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.