Quick Tip: Easy End of Year Financial System
This system uses lots of paper, but it also keeps a printed copy of all of your records in one handy place. If you need easy records for tax preparation, to apply for a loan, review for profitability, check on a previous year, find out why there is a record missing from QuickBooks, or be very organized in case of an audit, this quick system will do the trick. After you have closed your financial records for the previous year you create a binder and put in the following (use tabs to separate if you choose).
- Trial Balance
- Balance Sheet
- Profit and Loss (or Income Statement) Summary
- Profit and Loss (or Income Statement) Detail
- Accounts Receivable
- Accounts Payable
- Sales Report By Item
- Payroll Summary By Employee
- Quarterly Employment & Tax Returns (941, state employment, Worker’s comp, state revenue, etc.)
- Year End returns (940, state revenue, other year end returns)
- W-2’s, W-3
- 1099’s, 1096
- Journal Transactions (or General Ledger) for the Year
[constantcontactapi formid="1"]