Accounting year-end checklist

Follow these steps to get your books in shape for the end of the year.

Step 1: Enter all transactions into Wave


The first step to get your books ready for the new year is to enter all of your transactions into Wave. The easiest way to do that is to link your business bank and credit card accounts so that all the transactions will flow in automatically. Otherwise, you can upload transactions from your bank, or you can enter all the transactions yourself, via the Transactions page.


Step 2: Categorize all your transactions


The next step is to make sure that all the activity in your business is correctly categorized. You can track down all your uncategorized transactions by navigating to the Transactions page, selecting “Filter,” choose “Uncategorized” from the dropdown box, and clicking “Apply.”


Step 3: Prepare your final payroll


If you have employees, remind your employees to submit any outstanding expense reimbursements, and complete your payroll. Also include any year-end bonuses, annual benefits, or other final adjustments that need to be included. Remember that the final check date must be in 2019 in order for the amounts to be included in 2019 reporting. For more specifics on important payroll processing dates, see this article:


Step 4: Reconcile your bank and credit card accounts


Once all your transactions are entered into Wave and are categorized, you can pull out your bank and credit card statements and start reconciling. Navigate to Reconciliation and choose one of the accounts listed. (If you haven’t used our new Reconciliation feature yet, you can watch a video here to help you get started.)

Reconciling your accounts is the most important thing to do for year-end, so as tempted as you may be to skip this step, don’t!


Step 5: Collect important paperwork


In order to file your taxes, you’ll need a number of reports from Wave, including the Profit & Loss for the fiscal year, the Balance Sheet as of the last day of the year, and the Trial balance report as of the last day of the year.

You should also collect:

  • Bank and credit card statements from the end of the year
  • Receipts or bills for any fixed assets you purchased during the year (like computers, vehicles, furniture, equipment, and real estate)
  • Loan statements from the end of the year
  • Any tax documents you receive (like income documentation)

Once you’ve completed these steps, you’re ready for tax time, and you can start the new year with clean accounting. As you think about New Year’s resolutions, consider adding reconciling your bank accounts to your list. You’ll thank yourself at the end of next year!

Have questions? Looking for more help? Contact Wave Advisors for coaching or bookkeeping services.

Was this article helpful?
3 out of 3 found this helpful