To help you out, we’ve created a checklist to get you started –
- Reconcile ALL bank and credit card accounts;
- Review all fixed assets – did you purchase anything in 2022? Is it recorded properly?
- Did you “dispose” of any assets in 2022? Make a note & tell your CPA!
- Review your open A/R reports. Are these accurate balances? Do you need to make any write-offs?
- Review your open A/P reports. Are these accurate balances? Do you need to make any adjustments?
- Lastly, go through your Profit & Loss … does it make sense? Are things consistently coded? Are they coded to the right categories?
Once you’re done, send everything off to the accountants. Whew – OK, 2023, bring it!
Book a conversation with your CPA about how to close out your year
Remember to close out your year and send those last financials to your CPA.
To help you out, we’ve created a checklist to get you started –
- Close out your books thru year-end; reconcile all accounts
- Do a thorough review of your books for accuracy; make sure your A/R and A/P reports look accurate or correct any balances showing that are incorrect
- Send your financials to your tax person.
- Include a listing of purchased and retired assets for the year.
- Finalize your planning for 2022 and give your CPA a quick overview of what you expect in the coming year.
Result? Your CPA will have everything they need to evaluate your current estimated tax liability and advise you on any last-minute strategies you can employ before the year ends …
Don’t Forget
1099s – note all 1099s, W2s, and 940 forms are due by Jan 31. That includes government copies! It used to be that you could send the government copies by the end of Feb, but this is the first year that everything is due no later than Jan 31. Make sure you are ready to meet this deadline!