A Year-End QuickBooks Cleanup Checklist

Clean books make for a cheaper, faster, less stressful tax season. Here is the sequence we work through with clients each year.

Reconcile every bank and credit card account

Through the last day of the year, with statements to match. Unreconciled accounts are the single most common reason a return gets delayed.

Clear out uncategorized income and expenses

Anything sitting in Ask My Accountant or Uncategorized is a deduction you may be losing or an error waiting to surface.

Review accounts receivable and payable

Write off what will never be collected. Remove duplicate bills. Both distort your picture of the year.

Confirm owner draws and contributions

Personal transactions run through the business account are normal — but they must be coded correctly, not left as expenses.

Prepare 1099s

Confirm you have a W-9 on file for every contractor paid $600 or more, and that their totals in the file are accurate.