Year-End Procedures Overview - Accounting Software Secrets
book-template-default,single,single-book,postid-17440,bridge-core-2.6.3,qode-page-transition-enabled,ajax_fade,page_not_loaded,,qode-theme-ver-24.8,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-6.5.0,vc_responsive

Year-End Procedures Overview

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.


Check the data integrity

Be sure all accounts are reconciled

Enter any closing entries

Enter a closing date

Print financial statement and/or supporting reports

Consider condensing the file

Prepare 1099’s

Complete year end payroll procedures

More information on this topic

Year-End Procedures