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?
- What are the main year-end tasks?
- QuickBooks Online
- QuickBooks Online Payroll
- QuickBooks Online Accountant
- QuickBooks Desktop
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 for QuickBooks Desktop.
- Review the first month of your fiscal year
- Review customer account balances and send statements
- Clear any outstanding deposits
- Review supplier account balances, pay bills, or write cheques
- Reconcile all of your accounts
- Run year-end reports
- Distribute profits from the business as needed
- Prepare your tax returns with your accountant
- Reclassify transactions as needed
- 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, 2024.
QuickBooks Online
As the end of the year approaches, you need to complete certain tasks in QuickBooks Online to prepare for the new year.
- QuickBooks Online year-end guide and checklist
- Year-end guide: Overview
- Tips for year-end reconciliation
- Year-end guide: What to do in December
- Year-end guide: What to do in January
- Year-end guide: What to do in February
QuickBooks Online Payroll
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.
QuickBooks Online Accountant
If you're an accountant, you may be managing year-end tasks for multiple clients.
- Year-end tasks for QuickBooks Online Accountant Workpapers
- Optimize your year-end accounting workflow in QuickBooks Online
QuickBooks Desktop
As the end of the year approaches, you need to complete certain tasks in QuickBooks Desktop to prepare for the new year, as well as additional tasks to complete if you have employees.