QuickBooks Desktop year-end guide

Stay ahead of the game and learn how to have a successful year-end with QuickBooks Desktop.  This post covers the highlights of year-end planning, but make sure to check out the linked article for a deeper dive into ending the year with QuickBooks Desktop. 

In this article, you'll learn how to:

• Backup your company
• Review and reconcile your accounts
• Run your year-end reports
• Close your books

Step 1: Backup your company file

Create a full backup of your company file before and after making final changes, in case you need to restore.

Step 2: Review and reconcile your accounts

Review and reconcile your accounts to make sure everything's correct before year-end.

Review the first month of your fiscal year

Select a month for your fiscal year to set up your ledgers in QuickBooks.

1. Go to Company and select Company Information.
2. In the Report Information section, select when your fiscal year starts. This is to make sure your financial reports use the right dates.
3. Select OK.

Review customer account balances, statements, and deposits

Check your client's account balance. Make sure all information is up to date. Run an Accounts Receivable Aging Summary or Detail report. Here's how.

1. Go to Reports and select Customers & Receivables.
2. Select A/R Aging Summary or A/R Aging Detail.
3. Review reports.

Note: If you find outstanding balances, you can create and send statements to the customers.

Reconcile accounts

Match all accounts with your bank accounts to make sure your year-end reports are accurate.

Step 3: Run your year-end reports

Run key reports to spot and resolve inconsistencies. Here’s how:

1. Go to Reports and select Company & Financial.
2. Select Profit & Loss Standard or Balance Sheet Standard.

Tip: You can work on your company file with your accountant as they give expert advice on data entry, year-end procedures, and prepare your year-end tax return.

Step 4: Close your books

QuickBooks Desktop doesn't require you to close the books for the year-end. You can set a closing date password to limit access to the closed accounting period.

Tip: You can also learn how QuickBooks automatically adjusts at the end of the year, for the next fiscal year.