Year-end guide for QuickBooks Online

Check when your accounting period starts.

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

Run reports to identify issues and check for discrepancies. Here's how.

1. Follow this link to complete the steps in product
2. Select + Management report, then enter a name in the Management report name field. 
3. Select or fill out the remaining info as needed.
4. Select Reports and charts. 
5. Enter Balance Sheet in the Report ▼ dropdown, then select the balance sheet report you need to run.
6. Select a date range from the Report period ▼ dropdown.
   Note: If the dropdown is not visible, select the edit icon .
7. From the Add ▼ dropdown, select Report. 
8. Enter Profit and Loss in the Report ▼ dropdown, then select the profit and loss report you need to run.
9. Select a date range from the Report period ▼ dropdown.
   Note: If the dropdown is not visible, select 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 as needed. You can also create a management report to see how much you’ve made.

• Clear all outstanding bank deposits from your deposit queue.
• Check your undeposited funds account for payments that may still be there.
• Create bank deposits for any payments from your undeposited funds account. 

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
2. Select the Type report name here ▼ 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
2. Select the Type report name here ▼ 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.

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.

If needed, your accountant can help you distribute retained earnings among partners.

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 VAT on your behalf.

If needed, your Accountant can review your accounts and reclassify transactions. They can also manage your transactions to help you organise your books.

After you review all of your financial data, you can close your books for the year-end. This prevents unwanted changes that may affect your reports before filing your VAT.