Tuesday, March 26, 2013

QuickBooks Tips - Year End Tasks for Filing Taxes

The end of the season always contributes even more projects to your already hectic routine, and sometimes it is basically frustrating and I've often been requested - "What do I need to do?"

Intuit has designed a very excellent "QuickBooks Year-End Guide/Checklist" and it's involved right in your QuickBooks system by going to the Help Selection and selecting Year-End Information.  Over the next few times, we'll protect each subject detailed in the Year-End Information, and provide some extra guidelines on each of the three sections: Tasks to get ready for processing taxation, Tasks to do if you use sub-contractors, Tasks to do if you have workers and some Techniques for the future season.

Tasks to get ready for processing taxes:

Reconcile all financial institution and bank cards records - now really you should have been doing this each 1 month...but if for some purpose it's been several several weeks since these records were reconciled here's a fast way to reunite several several weeks all at once - perfectly.

    Decide which 1 month was the last 1 month that was reconciled.
    Collect all of your financial institution or bank cards claims and put them in order; earliest on top and most latest on the end.  If you don't have all the claims, please don't be influenced to just "skip" that 1 month, get in touch with the lender and ask for a duplicate, or if you have on-line financial abilities get a duplicate off the world wide web.
    In QuickBooks go to the Banking Selection and select Reconcile.
    In the Start Getting back together window
        Opt for the Consideration you wish to reunite (you can select either your bank account or your bank cards account) from the fall down Consideration Record.
        The Declaration Time frame should be the finishing date of your most latest statement.
        The Starting Stability should be the same as the Starting Stability of your earliest statement.  If for some purpose the volumes are not the same, examine the page that says "What if my beginning balance doesn't go with my statement?" and do as instructed in the QuickBooks Help computer file to discover out which is incorrect and how to appropriate the issue.
        The Ending Stability should be the quantity proven as the finishing balance on your most latest financial institution statement.
        Get into any Assistance Cost for the most present statement only - (we'll put the relax in manually), please don't be influenced to "add them all up" and put that quantity here.
        Get into any Attention Gained for the most present statement only - (we'll put the relax in manually), please don't be influenced to "add them all up" and put that quantity here.
        Simply select the Proceed key which will carry you to the Getting back together screen.
        To get in Assistance Costs and/or Attention Gained for extra several weeks, making the reconciliation screen start, from the Banking Selection - select Use Sign-up and type in the dealings independently using the ending date of the statement as the date of the access.  Furthermore you might want to create "Other Names" known as Bank Assistance Cost and Attention to use in the Payee Area when producing these dealings, just to create fixing simpler.
    Operating from the claims, earliest one first, just go through and examine off each down payment and examine until you are completed.
    If you discover assessments or remains on the claims that are not in your QuickBooks computer file, go to the Banking Selection and select Use Sign-up, history the deal with its unique date, giving the quantity to either Ucategorized Earnings or Uncategorized Costs - so that later you can run a Year to Time frame Benefit and Reduction Review, zoom capability in on those records and get the printed of the unique deal and appropriate the access or records.

No comments:

Post a Comment