The End-of-Year Checklist

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9	Write-off Uncollectible Debts
10	Correct Miscategorized Transactions
11	Review all expense categories
12	Review all income categories
13	Reconcile All Bank and Credit Card Accounts
14	Gather your bank and credit card statements
15	Use the search and filter features to narrow down
16	Compare each transaction with Quickbooks
17	Review your Accounts Receivables
18	Create an Accounts Receivables Aging Report
19	If there are invoices that were paid and still show "open"
20	Audit deposits to find and correct the discrepancy
21	Reconciling all Loan Accounts
22	If your business has any debt on the books (vehicle loans, property mortgages, business start-up loans), these must be reconciled at the end of the year.
23	If you haven't maintained these accounts on a monthly basis, you will need the year-end statement from the loan provider
24	Make the appropriate adjusting entry to move any interest or fees paid from the loan account to an interest or bank fee expense account
25	Create a Profit and Loss Report
26	Fix any transactions that were miscategorized, and reconciled your bank and credit card statements
27	Create a Profit and Loss Report - set your date filter for "last year" to capture the entire year's financial information
28	Review the detail of each account to ensure accuracy
29	Create a Balance Sheet Report
30	Add adjusting entries for accumulated depreciation on your business assets
31	Create a Balance Sheet Report, setting your date filters for "last year" to capture the entire year's financial information
32	Review the detail of each account to ensure accuracy
33	End of Year Payroll Checklist
34	Preview your W-2s before they’re sent to the tax agencies and your employees
35	If you find an error, fix it now
36	Report company-paid healthcare on your employees' W-2s if needed
37	Make sure employee wages and benefits are correct
38	If you use direct deposit, send off the year's final paychecks and pay employee bonuses
39	Report all employee paychecks. If you paid your employees commissions or bonuses, add them to the W-2s
40	If participating, contribute to your employee’s retirement
41	Gather vendor and contractor payments for 1099-NEC reporting
42	Run payroll reports for your accountant
43	Update Tax Information
44	Note upcoming year's tax obligations and deadlines
45	Stay informed about changes in tax laws
46	Budget Planning
47	Evaluate previous year's budget against actual expenses
48	Set achievable financial goals for the new year
49	Develop a budget based on revenue projections and expenses
50	Organize Receipts and Invoices
51	Establish an efficient system for managing receipts and invoices
52	Digitize paper documents for easier access and storage
53	Ensure compliance with record-keeping regulations
54	Whether you keep a paper or digital file, keep it safe for easy access.
55	Software and Technology Updates
56	Check for updates to bookkeeping software
57	Explore new technology tools for efficiency
58	Provide training on software upgrades if necessary
59	Prepare for Audits
60	Compile necessary documentation for potential audits
61	Review internal controls to minimize errors or fraud
62	Seek professional assistance if needed
63	Evaluate Financial Goals
64	Assess progress toward previous financial goals
65	Adjust goals based on current business circumstances
66	Develop strategies to achieve revised goals
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