What Do My YEAR-END Bookkeeping Tasks Look Like?+ Questions from My Real Accountant

Learn Bookkeeping

Feb 15

What are the year-end bookkeeping tasks that you need to do for bookkeeping clients? If you own a bookkeeping business, this should help you get started. I list all of the tasks that I do to proofread my profit and loss reports and balance sheets. I also go over exactly what you'll need to send to a clients' accountant. At the end of this video, there is a Q&A with what one of the accountants asked me last year during year-end.

Here are a few of my year-end tasks that I cover more in detail in the video:

Reconcile December
Things to check (ask my accountant, checks to check, check outstanding checks)
Go through profit and loss in detail
Make changes to chart of accounts
Payroll
Balance sheet

Questions from my accountant (listen to the video for the answers):

Do we still have that IOLTA account? (specific to lawyers)
Do you still have a petty cash account with $25 in it?
Can you give me a list of the assets purchases?
It looks like you had leasehold improvements, is that correct?
Will we keep the PPA loan on the books until the forgiveness is granted?
Employee was issued a severance check: Do you want to amend reports or have a non-deductible expense?
Employee’s check off by $1,000: Will we have an employee advance on the books at year-end?
Check that didn’t go through payroll: Do you know what that was for?
What will the pension match be for 2020?

RESOURCES MENTIONED IN VIDEO: