How to Manage a Year End Close in QuickBooks Enterprise and Best Practices

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Trisha from Fourlane discussed the importance of having a thorough month-end close process in place, which should include reconciling accounts, reviewing for unclear transactions, and addressing any discrepancies. She emphasized the need to ensure all balance sheet accounts are reconciled and highlighted the key areas to review during the year-end close process, such as profit and loss, fixed assets, and budgeting for the next year, to ensure the company's financial records are accurate and up-to-date.

Key points and Best Practices
1. Importance of a thorough month-end close process to prepare for year-end close.
2. Checking reconciliation status of all balance sheet accounts, including identifying any unclear transactions.
3. Reviewing the reconciliation discrepancy report to identify any changes made to cleared transactions.
4. Analyzing the profit and loss statement to identify trends, potential deferred revenue, and proper expense allocation.
5. Ensuring proper accrual of December payroll expenses that will be paid in January.
6. Reviewing accounts receivable for any uncollectible balances to be written off.
7. Verifying inventory quantities and values match the balance sheet.
8. Cleaning up any accounts payable balances that are no longer owed.

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