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Year-End Closing: What Your Tax Preparer Needs & Coordinating Results (4020/Level 2)

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This workshop has been thoughtfully prepared and recorded – and you can access it immediately. Upon purchase, you’ll receive immediate access to both the online recording and handouts.

Year-End Closing:  Finalizing the Year,
What Your Tax Preparer Needs & Coordinating Results

Approximately 86 minutes:

  1. Before the end of the year:
    • Preparing for the crunch
    • What you can do in months 10 and 11 (typically October and November)
    • Steps to help you get ready for 1099’s and W2’s
    • Setting up a plan for inventory counts
  2. Month-end procedures in prep for year-end processes
  3. Accrued expenses:
    • Exactly when and why are accrued expenses used?
    • Examples of accrued expenses and entries
    • Why accrued expenses are typically reversed
    • Insights and cautionary notes
      √ If accrued expenses relate to job costs
      √ Accrued expenses and Items
      √ Should accrued expenses be posted and reversed only at year end?
  4. Do you need to make annual labor burden adjustments?
    • How to check the accuracy of this year’s labor burden results
    • If you need to make adjustments, here’s how to do it
  5. If you’re a cash-basis taxpayer:
    • Are QuickBooks cash-basis reports the right way to go?
    • Converting non-A/R and non-A/P balances to cash basis
    • Converting Accounts Receivable to cash basis
      (specific steps and examples)
    • Converting Accounts Payable to cash-basis
      (specific steps and examples)
  6. Coordinating with your tax preparer:
    • What you absolutely MUST do before you hand off your QuickBooks info
    • Does your tax preparer prefer to only view reports from your QuickBooks file?
      √ Here is a list of reports you’ll want to provide
      √ Options for transmitting the reports
    • Does your tax preparer want to work directly in your file?
      √ Here are 3 possible ways they can do this (+ insights to be aware of)
    • Has your tax preparer requested a backup of your QuickBooks file?
      √ Pros and cons for this approach
  7. After the taxes are done – what you’ll ask your tax preparer to provide to you:
    • Why you want to keep your books synchronized
    • Why this approach makes everything better
    • Specific information and documents to request
  8. Beginning your year:
    • Equity entries you should make
    • Reversing entries that should be posted
    • Making tax payments
    • Memorized transactions in the new year
    • Other clean ups to consider


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