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QuickBooks Year End Closing Tips For All QuickBooks Users

Posted by Randal DeHart on Thu, Dec 05, 2013

Fast Easy Accounting 206-361-3950 Can Help With QuickBooks Year End Close Out

 

QuickBooks Year End Checklist

Video Below Shows You How To Use The Checklist

QuickBooks Makes Some Closing Entries Automatically

Several years ago the accounting departments of smaller construction companies with less than $10M in annual sales had to slog through dozens of mind numbing General Journal Entries in order to "Close The Books". With QuickBooks that process is mostly automatic.

There are still a few things the accounting department needs to do. The easiest method is to open QuickBooks and go to the help menu and click on the "Year End Guide" as shown below:

Fast Easy Accounting 206-361-3950 Contractors Bookkeeping Services QuickBooks Year-End Guide Screen Capture

A QuickBooks Year-End Guide similar to the one shown below will pop-up. It may vary depending on the version of QuickBooks you are using.

Fast Easy Accounting 206-361-3950 Contractors Bookkeeping Services QuickBooks Year End Guide Checklist Page 1 Screen-Capture

When you click on a task with your mouse the help screen for that task pops up and guides you through the process which normally takes several hours depending on the amount of bookkeeping data in your QuickBooks file and how complex your construction accounting system is setup.

Fast Easy Accounting 206-361-3950 Contractors Bookkeeping Services QuickBooks Year End Guide Checklist Page 2 Screen-Capture

QuickBooks Year End Checklist

Get Ready For The Tax Preparer Step-By-Step

  1. Gather Receipts Into One Container

  2. Review Personal Bank Statements - Business

  3. Review Business Bank Statements – Personal

  4. Reconcile Bank And Credit Card Accounts

  5. Verify Petty Cash Entries

  6. Invoice Unbilled Work

  7. Money In (Accounts Receivable)

  8. Inventory Count By December 31st

  9. Fixed Assets Balance And Depreciation

  10. Money Out (Accounts Payable)

  11. Retirement Contributions - 401 (k), IRA, Etc.

  12. Notes Payable, Loans, Mortgages, Credit Lines

  13. Mileage Log / Each Vehicle / Business Use

  14. W-9’s From Vendors & Contractors Over $600

  15. Payroll Tax Deposits Match Quarterly Returns

  16. Verify Profit And Loss - Does It Make Sense?

  17. Back Up All Your QuickBooks Data Onsite And Offsite

When Your Computer Crashes Your QuickBooks Data Is Gone Forever!

We strongly recommend you have a basic disaster recovery plan in place.

Step #1 back up QuickBooks onsite

Step #2 back up QuickBooks in the cloud

If your QuickBooks is resting on our QuickBooks Desktop In The Cloud Intuit Approved QuickBooks Hosting service that has multiple backup procedures in place you do not need to back up again.

We have prepared a PDF checklist you can download by clicking on the buttons below. There is nothing to fill out, simply click on the button and download it to your heart's content.

QuickBooks Year End Checklist

We offer QuickBooks year end closing services if you prefer not to do it yourself or rely on someone who only does it once a year and the prices are very reasonable.

Going Forward Is QuickBooks Right For Your Construction Company?

If you find that QuickBooks is not doing what you want it to do and not giving you the reports you want you may want to consider trying Xero Accounting Online.

If you are starting a construction company you could qualify to have us set up your company in Xero Accounting Online and give you 30 days of Xero Accounting Online for FREE so you can find out if Xero Accounting Online is right for you!

We offer both Xero and QuickBooks bookkeeping services for construction contractors and have found the dividing line is how you get paid.

QuickBooks Works Best If You

  1. Take Job Deposits

  2. Have Change Orders

  3. Issue Multiple Invoices

  4. Need Job Costing Reports

  5. Need Payment Applications

  6. Periodic Invoices For Bank draws

  7. Need Complex Construction Accounting Reports

accounting  consultation

Xero Accounting Online Works Best If You

  1. Have Simple Jobs With One Invoice

  2. Need Basic Key Performance Indicator Financial Reports

Xero No Charge Consultation

We Make Getting Started With Xero Painless!

Xero Accounting Online Conversion

Do you want to use Xero Accounting Online, but dread moving everything from QuickBooks or some other accounting software? We can do it all for you:

  • Enter all of your year to date transactions

  • Enter all of your Accounts Receivable (Sales)

  • Enter all of your Accounts Payable (Purchases)

  • Previous year end bank, credit card and other account balances

  • Activate your bank and PayPal feeds for downloading into Xero

  • Enter all your customer and vendor contact information

Xero Accounting Online Setup

If you are a new company just starting out you could qualify for our FREE basic company setup in Xero Accounting Online and give you 30 days of Xero Accounting Online software for FREE so you can find out if Xero is right for you!

  • Set up your organization in Xero Accounting Online

  • Prepare an application for Tax-ID number, if needed.

  • Set up your Chart of Accounts

  • Connect your bank and PayPal feeds

  • Give you a tour of the system and how it works

  • Provide ongoing virtual CFO support (We are more than bookkeeping services provider!)

  • Contact Sharie 206-361-3950 or sharie@fasteasyaccounting.com

Xero Special Package Pricing

Xero Contractors Bookkeeping Services

Our Bookkeeping Services include:

  • Invoicing

  • Daily reconciliation of bank feeds

  • Weekly reporting

  • Monthly reporting

  • Year-end reporting for your tax preparer

  • Year-end updates and adjustments from your tax preparer

  • Options for payroll

  • Options for time keeping and project management

  • Options for receipt storage

  • Contact Sharie 206-361-3950 or sharie@fasteasyaccounting.com

Fast Easy Accounting 206-361-3950 Xero Bookkeeping Services Profit And Growth Specialists Diagram

Pricing Depends Upon the number of accounts, invoicing frequency and number, average daily transactions, number of employees, the amount of business coaching and virtual CFO services you want. We offer MANY other customization options so please ask.

Xero No Charge Consultation

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

We Are Xero Accounting Experts Specializing In Construction Bookkeeping Services

 

Randal DeHart, PMP, QPA The Construction Accountant Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist. This combination of experience and skill sets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and Xero accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.

Our Co-Founder Randal DeHart - Is a Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development. His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Follow Randal on Google+

Topics: QuickBooks Year End Closing Tips For Contractors

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