Once you have all of your year-end entries posted into your QuickBooks accounting software, you should take steps to prevent the prior year from being changed. If entries are accidentally added, changed or deleted in the wrong period, it can be a serious problem for your accountant.
Although QuickBooks does not require that you close prior accounting periods in the same way that other accounting software does, you can use the “Set Closing Date and Password” to help avoid inadvertent entries to the wrong accounting period.
Some other items to consider when reviewing your QuickBooks data content and usage are:
Backup Procedures – Be sure your QuickBooks data resides on your server (if you have a server) and that the data is being backed up. You should also utilize the backup function within QuickBooks to back up the data to one of the workstations. More than one backup routine is recommended for your important financial information.
Chart of Accounts – Review the Chart of Accounts for unnecessary or redundant accounts. Consolidate redundant accounts and remove those that are not needed.
Check for Duplicates – Review Customer and Vendors to check for duplicates and consolidate them.
Reconcile Bank Statements – If you have been lax in reconciling your accounts with your bank statements, get to it. It really does need to be done. Sometimes opening a new account might help you tackle this situation. You can have a fresh start with your new year and work on the old account knowing that nothing new is changing in it.
Reports – Run your year-end reports and save as PDF files. Your accountant will let you know which are needed and may do this for you. These reports typically include the Balance Sheet-Standard, Profit & Loss-Standard, Statement of Cash Flows, and Trial Balance.
Run Data Verification – Use the Verify Data utility to see if your database has any signs of data corruption. Make a backup of your database(s) first.
Stay Supported – Make sure all your software is supported by the software manufacturer. As of May 31, 2016 Intuit will stop supporting QuickBooks 2013. As of that date, Intuit will support QuickBooks versions 2016, 2015 and 2014.
If you have any questions, please contact a Plummer Slade Applications Specialist at 412-261-5600 or firstname.lastname@example.org.