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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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About Marjorie Adams

Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Magazine.

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