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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.

Balance Sheet report

Profit and Loss report

Customize reports

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)

Set up and prepare 1099-MISC forms

Assign accounts to 1099-MISC categories

What are boxes and thresholds?

Checking names, addresses, and tax IDs

Why doesn't a vendor meet the threshold?

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.

Print 1099-MISC forms from the Preview window

Print finished copies of 1099-MISC forms

Print a summary of your prepared 1099s

Mail Forms 1099-MISC and 1096 to the IRS by Jan 31

New IRS filing deadline is Jan 31: If you choose to e-file your 1099 info, you have until the end of January to submit your info electronically to the IRS.

Mail 1099s to vendors

Send 1099-MISC forms to vendors by Jan 31

Close the books

What is "close the books"?

See also

QuickBooks year-end guide: December

QuickBooks year-end guide: Overview

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