QuickBooks Online Year-End Closing: Essential Steps & Checklist
Preparing to wrap up your business’s financial year? Before moving into a new accounting period, take time to review your QuickBooks Online records, confirm account balances, and organize the documents you may need for financial reporting and tax preparation. A structured year-end review can help you catch discrepancies and keep your books in good order.
In this video, you’ll learn how to:
✅ Review your fiscal-year dates and accounting preferences
✅ Reconcile bank accounts and credit card statements
✅ Check customer balances, overdue invoices, and receivables
✅ Review vendor bills, payments, and outstanding payables
✅ Investigate uncategorized or incorrectly recorded transactions
✅ Verify deposits, transfers, and other account activity
✅ Run and review Profit and Loss and Balance Sheet reports
✅ Check payroll records and relevant tax information
✅ Organize receipts, statements, and supporting documents
✅ Set a QuickBooks closing date after reviewing the books
A well-organized year-end process can make it easier to prepare financial statements and share accurate records with your accountant or tax professional. The specific review steps may differ depending on your business and accounting setup.
Before locking the books, ensure reconciliations and required adjustments have been reviewed. Get professional advice for tax-related decisions or complex year-end entries, and keep a secure backup of important records.
Watch the full video for a practical QuickBooks Online year-end checklist to help you review your accounts and prepare for the next financial year.
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