01/12/17 2016 Year End in QBO

01/12/17 QBOchat

01/12/17 QBOchat

2016 Year End Close with QBO

  1. Welcome everyone to #QBOchat. Please introduce yourselves to the group -> Name, location & name of biz.
  2. Each week #QBOchat has a topic to guide our conversation. We’ll start posting questions at 3:10PM ET/12:10PM PT.
  3. Today we are discussing the 2016 Year-End Close with QBO! #QBOchat
  4. Hey all! Eithne from @ledgerdocs here. Looking forward to a great chat on year end tips #QBOchat
  5. @QBOchat Hi everyone! Alan from Avalara checking in, excited to learn and chat! Hope everyone’s week is swell so far! #qbochat
  6. @QBOchat Natalie here with the Expensify team in Uruguay. It’s summer here! ๐Ÿ˜Ž #qbochat
  7. Hey All!! Cathy here in Atlanta. How is everyone doing? #qbochat
  8. Hello! Vinnie from Boston here, ready to hear everyone’s year-end tips! #QBOChat
  9. We invite all types of @QuickBooks users – #smallbiz, accountants, developers, and more to join our #QBOchat.
  10. @expensify Uruguay, wow! So cool, hope you’re enjoying it down there! #qbochat
  11. Sorry #QBOchat ‘rs, I really need to skip this week. Preparing for a weekend of @hack_arizona + @FLShootout See you next week!
  12. Hi to everyone on #qbochat! Matt here from @VereniaCPQ, tweeting from balmy Autin, TX.
  13. Hey all – checking in from balmy New Jersey #QBOchat
  14. @CathyIconis Doing great! Except the temperature has dropped yet again here in Seattle… #qbochat
  15. @expensify @QBOchat Oh you lucky duck!! We finally have some relief from all of the winter storms! ๐Ÿ™‚ #qbochat
  16. Ufuoma, Owner of Goshen Bookkeeping & Consulting from Atlanta – enjoying the beautiful weather we have today. #qbochat
  17. Hi all – Sarah from Aero tweeting from the SF Bay Area where I haven’t floated away!
    #qbochat
  18. It’s #sponsorshoutout time. Keep the intros coming while we share the love of those supporting this community!! #qbochat
  19. Hi All! Sam Thomas, Senior AM for North America @ Spotlight Reporting. Insightful Dashboards, Management Reports and Forecasting! #qbochat
  20. @tsheets @QBOchat It did take me 3 extra days to get out of Portland. Stay safe & stocked on hot cocoa! #QBOchat
  21. Looking forward to seeing the conversation later. One of my resolutions was not texting or tweeting while driving #QBOchat
  22. Happy to be here! Although Uruguay sounds more exciting! RT @expensify @AeroWorkflow Hey there Sara! Happy to have you this week. #QBOchat
  23. @expensify Oh that’s right! You must have just missed the official “state of emergency.” Oh Portland… #qbochat
  24. @JoeManz Great resolution. Happy to hear you’re sticking to it. #QBOchat
  25. Q1: What information does an accountant need in order to prepare a tax return for a business? #QBOchat
  26. @avalara I did! Some Expensifiers are still stuck. They’ll (hopefully) arrive this weekend! #QBOchat
  27. Sorry I’m #learylate Rachel Fisch here from Deloitte in Toronto! Will have to leave early too #pleasedonthateme #QBOchat
  28. @FischBooks Hi Rachel!! Always so great to see you here at the chat! ๐Ÿ™‚ #qbochat
  29. A1: Financial Statements such as Profit and Loss and Balance Sheet #qbochat
  30. Suzanne from @NOWaccount, joining in from warm & sunny Atlanta. We survived the winter last weekend! #qbochat
  31. A1: How about payroll reports that tie to the P&L? #qbochat
  32. A1: I generally request updated trial balances, bank statements, and payroll reports for starters! #QBOChat
  33. A1: @QBOchat for me, having the client on #QBO is a good start! Fully linked to bank speeds things up. Also a helpful up-to-date client
  34. @ServelloCPA Bank statements!! Yes, I get that requested a lot. Since I don’t do taxes, I’m coming from what tax people ask. #qbochat
  35. @sammy3042 @suzannewelander @NOWaccount Atlanta always gets that nasty ice! I remember icepocolypse a few years ago..! #qbochat
  36. Hey everyone! Sorry I am late… Nicole here from @XTBills ๐Ÿ™‚ #qbochat
  37. @QBOchat A1: Your financial data comprised of these 3 statements: balance sheet, income statement and cash flow statement. #qbochat
  38. A1; a great trial balance from a bookkeeper using QBO! #qbochat
  39. @MyCorporation I’ve never heard of anyone asking for a cash flow statement #qbochat
  40. @suzannewelander @NOWaccount Glad you survived the winter weather, Suzanne! It has been a crazy season for sure! #qbochat
  41. @ServelloCPA Are those lists usually in Excel? Or do you maybe provide the asset schedule and they can update it for you? #qbochat
  42. @AeroWorkflow @expensify Hahaha, that’s so good that I’m saving it to post later and tag all of my PDX friends! So painfully true. #qbochat
  43. A1: A copy of your company file if in QBDT or just give them access to QBO to run their own reports. #qbochat
  44. A1: Backup source documents for any major purchases and/or changes in internal control policies for Nonprofits, payroll data, 1099s #qbochat
  45. Q2: Based on what is needed for a tax return, what tasks have to be completed to close out the prior year? #QBOchat
  46. @goshbookkeeping Did the IRS change the minimum on what amount should be considered for a fixed asset? #qbochat
  47. A2: Bank reconciliations and clear out any old unreconciled items! #qbochat
  48. @goshbookkeeping We will keep your receipts for those purchases in the cloud… forever! #QBOchat #ExpenseReportsThatDontSuck!
  49. A2: Make sure to update all the workpapers you have to support your year-end balances on the balance sheet. #qbochat
  50. Greetings to #QBOChat from Brent Blackburn #learylate here in Utah, owner of Biz Books Cloud LLC
  51. A2: @QBOchat Fully reconcile all banks, and other balance sheet accounts. Review all ledgers via “reclassify” and adjust coding if needed
  52. @sammy3042 @NOWaccount Tha’s why all those people who *think* they can drive on ice should stay home too! #qbochat
  53. @AshBeetson Don’t forget to include the #QBOchat hashtag so people can see your answers.
  54. @CathyIconis @goshbookkeeping I believe I read somewhere it was increased to $5K for expensing. I leave it to the CPA to decide. ๐Ÿ™‚ #qbochat
  55. @FischBooks tax people hate it when retained earnings change!! So true! #qbochat
  56. @expensify @goshbookkeeping Yep love it! I encouraged my doctor to start using this morning to keep her receipts organized. #qbochat
  57. @CathyIconis @goshbookkeeping It one of the things I make sure to point out for my client’s files before the CPA gets it. #qbochat
  58. Sorry for the late #QBOChat check-in – crazy morning helping firms get QBO up & running at clients ๐Ÿ™‚
  59. @goshbookkeeping Ah! Your work is never done, even at the dr! Hope she saves time & can devote more time to her practice. #QBOchat
  60. @CathyIconis @goshbookkeeping Usually for some of my clients, their CPA already provides a limit that they use. #qbochat
  61. Q3: What other tasks should be performed to close out the books at year-end? #QBOchat
  62. @QBOchat This is more client-centric, but here’s a great year-end checklist for sales tax filing!  http://avlr.co/2jB2wLr  #qbochat
  63. A3: Year-end is a good time for some database cleanup. Delete old customers, vendors, accounts, etc. #qbochat
  64. A3: Send contribution statements and make sure everyone’s information is updated in QuickBooks. #qbochat
  65. A3: #QBOchat revalue currencies, review a/r and a/p, write off small balances, create list of “unusual” entries. check p&l by month
  66. @AshBeetson Year-end is definitely a good time to write off old invoices. #qbochat
  67. A3: Year end is a good time to make sure you’ve ticked all the boxes when it comes to compliance #QBOchat
  68. A3: Review your list of uncashed checks especially for those that are more than 1yr old and follow-up with the individuals/vendors. #qbochat
  69. I’m here! ๐Ÿ‘‹๐Ÿฝ๐Ÿ‘‹๐Ÿฝ๐Ÿ‘‹๐Ÿฝ Sort of. In and out. Prepping for m ting at 4. #QBOchat
  70. Hey #QBOChat ! Sorry to be #learylate – swamped today! Well put @goshbookkeeping for A1 ๐Ÿ™‚ Going to take time to catch up on the chat!
  71. Q4: What tools are available in QuickBooks Online to help assist with year-end duties? #QBOchat
  72. @QBOchat Q4 Def Reclassify Transactions is my favorite tool to prepare financials and returns.#QBOchat
  73. A4 The reclassify tool can be a great way to see all transactions in each account and fix any coded incorrectly #qbochat
  74. A4: #QBOchat “reclassify” in accountant toolbox – godsend!
  75. @BizBooksCloud I wish there were more filter options with reclassify transactions. #QBOchat
  76. Agreed! RT @CathyIconis: @BizBooksCloud I wish there were more filter options with reclassify transactions. #QBOchat
  77. I agree, but sort them by name and it makes it easy to run through RT @CathyIconis more filter options reclassify transactions. #QBOchat
  78. A2: @QBOchat make sure Retained earnings tie. And Accounts reconcile.
  79. @QBOchat A1: If I don’t have access to #QBO I need a detailed report of assets purchased
  80. A3: @QBOchat determine if old o/s checks need to be voided and re-issued; a/r & a/p aging march Trial balance. Did I mention reconcile? ๐Ÿ˜ณ
  81. A3: @QBOchat make sure wages agree to W2s; make sure loan balances match statements. Did I mention reconcile ALL accounts even PayPal ๐Ÿ™„
  82. Q5: What apps or other resources do you use to assist in closing the books at year-end? #QBOchat
  83. @QBOchat A3: Make sure all cash or owner purchased business expenses are recorded
  84. Oops missed my #QBOchat hashtag on my last 2 posts about RECONCILING! People please reconcile
  85. @MelanieWillis5 @QBOchat reviewing a year-end in between tweets! Stopping soon – nearly 9pm!
  86. Wow sorry I missed it today…it’s been crazy, couldn’t break away ๐Ÿ˜•#QBOchat
  87. Even experts are being fooled, having passwords compromised, worth reading RT @CathyIconis @BizBooksCloud nope, what is going on? #QBOchat
  88. @PMarieeJ We missed you! Hopefully you can make it next week for the @ReceiptBank takeover! #QBOchat
  89. @QBOchat I dont know it I would call it favorite but I was download the CSV from Hubdoc and uploading it to QBO because #qbochat
  90. @avalara thanks! even if it was a @davidleary style tweet-by, right? ๐Ÿ™‚ #QBOChat
  91. Previously the feed wasn’t downloading correctly. But lately it has been. I don’t like the PayPal transfer account. Too confusing #QBOchat
  92. A5: I know Aero users have their YE close checklist defined and schedule for each client. #qbochat
  93. @SherrellTMartin I like the direct connect to Paypal as the App. It gives me the gross amounts and deductions separately. #QBOchat
  94. @SherrellTMartin Definitely! But some clients get a better response from accepting @PayPal. #QBOchat
  95. Just a few minutes left for this week’s #QBOchat. What is your favorite take away?
  96. A5: @ledgerdocs users use our app at year end to post invoices, receipts etc. directly into QBO with document attached ๐Ÿ™‚ #QBOchat
  97. A5. For us, a great #accountant , #bookkeeper , or #CFO is our best resource (shout out @TechCXO ) Always knows the best #apps! #QBOChat
  98. @QBOchat Joined too late….but at least I made the last 10!!! I’ll read the thread later tonight. Thanks ya’ll. #qbochat
  99. That’s it for this week’s #QBOChat, thanks for taking the time to tweet with us!
  100. Next week we’ll chatting about Receipt Bank Takeover! Schedule it on your calendar now! #QBOchat
  101. Have a great week everyone! See you all next week at the Chat! #qbochat

Author: QBOchat Admin

#QBOchat began in July 2013 with the simple idea to host a weekly Twitter conversation around QuickBooks Online (QBO). We have since grown into a very strong community comprised of a diverse group of users. Our weekly tweet chat is held each Thursday at 3:00PM Eastern. The discussions cover a wide range of topics including QBOโ€™s latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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