In this course, Alicia demonstrates 7 easy steps to prepare your QuickBooks data to get ready to hand your records off to your accountant to file taxes. Learn how to reconcile your accounts, spot errors and fix them, adjust inventory, depreciate your assets, analyze your business, close the books, and make a backup copy of your QuickBooks file. This is a recording of a live webinar with business owners just like you.
Get Ready For Tax Season in 7 Easy Steps
1. Reconcile your bank accounts.
Learn how to reconcile your bank accounts so that your QuickBooks data matches your bank statements.
2. Make sure your transactions are categorized properly.
Just because your balance matches the bank, it doesn’t mean all the transactions were put in the right places. Learn how to spot data entry errors and make corrections.
3. Take inventory.
QuickBooks has inventory reports you can print out to see what you’re supposed to have in stock. Take a physical count and compare the quantities. Then, make an inventory adjustment.
4. Depreciate your assets.
If you have large purchases in your fixed assets, you want to spread out the cost of the items over a few years so that your books don’t have big expense hits one year and nothing the next.
5. Analyze your business.
QuickBooks has somewhere between 20 and 100 reports available to you, depending on what version you’re using. Plus, they’re all customizable! Learn how to use reports to see how your business is doing.
6. Close the books.
Closing the books makes sure that your file matches what you submitted to the IRS. It prevents anyone from accidentally changing historical data.
7. Make a backup.
Even if you have a solid backup strategy, you’ll learn how to make a specific backup of your file as a year-end final copy.