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Year-end tasks for QuickBooks Online Accountant Workpapers

by Intuit• Updated 1 year ago

The Year-end tasks feature in QuickBooks Online Accountant Workpapers provides an easy-to-use task list for year-end needs. Year-end tasks help you stay on track without needing to leave QuickBooks Online Accountant or maintain a to-do list outside of where you are working.

Tasks can be monitored by multiple firm members in a collaborative fashion. Progress and completion is displayed alongside each task and also displayed in the client list area. This gives reviewers a high-level overview of the firm’s progress.

Here's where to find your year-end tasks:

1. Navigate to Workpapers in your clients' file.
2. Select the Year-end tasks tab. You'll see all of your year-end tasks, with status updates.

You can change the status of a task by clicking the drop-down arrow and selecting the appropriate status for the task: To do, Waiting, or Done.

In addition, you can prioritize and organize your tasks by dragging and dropping them.

We have a default list of year-end tasks, but you can also add, edit, and delete your own specific tasks, as well as drag-and-drop tasks in the order you prefer:

Task	Purpose
Send engagement letter	Send out the engagement letter on behalf of your firm. Tip: there's a Letters tool with templates found under Accountant Tools.
Collect and organize supporting documents	Ask clients for all supporting documents associated with their books and business operations Add any relevant prior-year documents
Review trial balance	Review all accounts for discrepancies and evaluate the client's books Make notes on specific accounts and add supporting documents
Make adjusting entries	Make necessary adjusting journal entries or changes to the books to ensure everything is clean
Prepare current year T1/T2	Start preparing your client's self-employed or incorporated tax return. Once complete, take note of any tax owing or a refund.
Book the tax provision	Create an adjusting journal entry and book the final tax amount
Prepare financial statements and final engagement documents	Create financial statements with the final figures Create the final engagement report
Get letters, financial statements, and other documents approved by clients	Get all documents signed by the client and add the final version to Workpapers documents Send an invoice and collect payment
File T1/T2 return	Use Pro Tax to EFILE for the best books-to-tax cloud experience
Lock the books	Lock the books so there are no unwanted or accidental changes to the prior year's books

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