It's a good idea to perform certain year-end tasks with your financial records at the end of the calendar year. Some of the tasks are just good financial housekeeping, while others are required by the government.
Fortunately, you can spread the tasks over the period from December to February.
The following sections outline information about the tasks to perform in each month, as well as employee-related tasks for the end of the year.
December is a good time to tie up loose ends for the closing year, to make profit distributions, and to start preparing for tax time with your accountant.
If you have employees (not independent consultants or contractors), there are additional tasks you should complete at the end of the year, along with additional government forms to file and deadlines to meet.
If you use standard QuickBooks Online Payroll, you can access information about year-end payroll tasks in QuickBooks Online by selecting Employees from the left menu, and then selecting Payroll year-end guide. You can also view information about year-end payroll tasks here
If you use QuickBooks Online Advanced Payroll powered by Wagepoint, for more information about end-of-year tasks, visit here
If you use a different payroll provider, it's important that you consult them for items and forms to complete for the end of the year