Year-End Procedures
After reading about year-end procedures, you'll be able to correct transaction categorization errors, record asset depreciation, and prepare 1099 forms for contractors. You'll learn to use the Reclassify Transactions tool to batch-correct miscategorized expenses and Classes, create recurring journal entries to track fixed asset depreciation over time, and generate 1099-NEC and 1099-MISC forms for vendors paid over $600. The chapter also covers how to close your accounting period and set a closing date to lock your records.
In this chapter
- Journal Entries
- Reclassify Transactions
- Processing 1099s
- Managing Equity
- Closing the Accounting Period
- Closing Equity Accounts at the End of the Fiscal Year
- Setting the Closing Date