We are happy to introduce year-end tasks to QBOA Workpapers, a new feature that provides an easy-to-use task list for year-end needs. Year-end tasks help you stay on track without needing to leave QBOA 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.
We have a default list of year-end tasks, but you can also add, edit, and delete your own specific tasks:
|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||
|Review trial balance||
|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 document||
|Get letters, financial statements, and other documents approved by clients||
|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's no unwanted or accidental changes to the prior year's books|