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1419372037 google calendarAlthough QuickBooks doesn’t have a formal yearend ‘closing’, there are still some procedures that are recommended when it comes to yearend.

Perhaps you carry inventory and need to do a yearend count.

Perhaps you have staff/payroll and need to prepare T4’s (or W2’s in the US).

Now is a good time to verify employee information such as names, addresses, SIN’s for both current and terminated employees.

Yearend (calendar) means a payroll update in Canada as well. Perhaps you wish to update to the latest version of QuickBooks at this time, too. We recommend waiting until at least the end of January of the New Year to make sure all is okay with the new version. (We test it in our office first, just to be sure!)

There are key financial reports that should be run at yearend such as: Trial Balance, Profit & Loss, Balance Sheet Report and Cash Flow Report. There may be other reports that you and your Accountant would find beneficial to run at yearend other than those mentioned.

Yearend is a good time to review the Budget for the upcoming year as well.

Once you are certain that your books are ‘clean’ it’s a great idea to do a backup, just in case!

Then, last but not least, change to closing date so that all of your hard work is safe and keep the password in a safe place!

This is only a brief overview of yearend with QuickBooks. Just remember that there isn’t a yearend ‘button’. Yearend gives you the opportunity to review your file and ensure that everything is clean going forward. It’s a great time to discuss the business with your Accountant as well! Contact LegUp Consultants if you need detailed yearend procedures for your Company. We are more than happy to help!