It's Tax Time: FOUR steps you can take to help make sure your books are up-to-date and accurate

For many of us we rely on our bookkeeper or CPA to keep our books accurate and up-to-date, but at the end of the day, WE are responsible for the information we provide to the IRS and it is usually us, that end up paying additional taxes any fines and penalties. To help mitigate this risk, and you use Quickbooks, here are 4 steps you can take to make sure your information is up-to-date and accurate before you send your financials to your tax preparer.

  1. Check that all transactions have been processed in Quickbooks

    1. Go to Transactions>Bank Tranactions and check in each account that there are no 2023 transactions to be processed

  2. Make sure all accounts are reconciled (there should be no uncleared items except for checks)

  3. Run a report to review 2023 Income and Expenses in detail

    1. Go to reports

    2. Under “For My Accountant” select “Transaction by Detail by Account”

    3. Select last year (for date)

    4. Review accounts. Let your accountant or bookkeeper know of any misclassified transactions.

  4. Make sure any expenses or income that was paid out/paid into a personal account has been added to your accounts.

    If you feel your books are not accurate and up-to-date we are here to help. To set up a free 30 minute discovery call please visit https://www.theaussiebookkeeper.com/contact.

Julie CallahanComment