Checklist for year-end processes for all businesses — 1099’s are due soon!
Here is a handy year-end checklist courtesy of Intuit's blog, which I think every QuickBooks subscriber should be registered to stay up-to-date. Right now, the most important one is the 1099's. The deadline is looming (January 31, 2017). I will review the other steps in future videos. Hope this one is useful.
QuickBooks Online year-end checklist by task
Create and send customer statements
Reconcile your accounts
Run Balance Sheet and Profit & Loss reports
Prepare for taxes by giving your accountant access to your data
Prepare and file 1099s*
If you use unincorporated vendors, such as outside consultants or subcontractors, you need to send a 1099-MISC form to those who are paid more than a specific amount per year.
Select the vendors who might need 1099-MISC forms
Decide whether to e-file or print 1099s
Order 1099 forms, if printing
Set up and prepare 1099-MISC forms
Assign accounts to 1099 boxes
Check names, addresses, and Tax IDs
Mail 1099s to vendors
Print a 1099 report
File forms with the IRS
Close the books
* Setting up and preparing 1099s is a feature that’s available only in QuickBooks Plus.
For more help with year-end closing of the books, feel free to reach out to me at Artesani Bookkeeping.