QuickBooks Online Year-end guide: What to do in February
by Intuit• Updated 10 months ago
This article is not to be taken as tax, legal, benefits, financial, or HR advice. Since rules and regulations change over time and can vary by location, consult a lawyer or HR expert for specific guidance.
Note: This article makes the assumption that your fiscal year is January to December. If you have a different fiscal year end, these tasks would apply to the last month of your fiscal year. You need to file your corporate taxes 6 months following the end of your fiscal year.
The bulk of your year-end work should be complete by February, with just a task or two to finish up and prepare for taxes.
Prepare T4s for your employees
T4s must be submitted to your employees and filed with the CRA by the end of February. Follow instructions in these articles to help you file:
Review the article What to do in December to ensure you've adjusted the payroll correctly. If you didn't do this in December, you may have money owing on your T4 Summary that will need to be paid.
Unfile your sales tax
Need to unfile your sales tax? Easy breezy, you can learn how to do that with our How to unfile a a sales tax return article.
Connect with an accountant
An accountant is a valuable resource, especially at tax time.
If you haven't already invited your accountant to your company file in QuickBooks Online, now is a great time to do that.
To learn more about sending an invitation or adding your accountant, see add or invite an accountant to your company. If you don't have an accountant, you can easily locate one in your area using our Find-an-Accountant website, which provides a list of QuickBooks-trained accountants near you.
Review other monthly tasks
For an overview of year-end tasks, or for information about month-specific tasks, see the following:
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