Year End Checklist for QuickBooks Desktop User

QuickBooks accounting and bookkeeping software is used by millions of entrepreneurs and people with small and midsize business. QuickBooks has some key features that help you to manage your business smoothly. Connect bank and credit card accounts for automatic downloads and categorization. QuickBooks automatically tracks inventory on hand and per item cost so you can see how profitable you are.

You can also manage your bills and vendors you own. Set up reoccurring payments for automatic bill payments that are hassle-free. QuickBooks allows you to create professional invoices, sales, and receipts and lets you customize too. These things will put up a good reflection of your business and brand. Our QuickBooks Customer Service Team is unremarkable and is capable of solving all your issues.

QuickBooks Desktop Payroll Assisted Year End Checklist:

Turn on the automatic updates and install the latest payroll update for QuickBooks Desktop Payroll: Turn on the automatic software update feature to know when the update for the latest QuickBooks Desktop and payroll is released. This way it will tell QuickBooks Desktop to check for new payroll updates automatically. This is the most convenient way to check for new updates. If you don't turn on Automatic Updates, make sure to check for new updates every time QuickBooks Desktop prompts you to do so. More than 12 times are the payrolls updates are released by QuickBooks Desktop Payroll. This is because of the changes in their tax laws, rates, and forms at any time during the year by there because of federal and state governments.

Check the News and Update to find out the number of latest payroll update. From the Employees menu, choose Get Payroll Updates. The payroll update is located on the top of the window. Click Download Entire Payroll Update and click the Update button to the right.

Confirm names and social security numbers –

Create a budget for the upcoming year - By taking stock of your expenditures from the current year, you’ll have a better understanding of where to focus your efforts. When you review your statements from the current year, you’ll start to see a pattern in the things you need to budget and plan for in the next year.

Conduct an inventory assessment - If you sell products or even if you don’t, conduct an inventory assessment and compare the results to your last inventory report. Make any necessary adjustments so that you have an accurate account of how much capital you have wrapped up in your current inventory. It’s good to have an idea of elements in your office, such as equipment, computers, office supplies, etc. Make a list of any broken equipment or equipment in need of repair.

Analyze your profit and loss statements - What does your revenue look like now that the year is almost through? Your business’ profit and loss statements will help you get a snapshot of its financial performance. Evaluate how much money you have available, and see if it might be wise to make a larger purchase before the end of the year.

Look for Benefits to Report on Your Outgoing W-2 - These benefits relate to the organization as a whole and can reflect things such as health and life insurance, transportation subsidies, educational reimbursement programs and more.

For more information please get in touch with QuickBooks Support.
Reference Blog- https://www.quickbooksupport.us/blog/year-end-checklist-quickbooks-desktop-user