The end of the year is quickly approaching. At Clerkly Bookkeeping we can help get your books in order for Denver yearend bookkeeping. Here are some tips for tax preparation and year-end bookkeeping checklist to get you organized. At Clerkly Bookkeeping in Denver we understand that every business has some sort of customized requirements. Do not view this list as all-inclusive. If you think of other bookkeeping tasks, do those too.
When in doubt or if you have questions, seek guidance from a professional like Clerkly Bookkeeping Denver.
Denver Yearend Bookkeeping Checklist:
- Get Organized. Collect all reciepts and bank statements.
- Do all the usual end-of-month chores for the last month of the year.
The best way to stay organized during the year is to enter your transactions into QuickBooks.
- Reconcile Your Bank Account.
- Invoicing. Be sure to complete invoicing for all of your customers.
- Collections – Collect all of your past due amounts if at all possible.
- Expenses and Accounts Payable: Verify all of your accounts payables have been recorded in QuickBooks. Make your 401(k), SEP IRA, and Simple IRA contributions, if you plan to.
- Prepare and file any end-of-year payroll tax returns – 1099/1096, W-2/W-3, 4th Qtr. Payroll .
- Collect W-9′s.
- Print two copies of the annual Cash-Flow Statement, the Annual Profit & Loss Statement, and the Year-End Balance Sheet.
- Double Check your Profit & Loss: After making all of the adjustments listed above, double check your P&L Statement (aka Income Statement). Do your income and expense numbers make sense? Compare your profit and loss statement against prior years and against your budget. Think long and hard to make sure there is no additional income you are missing (i.e. advertising income from your blog, any contract work you did, etc.) and no additional expense items you are missing (i.e. those missing receipts you’ll find at the bottom of your purse or in your junk drawer). Make any necessary adjustments. Remember, no receipt equals no deduction.
- Print a copy of the Year-End Trial Balance.
- Back up the file containing your accounting software.
- Create a Budget for Next Year.
- Prepare and distribute any of the informational returns that people want: W-2’s, 1099’s, and so on.