As year-end and Q1 approaches, your small business will need to stay ahead of the curve. Here is a task list you can leverage to make closing your books this year effortless. Outsource Ally has compiled the most useful steps you can take to quickly, and efficiently, close your books before you meet with your accountant.
Reconcile all bank and credit card accounts: Within your software program, you should have the ability to reconcile each bank account and credit card account. This should be done prior to closing your books.
Verify petty cash entries for the tax year: Count your cash. Verify that all receipts have been entered for any items purchased with petty cash if the cash amount in your Chart of Accounts is not equal to your cash on hand.
Make Year-End Adjusting Entries: These entries will depend on your Chart of Accounts and advice from your CPA.