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.

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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
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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

$147

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