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Created with Sketch. Have questions about what to do to prepare for tax time? Our year-end hub will walk you through the process.
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QuickBooks year-end hub

Have questions about what to do to prepare for tax time? Our year-end hub will walk you through the process, no matter what QuickBooks product you're using.

What is year-end?

"Year-end" refers to the tasks you do to prepare for tax season. 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.

What are the main year-end tasks?

The ten steps below comprise the year-end tasks that many use to prepare for the tax season and the new year. If you have employees, there are extra tasks you must complete along with these steps. You can learn about them more in-depth in our QuickBooks Online year-end guide and checklist and our Payroll year-end checklist.

  1. Review the first month of your fiscal year
  2. Review customer account balances and send statements
  3. Clear any outstanding deposits
  4. Review supplier account balances, pay bills, or write cheques
  5. Reconcile all of your accounts
  6. Run year-end reports
  7. Distribute profits from the business as needed
  8. Prepare your tax returns with your accountant
  9. Reclassify transactions as needed
  10. Close your books

What is the timeline for year-end tasks?

These tasks are generally spread out over the period of time between December and the tax filing deadline. Check out our guides for what to do in December, January, and February for more information.

The tax deadline for most Canadians is April 30, 2022.

Where can I find more information about year-end tasks?

The following sections outline information about the tasks to perform in QuickBooks Online and QuickBooks Desktop, as well as employee-related tasks for the end of the year.

If you have employees, there are additional tasks you should complete at the end of the year, along with additional government forms to file and deadlines to meet.

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