Wrap Up the Year Strong
As the year wraps up, it’s time to make sure your business’s financials are clean, accurate, and ready for tax season. One of the best ways to do that is by reviewing your QuickBooks Desktop year-end checklist — a list of essential reports to run before closing your books.
At The Clever Ledger Bookkeeper LLC, we help small businesses finish the year strong by cleaning up accounts, reviewing reports, and preparing QuickBooks files for tax filing. Here’s a step-by-step look at the key reports to run in QuickBooks Desktop before December 31.
1. Profit & Loss Report
Where to find it in QuickBooks Desktop: Reports → Company & Financial → Profit & Loss Standard
Your Profit & Loss Report summarizes your income and expenses for the year. Reviewing it helps you:
- Confirm that all transactions are categorized correctly
- Spot any unusual totals or missing entries
- Compare this year’s performance to last year’s
💡 Pro tip: View the report by month or quarter to find inconsistencies in posting.
2. Balance Sheet Report
Where to find it in QuickBooks Desktop: Reports → Company & Financial → Balance Sheet Standard
Your Balance Sheet gives a snapshot of your assets, liabilities, and equity. Before year-end:
- Reconcile all bank and credit card accounts
- Verify loans and balances against your statements
- Record any depreciation or fixed asset updates
This ensures your financial picture is complete and accurate for tax season.
3. Accounts Receivable Aging Summary
Where to find it in QuickBooks Desktop: Reports → Customers & Receivables → A/R Aging Summary
This report shows unpaid customer invoices and how long they’ve been outstanding. Before closing the year:
- Follow up on overdue payments
- Write off bad debts (with your CPA’s approval)
- Make sure all customer payments are applied correctly
Clean A/R ensures your income totals are accurate and cash flow reflects reality.
4. Accounts Payable Aging Summary
Where to find it in QuickBooks Desktop: Reports → Vendors & Payables → A/P Aging Summary
This report lists unpaid bills and vendor balances. Check it to:
- Confirm all bills are legitimate
- Remove duplicates or outdated entries
- Verify payments have been applied correctly
An accurate A/P report prevents double payments and keeps your vendor records clean.
5. Trial Balance Report
Where to find it in QuickBooks Desktop: Reports → Accountant & Taxes → Trial Balance
The Trial Balance summarizes every account’s ending balance and helps identify:
- Accounts that should be zero but aren’t
- Misclassified transactions
- Any unusual balances before tax prep
Your accountant will likely request this report first — so it’s worth reviewing early.
6. General Ledger Report
Where to find it in QuickBooks Desktop: Reports → Accountant & Taxes → General Ledger
The General Ledger provides a detailed list of every transaction by account. Review it to:
- Catch duplicate or missing entries
- Find uncategorized transactions
- Verify journal entries and adjustments
A clean General Ledger makes tax time faster and easier for you and your accountant.
7. Reconciliation Reports
Where to find it in QuickBooks Desktop: Banking → Reconcile → Reports
Before closing out the year, make sure all bank and credit card accounts are reconciled through December 31.
💡 Bonus tip: Save a PDF copy of each reconciliation report — it’s a key record if you’re ever audited.
Additional Year-End Bookkeeping Tasks
Before you officially close your books:
- Back up your QuickBooks Desktop company file
- Review contractor info for 1099 preparation
- Double-check employee W-2 details (if you run payroll)
- Set a closing date in QuickBooks to prevent future edits
These steps help protect your finalized data and make tax prep simple.
Let The Clever Ledger Bookkeeper LLC Help You Wrap Up the Year Right
At The Clever Ledger Bookkeeper LLC, we know how stressful year-end bookkeeping can feel — especially in QuickBooks Desktop. That’s where we come in.
We’ll help you:
- Reconcile accounts
- Review reports for accuracy
- Clean up data and prepare for taxes
📞 Ready to get started?
Contact us today to schedule your QuickBooks Desktop year-end review and start the new year with clarity, confidence, and organized books.