Tax Year End Accounting Checklist

As you get ready to send off your accounting information to your tax preparer have a look at this year end accounting checklist. Check off these items to help you get the best tax position from your tax return preparation.

  • Enter all transactions for the tax year (for most people that will be up to December 31)
  • Reconcile all bank and loan accounts
  • If you use QuickBooks® make sure the Undeposited Funds Account shows the correct balance
  • Reconcile all petty cash accounts
  • Reconcile customer account balances to the accounts receivable control account
  • Go through your customer account balances to identify any bad debts
  • Reconcile supplier account balances to the accounts payable control account
  • Go through your supplier account balances and clean up old or unusual balances
  • Make sure all payroll and sales tax liability accounts show the correct balance
  • Make sure all fixed asset purchases and disposals have been correctly recorded and can be readily identified in the accounting records
  • Scan through the profit and loss account for any unusual income or expenses items and make sure they are recorded correctly
  • For expenses such as repairs, travel, entertainment and sundry make sure there is sufficient detail in the accounting records for your tax preparer to determine the correct tax treatment
  • Scan the balance sheet for unusual balances and make sure they are recorded correctly
  • If you use QuickBooks® make sure the tax mappings are correct

Your time is valuable and you would much rather be running your business than preparing year end accounting information. If that is you we can help you by finalizing your year end accounts making sure all the above items are covered. If you would also like the convenience of an all in one service we can prepare your business and individual tax returns as well.

Call (480) 363-4808 to book an appointment. We will come to you in the Phoenix metro area. If you live elsewhere we can finalize your accounts using our secure client portal and remote access.

Posted By Mark Smith

Mark Smith, EA is an Enrolled Agent and accountant with over 30 years tax and accounting experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at if you need assistance with any of the above.

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