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There are some key tasks you should perform before the calendar year ends.

Create and send customer statements

The end of the year is a good time to remind your customers of any outstanding balances that they owe you, or to send them a statement of their activity throughout the year.

Create a statement for a customer

Create multiple statements

Make distributions

It's not mandatory, but you can choose to distribute profits (also known as retained earnings) to an owner or to multiple partners at the end of the year.

Distribute profits from the business

Start 1099 process

If you use unincorporated vendors, such as outside consultants or subcontractors, you need to send a 1099-MISC form to those who are paid more than a specific amount per year.

Setting up and preparing 1099s is a feature that's available only in QuickBooks Plus.

What is a 1099?

Do I need to send 1099s to my vendors?

Select vendors eligible for 1099-MISC

E-file or print 1099-MISC?

If printing, order 1099 forms

Prepare for taxes

Many small business owners use an accountant—especially at tax time. You can give your accountant access to your QuickBooks company so they can review your financial reports and other data. They can even make changes for you.

Give your accountant access to your data

See also

QuickBooks year-end guide: January

QuickBooks year-end guide: Overview

Get started with 1099s (PDF) (applies only to QuickBooks Plus users)