January is the start of a new year, but you still have tasks you need to complete that have to do with the last year.
Reconcile your accounts
When you reconcile, you match the transactions in QuickBooks with the transactions listed in your bank statements. The process helps ensure that important financial reports, like your balance sheet, are accurate. When you prepare your taxes, you'll want to have the most up-to-date and correct information in your financial reports. Reconciling can help ensure that.
Reconciling can seem intimidating, if you haven't done it before or if you haven't done it for awhile. Get extra help in the Intuit Community and from your accountant.
Reconcile a bank, credit card, or petty cash account
What if my opening balance doesn't match the opening balance on my statement?
Find reconciliation errors
Run Balance Sheet and Profit & Loss reports
The start of the year is a natural time to run reports and evaluate how your business performed over the last year. Running reports is also an essential part of preparing for taxes. The two most important reports that you and your accountant will need are the Balance Sheet and Profit & Loss reports.
Make sure the date range in the Transaction Date field for these reports covers the year you're reporting on.
Prepare 1099s (QuickBooks Essentials and Simple Start)
If you use outside consultants or subcontractors, you may need to file 1099-MISC forms. If you’re unsure about filing 1099s, consult your accountant.
If you do need to file 1099s, decide whether to print or e-file forms. You can can order preprinted forms and complete them manually. Or you can use the Intuit e-file service for your version of QuickBooks Online to enter your data and file forms electronically.
Prepare 1099s (QuickBooks Plus)
E-file or print 1099s
If you're e-filing 1099s, get started by clicking Vendors > Prepare 1099s. If you're printing 1099s, be sure you order preprinted forms ahead of time.
Mail 1099s to vendors
Close the books
Get started with 1099s (PDF) (applies only to QuickBooks Plus users)