Get Ready for 2023 with a QuickBooks Cleanup

The end of the calendar year is the perfect time to perform a QuickBooks cleanup along with other record-keeping and accounting-related tasks. To guide you through this process, here is a checklist of year-end to-dos:

General Items

  • Reconcile bank and credit card accounts. If you have uncleared transactions older than six months, verify they are actual transactions and not duplicates.
  • Reconcile loan balances to match your bank’s year-end balance.
  • Review accounts payable for unapplied credits.
  • Compile a list of equipment, vehicles or fixtures acquired or disposed of during the year for your accountant. Verify major purchases (over $2,500) are posted as fixed assets and not expensed.
  • Review receivables for unapplied credits. Write-off outstanding receivables considered to be uncollectible.
  • Review sales and use tax records to prepare for annual filings.
  • Take a physical inventory, if applicable, to ensure an accurate tally.
  • Review 1099 vendors to verify that information is correct and process 1096 and 1099 forms.

Payroll Items

  • Review employee records to ensure important information like social security numbers and addresses are correct.
  • Prepare year-end returns including 941, 940, state withholding reconciliations, and unemployment reports prior to processing W-2 forms to verify payroll information is correct.
  • Reconcile all four quarters of Form 941 to Form W-3.
  • Process W-2 and W-3 forms.

Preparation for 2023

  • Before processing your first payroll in 2023, update your tax tables and unemployment rate changes in QuickBooks.
  • Set a closing date so QuickBooks alerts you to any transactions being posted in the prior year.
  • Enter year-end adjusting journal entries.
  • If you are not using an online could-based accounting platform, consider switching to one for next year. A cloud-based accounting system can be helpful when it comes to syncing tasks with third-party applications, sourcing information and quickly completing forms. Gift CPAs offers a substantial discount for QuickBooks Online clients and it may even be included in your monthly support program or monthly fixed-price contract with us.
  • If you’re already using QuickBooks Online, you can amplify your accounting functionality by connecting your QuickBooks account with other apps. Popular ones include:
    • Sync with Square: Automatically import transaction data into QuickBooks.
    • QuickBooks Time: Simple, fast time tracking and scheduling, including payroll.
    • Hubdoc: A one-stop-shop for all your financial documents.
    • Insightly: Customer relationship management and project management.

Get Connected Today

Contact Gift CPAs for more information on our full scope of accounting and business services, including discounts for QuickBooks Online and QuickBooks Desktop.

We have years of experience working with small businesses to help with bookkeeping, taxes and other business needs. Make an appointment to meet virtually or at one of our five locations in Harrisburg, Mechanicsburg, Myerstown, Ephrata or Lancaster! 

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