Endofyear

Year-end tasks, tax settings, and reporting in QuickBooks Online

Managing your company’s financial year-end involves adjusting settings, printing detailed reports, and handling payroll tax forms. Below are the essential tasks to ensure your books are accurate and compliant.

Change your fiscal year or tax year

If your business operates on a calendar year or you need to adjust when your financial year starts, you can update these settings in QuickBooks Online.

1. Select the Settings gear icon in the upper right corner.
2. Select Account and settings (sometimes labeled Company Settings).
3. In the left navigation, select Advanced.
4. In the Accounting section, find the First month of fiscal year field.
5. Change the setting to your preferred start month (for example, January).
6. If applicable, update the Tax year setting to match.
7. Select Save and then Done.

Print full transaction registers

If you need to print a complete list of transactions for a specific period (such as the full year 2013) rather than just the few currently visible on the screen, use the report feature associated with the register.

1. Open the specific register you wish to view (e.g., from the Chart of Accounts or a specific transaction list).
2. Locate and select the Report icon or link usually found at the top of the register window.
3. This opens a report view where you can customize the date range.
4. Set the desired dates (e.g., 1/1/2013 to 12/31/2013).
5. Select the print icon to print the full report.

Print and file W-2 forms

QuickBooks Online allows you to prepare and file W-2 forms for your employees. You can electronically file these forms or print them on specific paper types.

Filing W-2s

You can electronically file federal Forms W-2 and W-3 with the Social Security Administration (SSA) through Intuit’s payroll services at no extra charge. Even if you file electronically, you must still print and distribute physical copies to your employees and keep copies for your own records.

Printing requirements and paper types

When printing W-2s, it is important to follow IRS guidelines regarding ink and paper to ensure acceptance.

• Black and White Printing: The government accepts W-2 forms (Copy A and W-3) printed in QuickBooks using black ink on plain paper.
• Perforated Paper: The IRS requires that copies distributed to employees be easily separable. If you are printing employee copies on plain paper, you must use perforated paper to meet this requirement.
• Alignment: If your W-2s are not aligning correctly on the page, ensure your printer settings match the paper type and size selected in QuickBooks. Check your printer driver settings for alignment or scaling options (such as “Actual Size” rather than “Fit to Page”).

Set up direct deposit for vendors (1099 contractors)

You can pay 1099 independent contractors via direct deposit, provided you collect their banking information and enter it into QuickBooks.

1. Collect Information: Notify your 1099 vendors that you wish to pay them via direct deposit. You will need their bank account information. You can use similar authorization forms as those used for employees.
2. Enter Banking Details:
   • Go to the Expenses menu and select Vendors.
   • Select the vendor’s name to open their profile.
   • Select Edit.
   • In the payment section, enter the bank account information (Bank name, Routing number, and Account number).
   • Select Save and close.

Once set up, you can select Direct Deposit as the payment method when creating bills or checks for that vendor.