January is the start of a new year, but there are still some tasks you need to complete to close out the previous calendar year. 

Reconcile your accounts

When you reconcile, you match the transactions in QuickBooks Online 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 a while. Get extra help in the QuickBooks Community and from your accountant.

Reconciliation Overview
Reconcile a bank or credit card account
Fix an incorrect beginning balance before you reconcile

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
Customize your Balance Sheet
Profit and Loss report
Customize your Profit and Loss report
 

Close the books

What is "close the books"?
How to close the books

See also
Year-end guide: December (Canada only)
Year-end guide: February (Canada only)