Tips for Preparing Your Year-End Finance Reports in Quickbooks

Tips for Preparing Your Year-End Finance Reports in Quickbooks

Tips for Preparing Your Year-End Finance Reports in Quickbooks

Quickbooks Helpful Tips

The year is ending, and for businesses, that means only one thing – tax season is coming. When tax time does get here, Quickbooks can help save you a considerable amount of time and effort. It can not only help you file your taxes, but with the ability to generate accurate end-of-year reports, you will have all the information on your business income, profit and loss, payables, and more right at your fingertips. It makes everything easy to turn over to your accountant if you so choose, as well has integration with Intuit’s other helpful software, Turbo Tax.

Preparing Year-End Reports

  1. Start by launching Quickbooks
  2. From the starting interface, choose “Reports,” > “Profit & Loss Standard,” > “Company and Financials.”
  3. Make sure to select the “Last Fiscal Year” from the transaction date drop-down list,
  4. Choose “Run Report.”
  5. After generating the report, you can opt to print it out.

Return to “Reports” on the toolbar,

  1. Select “Accountant & Taxes.”
  2. Pick the last tax year from the transaction drop-down,
  3. Choose “Run Report.”
  4. Again, after completing the report, print it.

Return to “Reports on the toolbar again: 

  1. Select “Vendors & Payables.”
  2. Choose “1099 Summary,”
  3. This will not require you to run a report, so you can just print it right there.

These three reports will give you what’s needed to efficiently file your taxes. However, if you choose to take your records to an accountant, you can also create an Accountant’s Copy of these reports in the “File” section where it will print out records solely for an accountant’s use.

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