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

 Make distributions

 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

 Print 1099s

 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.  

Lynda Artesani

Lynda Artesani is the president of Artesani Bookkeeping where she uses her expertise and organizational skills to help her clients thrive and become profitable. Lynda is a member of the Intuit Trainer Writer Network. She is an alumni member of the Intuit Advisory Board. Additionally, she is the first Expert Columnist for the QB Community forum. She is also a co-founder in a Facebook group called QB Community Live!