Year-End Close

Year-End Close

We hope you had a successful 2014! As you take a look at your year-end, here are some guidelines for closing your books:

  • Reconcile all of your balance sheet accounts.
  • Review your cash account reconciliations.
  • Schedule a physical inventory, if applicable.
  • Prepare your balance sheet, income statement and cash flow statement for the year. QuickBooks makes this easy. To learn more about preparing reports, check out our QuickBooks training series – Reports You Need to Know. We’ve put together 14 videos outlining standard reports, transactional journal information, company reports, reports you need for accountant and taxes and more.
  • For a quick comparison to last year’s balance sheet, go to Reports > Company and Financial > Balance Sheet Previous Year Comparison.

Closing out your books for the year is not all that different from a month-end closing—just a few additional steps. Check out Kat Roskovics’s webinar replay: Tips for Month End Close.

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