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 |