17 Nov Year-End Procedures Overview
Year End Procedures Overview
QuickBooks, unlike many other traditional accounting software packages, does not have a formal set of year end procedures or closing procedures that must be followed. All historical transactions are organized by date. There is no use of periods so if an adjusting journal entry is needed to reconcile the books with the tax return, there is no 13th period; a year end date would need to be used. To protect the integrity of the data, there are, however, a few optional steps that should be done.
Complete year end payroll procedures