Tax season is in full swing, which means it’s a time of reconciliation for small business owners and bookkeepers utilizing QuickBooks software.
To help QuickBooks users through the process, the Certified QuickBooks ProAdvisor team at Rodman CPAs, a full service tax and accounting firm catering to small and medium-sized companies throughout the greater Boston area, shares highlights from their recent “Preparing for Year-End” QuickBooks seminar.
During the 90-minute seminar held in their Waltham office classroom, Rodman’s QuickBooks ProAdvisors led attendees through a comprehensive year-end checklist. Six key steps of the reconciliation process are outlined below:
1. Cash – Reconcile final bank statements. Review old outstanding checks and deposits.
2. Accounts Receivable – Ensure all 12/31/15 invoices are entered. Review outstanding receivables for uncollectible accounts and write offs. Review negative accounts receivable. Review over 90 days to determine if additional collection efforts are needed. Review undeposited funds to ensure transactions are current.
3. Accounts Payable – Ensure all 12/31/15 vendor bills are posted. Review accounts payable aging for negative or old accounts payable.
4. Credit Cards – Ensure all credit card activity is entered through 12/31/15 for both cash and accrual basis taxpayers. Reconcile credit card activity.
5. 1099s – Review 1099 vendor information to make sure it is complete. Review name, address, tax ID, 1099 coding in QuickBooks. Review QuickBooks mapping of expense accounts for 1099 tracking. Ensure W-9s are on file for all vendors.
6. Loans/Other Liability accounts – Reconcile loans to year-end statements/amortization schedules. Ensure principal and interest expense are properly recorded. Ensure other liability accounts are reviewed and reconciled to backup.
“These are just a few of the steps in the final reporting and closing process that must be completed to ensure everything is in order prior to tax filing,” explained Kathy Parker CPA, partner and Certified QuickBooks ProAdvisor.
To learn more about Rodman CPAs’ upcoming QuickBooks seminars or to download a copy of the “Preparing for Year-End” checklist, visit www.rodmancpa.com.
Rodman CPAs has been a member of the QuickBooks ProAdvisor Program since 1999 and has provided hundreds of small to mid-size companies with training and consulting. The firm’s Certified QuickBooks ProAdvisors team, which includes Kathy Parker CPA, Leah Shanahan CPA, Janine O’Connor EA, and Christine McGoldrick, provides superior services and expertise to meet the accounting software installation, setup, and training needs of businesses.
About Rodman CPAs
Founded in 1961 and named one of Accounting Today’s Best Accounting Firms to Work for, Rodman CPAs provides accounting, tax and business services to small and medium-sized companies throughout New England and beyond. The team specializes in improving business performance, business processes, operations, information technology, finance, and change navigation. Rodman CPAs provides companies with a sustainable financial roadmap through expert partnership/ corporate structuring for optimal tax benefit; grant qualification assistance and auditing; ongoing advisory services for federal, state and local tax incentives; and strategic financial planning and management.
The firm has a specialized renewable energy and clean technology accounting and tax services practice, known as the “Green Team” which serves renewable energy clients throughout the U.S. The company is Green Business Certified. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.
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