10/05/2017 Preparing for Year-End & Closing the Books

10/5/2017 QBOchat

10/5/2017 QBOchat

Preparing for Year-End & Closing the Books

  1. Welcome everyone to #QBOchat. Please introduce yourselves to the group -> Name, location & name of biz.
  2. The AutoEntry team are here – Signing in from Dublin, Ireland ! #qbochat pic.twitter.com/7Cud05qXQb
  3. #QBOchat is a weekly tweetchat about QuickBooks Online, the best in class accounting platform for #smallbiz
  4. @QBOchat Hi all, Alan from Avalara here, your friendly neighborhood tax compliance automation pros. Hope everyone is doing swell! #qbochat
  5. Knowify checking in from NYC! It’s been a while since we tuned in, happy to be back! #qbochat
  6. Today we're chatting about Preparing for Year-End & Closing the Books. #QBOchat https://t.co/SnKq223jSn
    Today we’re chatting about Preparing for Year-End & Closing the Books. #QBOchat pic.twitter.com/SnKq223jSn
  7. Greetings to #QBOChat from Brent Blackburn here in Utah, owner of Biz Books Cloud LLC
  8. Hi, Gary Layng here. And it’s a timely topic- I have 1 client who just had his year end Sep 30
    #qbochat
  9. Hi everyone and happy Thursday! Nicole here in Chicago checking in with Circulus. #qbochat
  10. @BizBooksCloud @avalara Doing well, thanks! Thinking I’ve officially kicked a cold, so that’s nice. #qbochat
  11. Hi everyone! Victoria with Iconis Group in Atlanta here #QBOchat
  12. Hi everyone, Max here from LedgerDocs. Happy to be here! #qbochat
  13. Cathy Iconis of @IconisGroup here in Atlanta, GA running today’s #QBOchat. I’ve been closing the month for an advertising firm today.
  14. Hi all – Sarah from Aero here. Enjoying a beautiful fall day in the SF Bay Area! #qbochat
  15. The first question is NEXT, remember to use A1, A2, etc when answering a question. #QBOchat
  16. Q1: What are some of your common tasks to wrap up your books at year-end? #QBOchat https://t.co/jily9lkvN1
    Q1: What are some of your common tasks to wrap up your books at year-end? #QBOchat pic.twitter.com/jily9lkvN1
  17. A1: reconcile every account on the balance sheet not just cash #QBOChat
  18. A1 Working papers – in depth review of every account. #qbochat
  19. @SherrellTMartin Agreed! And, if you aren’t using the “reconcile” feature, prepare a workpaper that reconciles the balance. #QBOchat
  20. A1 Make sure the supporting docs are well organized, digitized and on the cloud #qbochat
  21. #SponsorShoutout to @BentoforBusiness. Instantly control and track employee expenses from anywhere. #QBOchat https://t.co/G89fdUEC9I https://t.co/i2v7m4Jpg0
    #SponsorShoutout to @BentoforBusiness. Instantly control and track employee expenses from anywhere. #QBOchat  http://bit.ly/2xlvntC  pic.twitter.com/i2v7m4Jpg0
  22. A1. Archive documents and lock up the year-end with a password! 🔐 #qbochat
  23. By the way, @bentoforbiz is our newest sponsor! We are so lucky to have them!! (We have another new sponsor > next week!) #QBOchat
  24. If you need help getting all that paperwork in QuickBooks, AutoEntry can make light work of it ! No more data entry !! #qbochat
  25. Q2: What tasks can you be doing now to get ahead of the year-end workload? #QBOchat https://t.co/RndNKOEL9o
    Q2: What tasks can you be doing now to get ahead of the year-end workload? #QBOchat pic.twitter.com/RndNKOEL9o
  26. A1 definitely – close the year-end so that the users can’t post into the year you’re reviewing

    #qbochat

  27. A1: Bank recs and making sure all transactions are coded into the correct account #QBOchat
  28. Hi everyone!! Alex M here in Eagle, ID with TSheets Time Tracking & Scheduling! #QBOchat
  29. A2 schedule inventory, review & clean up A/R, get filing up to date, reconcile supplier stmts #qbochat
  30. A2: Contact clients who are “clean up” only to start working on their books. And, make sure W9s are in place for contractors. #qbochat
  31. A2 Get rid of staledated items on bank reconciliation #qbochat
  32. A2 Get your clients getting their business expenses into @ReceiptBank so it’s ready for #QBO and your year end is a breeze #qbochat
  33. A2: Catch up all reconciliations, review your fixed assets & balance Sheet accounts for YE #qbochat
  34. A2: have employee verify their info is correct too – those with and those who have left #QBOChat
  35. @AmyWalkerCPA How many “clean up” only clients do you have? #QBOchat
  36. A2 Give your clients a tool to send required documents in a timely fashion. Receiving documents last minute is a headache for all 😬 #qbochat
  37. A2 Reconcile the payroll remittances & sales taxes with government, any other government accts #qbochat
  38. @tsheets There she is! Hi Alex! Hope you’re having a wonderful Thursday! #qbochat
  39. @SherrellTMartin Definitely don’t forget about the ones that have left! #QBOchat
  40. @QBOchat Oh, about 5-10 but the phone is starting to ring with new clients who need a 2017 catch up. #qbochat
  41. A2: Make sure you have tied out to the PY Tax Return -Makes CPA’s Happy! #qbochat
  42. RT @getclockshark: @AmyWalkerCPA +1 for the W9’s – I’ve actually seen firms having clients submit W-9s w/ @ReceiptBank mob app #qbochat
  43. Little late! ;P We had an eventful meeting! One of our awesome CX reps won a paddle board and took it out onto the pond behind us! #QBOchat
  44. @QBOchat @AmyWalkerCPA Our clients come in as clean ups all during the year. Those that are good connections becoming monthly clients #QBOchat
  45. Q3: What tasks should be completed before December 31st? #QBOchat https://t.co/Ux22C9p81j
    Q3: What tasks should be completed before December 31st? #QBOchat pic.twitter.com/Ux22C9p81j
  46. A3:I feel like saying “ooohh I know , I know ” RT @QBOchat: Q3: What tasks should be completed before December 31st? #QBOchat
  47. @QBOchat If we could give everyone a paddle board, we would! Especially our #QBOChat peeps!!
  48. A3 All employees’ payroll data should be reviewed for completeness, tax remittance reconciled, get their SIN#’s and current address #qbochat
  49. A3 part 2: this should be done even if your client is not on calendar year #qbochat
  50. @SherrellTMartin @jazfun Yes I’m working on getting a meetup would you be interested? I think there are a lot but we can catch up #qbochat
  51. A3 Dividend account needs to be reconciled, ready to send out tax slips #qbochat
  52. ABSOLUTELY!! Would work GREAT in my Pool 🙂 RT @QBOchat: @tsheets @jazfun I might *need* a @tsheets branded paddle board. #QBOchat
  53. @QBOchat @jazfun I LOVE that idea! 😍 TSheets 2018 summer swag: Tank tops & paddle boards! YOU GET A PADDLE BOARD, EVERYBODY GETS A PADDLE BOARD! 😂 #qbochat
  54. A3: Figure out Year End Bonuses / Commissions to be paid #qbochat
  55. A3: Review projected net income with owners. See if expenses should be made before or after YE to minimize tax liabilities.
    #qbochat
  56. @QBOchat Late to the party – Barb from Dryrun here. Hope everyone’s having a great day! #qbochat
  57. Great one Amy! RT @AmyWalkerCPA: A3: Review projected NI with owners.See if expenses before/ after YE minimize tax liab
    #qbochat #qbochat
  58. @tsheets @jazfun Is this an add-on service if you sign up for T-Sheets? #qbochat
  59. BTW, nice seeing the vendors at #IPBCIgnite conference last week in Ontario! @tsheets Intuit @ReceiptBank @Hubdoc etc etc #qbochat
  60. A3: Work up a plan for software implementation – No Disruptions needed during Tax Season #qbochat
  61. Q4: What are some tips & tricks to help trouble-shoot any issues you find in #QuickBooks? #QBOchat https://t.co/BldcrufO8B
    Q4: What are some tips & tricks to help trouble-shoot any issues you find in #QuickBooks? #QBOchat pic.twitter.com/BldcrufO8B
  62. @jazfun great call! get them trained and onboarded now – we’ve been doing webinars with our partners to help them do just that #qbochat
  63. A4: QBO Tips / Run Memorized reports out for Review by Owners before YE #qbochat
  64. A4:QBO tips Send Updated Financials to CPA for “heads up” – Invite them in as Accountant User #TeamApproach #qbochat
  65. A4: my all-time fav is the reclassify tool. How did i live without it #QBOchat
  66. RIGHT? Kudos for Accountant Tools RT @SherrellTMartin: A4: my all-time fav is the reclassify tool. How did i live without it #QBOchat
  67. Q5: What do you plan to do to make 1099 and W2 season easier on you in January? #QBOchat https://t.co/ej0LOF1x0s
    Q5: What do you plan to do to make 1099 and W2 season easier on you in January? #QBOchat pic.twitter.com/ej0LOF1x0s
  68. A4: Use the Trial Balance Tool to get your YE TB Up to speed #qbochat
  69. A5: Don’t do them? No 1099’s 🙂 Teasing – Yes use @Track_1099 & Review now with clients #qbochat
  70. A5 stay in Canada. 😀 I review my clients’ gov’t statements monthly. Annually, reconcile to payroll expense accts #qbochat
  71. A5: Use Aero’s Vendor 1099 maintenance template and schedule it for all your clients. #qbochat
  72. @AmyWalkerCPA @jazfun Yes! it is definitely Fall here! Leaves are changing and everything! My favorite season 🙂 #QBOChat
  73. Gotta run to get ready for my meeting! Thank you all Chatters! See you next week #Qbochat
  74. Q6: How do you plan on managing your schedule, client requests, and follow-ups? #QBOchat https://t.co/KCQdKsXGM6
    Q6: How do you plan on managing your schedule, client requests, and follow-ups? #QBOchat pic.twitter.com/KCQdKsXGM6
  75. @AutoEntry_OCREX @QBOchat The irony of futre-focused cash flow and sales forecasting being late… 😉 #qbochat
  76. A6 Using QBO’s accountant features to communicate with client & share documents #qbochat
  77. A6 – How many of you will hire temporary help for busy season? Good experience with virtual assistants? #qbochat
  78. RT @QBOchat: Q6: How do you plan on managing your schedule, client requests, and follow-ups? #QBOchat https://t.co/7OTsr0Y20o
    RT @QBOchat: Q6: How do you plan on managing your schedule, client requests, and follow-ups? #QBOchat pic.twitter.com/7OTsr0Y20o
  79. Q7: What Apps are you going to use to streamline your Year-End work? #QBOchat https://t.co/RdAo5zezRe
    Q7: What Apps are you going to use to streamline your Year-End work? #QBOchat pic.twitter.com/RdAo5zezRe
  80. OOPS . office alarm was set wrong … just jumping in to say Hi – guess i’ll read the stream later 🙁
    #qbochat
  81. Just a few minutes left for this week’s #QBOchat. What is your favorite take away?
  82. Thank you so much for this week’s #qbochat! I love getting to talk to everyone each week!! See you next Thursday! 🙂
  83. @QBOchat Have a great rest of the week, everybody! Be well and see you next time! #qbochat
  84. That’s it for this week’s #QBOChat, thanks for taking the time to tweet with us!
  85. Next week our topic is: Converting to QuickBooks Online. Schedule it on your calendar now! #QBOchat
  86. Remember to sign up for our newsletter to get the most up-to-date news on #QuickBooks and #QBOchat.  http://bit.ly/2nJVXIC 

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 QBO’s latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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