How to get your books ready for Year end

Get your records ready for your bookkeeper at year end

Year end close involves a thorough review of our clients’ books including, but not limited to:

  • Verifying all uncleared transactions are valid – this includes checks written but not yet cashed.
  • Confirming all expenses are properly booked.
  • Confirming all income has been properly recognized (for accrual clients) and categorized (for all clients).
  • Confirming accounts payable and accounts receivable balances are valid and match any external systems (i.e. Bill.com, Harvest, etc).
  • Reconciling and validating all Balance Sheet accounts.
  • Ensuring all out of pocket expenses are properly captured.
  • Reconciling wages and associated taxes to payroll provider reports.

Typically the year end close will take two to three times as long as a normal month end close will take so your patience will be much appreciated by your bookkeeper as they close out all their clients’ books in a span of about 4-8 weeks while continuing to run payroll, issue invoices on behalf of clients, pay clients’ bills, etc.

Bluebird Bookkeeping’s first (and highest priority) deadline is issuing W2’s and 1099’s by the end of January for payments made the prior year. Our goal is to get all books closed by the end of January but undoubtedly there will be some open issues that will carry into February.

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