QB Issue Resolution:

Task 1: Confirm the First month of Fiscal Year.
Making sure your month is selected allows our automated system to correctly work in the background to clear accounting ledgers while you work on the other activities for the end of the year.

To do so:

Click the Gear icon > Company Settings.
Click the Advanced tab.
If you need to make changes, click the edit (pencil) icon, select the desired month, and click Done.

Task 2: Confirm Customer Account Balances/Send Statements and Clear up all outstanding Deposits
Making sure that your client base has up to date account balances, also getting billing or payment dependencies out the way

Reports – All Reports – Manage A/R – A/R Aging Summary or A/R Aging Detail (Found in… Essentials and Plus Reports)
Plus Sign – Statements
create and send a batch of statements

Confirm that all deposits are cleared from the deposit queue
Reason: Any funds sitting in this queue doesn’t get counted towards your current year’s income

3 Confirm the Supplier Account Balances/Cut Cheques
Reason: Getting all bills owed for the year taken care of and addressing any outstanding credits, discounts, or products to be delivered on the vendors end

– Reports – All Reports – Manage A/P – A/P Aging Summary or A/P Aging Detail (Found in… Essentials and Plus Reports)

Task 4: Reconcile Bank Accounts, Credit Cards and/or Petty Cash Account
Company Gear – Reconcile

Reason: Matching QBO data to what has been occurring in your bank account(s)
The process allows you to insure that all transactions have been inputted correctly and also that all reports going forward in the Year End Process are displaying accurate financial data

Need Assistance?
Contact your knowledgeable Support team, Ask for help in the Intuit Community or with your Accountant
– Reconcile A Bank, Credit Card, Or Petty Cash Account (article)

Task 5: Invite Your Accountant – it’s time to collaborate and consult
Reason: The Accountant can assist on matters that may be difficult to grasp, give suggestions on data input, help in the process and forecast your company’s financial future
– Company Gear – Manage Users

– click on Invite Accountant
– input your Accountant’s details

– Once your Accountant Accepts the invite the Status will change from Pending to Active

Task: 6 Run Year End Reports – have we made profit or a loss?
– Profit & Loss
– Balance Sheet
Key Note: make sure that the Profit of the Year matches the balance on the P&L report

And/or Any Customized Reports that you or your Accountant sees fit
– On the Blue Navigation Ribbon – Reports – Recommended Reports

Task 7: Reclassify Transactions (if needed)
Reason: Higher level view of how transactions or journals will affect the P&L or Balance depending on the account types, change can be made to any item for appropriate display on either report
– Company Gear – Reclassify Transactions (on the far left Accountant Menu)

Note: You can either change the Account that the transaction is in or the class that the transactions is attributed to

Most of the work is behind you. You’re ready for the last bit of tasks to finish up your Year End

Task 8: Distribute Profits from the Business (with Accountant Assistance)
Reason: If the Retained Earnings need to be divided out to an owner or multiple partners here’s the chance to get your Accountant to assist you on the matter. Hopefully during the year you’ve set up an Owner’s Equity and Draws ledger for any payments or withdrawals from the company from the key player or players that founded it
– Distribute profits from the business
– Plus Sign – Journal Entry

9 Prepare Year End Tax Return (with Accountant Assistance)
Reason: Taxes are usually worked on by the Company’s Accountant and with a simple invite the Accountant has access to all the needed financial info to Prepare and File on the company’s behalf by viewing the financial reports. They can also make changes if need be.

10 Close the Books (optional)
Reason: To protect the current data from future back dating of entries
– Company Gear – Company Settings – Advanced tab

Answer ID 6723
Products QuickBooks Online Simple Start (H)
QuickBooks Online Essentials (H)
QuickBooks Online Plus (H)
Categories Payroll Questions
Date Created 01/22/2015 02:03 PM
Date Updated 01/22/2015 07:15 PM
Allow Crawling? Yes

Resolution for Issue '2014 year-end guide.' available: Yes (Solved).
Source: Intuit Community forum.

2014 year-end guide.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for 2014
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Error Recovery for 2014 [Canada]
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