you will find all of the recommended steps to be taken at
year end, including how to print W-2’s for your employees and 1099’s
for your independent contractors. Remember, these forms can be
printed directly from QuickBooks and need to be completed by January 31st.
While you are at the Intuit site, I suggest you review the improvements
which have been made to the current versions of QuickBooks. If you
haven’t upgraded in a few years, I’m certain you will be pleased with
the enhancements. Please visit:
http://www.quickbooks.com
and click on the “Products” tab. To the right of the screen,
there are two links which are very useful:
ADVISE ME:
Based on YOUR needs, the best product for your particular business will be
shown to you.
COMPARE PRODUCTS:
Create a Features Comparison Chart which will compare your current version
to the latest versions.
Both of these are excellent tools which can help you determine which
product is best for you. (Please note that effective
4/30/07, Intuit has discontinued live support for QuickBooks 2004 and older
versions.)
Once you’ve decided which product you want to purchase, then
LET
THE EFFICIENCY EXPERTS SAVE YOU MONEY and TIME!
Simply
click here and save up
to 20% and FREE SHIPPING!
The "EffEx Tip" of the Month:
Take the time to remove all of the previous year's documentation from your filing
cabinet. A sturdy filing box should be sufficient for your paid
bills, bank statements, closed accounts, and any other items that will not
be required in the future. Be sure to mark the year on the outside
of the box for easy retrieval.
Set up new files for this current year. As much as I would love to have
beautifully typed labels, a marking pen works just as well (use your time
to do something more profitable or FUN!)
Be sure to note the year on the tab of each of these new files.
If you ever retrieve archived files and need to replace them, having the
date on the tab will save you a lot of time.
