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Year-end guide for QuickBooks Online

by Intuit•21• Updated about 2 hours ago

Review your books, run reports, and prepare your tax returns in QuickBooks Online at year-end. This helps you balance your accounts and prepare your business for the next year.

Check the first month of your financial year

  1. Go to Settings Settings gear icon. and select Account and settings.
  2. Select Advanced.
  3. From the Accounting section, select Edit.
  4. Select the First month of financial year â–Ľ dropdown, then select the month where you start your financial year.
  5. Select Save, then select Done.

Review reports, deposits, and account balances

  1. Follow this link to complete the steps in product Open this link in a new window
  2. Select + Management report, then enter a name in Management report name. 
  3. Select or fill out the remaining info as needed.
  4. Select Reports and charts. 
  5. Enter Balance Sheet in the Report â–Ľ dropdown, then select the balance sheet report you need to run.
  6. Select a date range from the Report period â–Ľ dropdown.
    Note: If the dropdown is not visible, select the edit icon Image of the edit icon..
  7. From the Add ▼ dropdown, select Report. 
  8. Enter Profit and Loss in the Report â–Ľ dropdown, then select the profit and loss report you need to run.
  9. Select a date range from the Report period â–Ľ dropdown.
    Note: If the dropdown is not visible, select the edit icon Image of the edit icon..
  10. Select Save and Close.

Note: Your net income may not match what you see in your reports.

You can check and run other reports you need. You can also create a management report to see how much you’ve made.

Note: QuickBooks includes undeposited funds in the income. You still need to move the funds to the bank account history that receives the payments or deposits.

Note: You can find these reports in QuickBooks Online Advanced, QuickBooks Online Plus, and QuickBooks Online Essentials.

  1. Follow this link to complete the steps in product Open this link in a new window
  2. Select the Type report name here â–Ľ dropdown.
  3. Search for and select the Accounts receivable ageing summary or Accounts receivable ageing detail report.
  4. Review the report and check for outstanding balances.
    Note: If you find outstanding balances, create and send a statement to the customer.

Note: You can find these reports in QuickBooks Online Advanced, QuickBooks Online Plus, and QuickBooks Online Essentials.

  1. Follow this link to complete the steps in product Open this link in a new window
  2. Select the Type report name here â–Ľ dropdown.
  3. Search for and select the Accounts payable ageing summary or Accounts payable ageing detail report.
  4. Review the report, then check for any outstanding bills.
    Note: You can make bill payments to settle any outstanding bills to your suppliers.

Reconcile accounts

Prepare to reconcile your accounts for the year end. Get help to understand the reconciliation workflow.

Important: Reconcile all your accounts monthly. This keeps your data balanced and accurate at year-end.

Distribute profits

Your Accountant can help you distribute retained earnings among partners.

Prepare tax returns with your Accountant

Your Accountant can help you with your year-end process. You can invite or add your Accountant to QuickBooks Online, if you haven’t yet. This lets them prepare and file tax on your behalf.

Reclassify transactions

You can also let your Accountant review your accounts and reclassify transactions. They can help you manage your transactions and organise your books.

Close your books

When you finish the year-end review of your financial data, you can close your books. This prevents unwanted changes that could affect your reports before you file your tax.