Tips for Closing your Financials at Year End

December 31st marks the end of the fiscal year for most companies. A time to close your books for the year and compile your year end tax return. This is the time to clean up your books so that you can send financial statements to your CPA for year end tax reporting. Here are some items that need to be completed at the end of the year:

  1. Reconcile all your bank, loan, lines of credit, petty cash account, and credit card statements through December 31st. Sometimes there are statements that do not end directly on the 31st and since you need all transactions posted through the 31st of December, you may have to wait until the January Statement arrives in order to close your books.
  2. Review your Income Statement (Profit & Loss) for the entire year. Make sure all income and expenses are in their proper category.
  3. Review your Balance Sheet from for the entire year. Make Year End Accrual Adjustments and review all Fixed Assets purchased throughout the year. (Equipment, Vehicles, Furniture, Buildings, etc.) Print report for CPA.
  4. Prepare your Quarterly and Year End Payroll Reports (if you have employees and run payroll yourself). If you have a payroll agency, then they will prepare them for you. Verify whether or not they are mailing the reports to you for your signature or they are authorized to sign them for you and are mailing them directly to the government agencies. Obtain copies of the reports for your CPA. Order your W2 forms if you prepare them yourself.
  5. Make sure you have gathered tax id information for all vendors / subcontractors that have performed services for you. Order your 1099 forms to print. You will need to send out 1099’s for 2008 by January 31, 2009.
  6. Once your CPA has finished your tax return ask them for the adjusting journal entries and a copy of the Trial Balance or the Balance Sheet and Profit and Loss. Then enter the CPA’s journal entries and compare the financials statements in QB against the CPA’s financial statements.
  7. Having a financial package, such as QuickBooks®, helps to organize and prepare financial statements for your CPA and is a great time saver. This software is user friendly as long as the set-up is done properly. Call ATD Solutions at 248-620-1177 with any questions regarding the software. Also if using QuickBooks® you continue to use the same file year after year. There is no need to start a new file when closing out the year. All you need to do is password protect the file so that you do not enter anything in the books for the prior year once you have sent the file to the CPA.

If you are in need of assistance to make sure that your financials are correct and your QuickBooks® file is set up properly or year end is processed correctly, please call ATD Solutions at 248-620-1177. ATD Solutions is staffed with qualified QuickBooks® Certified Pro Advisors who have accounting background degrees.

ATD Solutions is currently offering a QuickBooks® Check Up for only $199. All you need to do is send us your QuickBooks® Back-up File and we will review the following;

Ø Chart of Accounts
Ø Previous Year Entries to Match to CPA Financials
Ø Reconciliations of Accounts
Ø Data Entry Accuracy
Ø Inventory and Payroll Set-up Accuracy
Ø Financial Statement Accuracy

You will receive a report stating what items need to be fixed in order to complete the financial statements. Call ATD Solutions at 248-620-1177 ext 17 to schedule your review today and mention discount code: blog2009.

ATD Solutions provides Attention to Detail for all of your QuickBooks Consulting and Bookkeeping needs!

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

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ALERT Your Employees: They May be Underpaying Federal Income Tax

Here is a timely item from the current, September 2009, issue of our member monthly newsletter, The General Ledger…..

Because of the new withholding tables under the American Recovery and Reinvestment Act, some employees might want to adjust their 2009 FITW by submitting a new W-4 now. The Act reduced FITW to reflect the Make Work Pay tax credit. But for some employees, that adjustment may result in paying less than the required 90% of FIT by Dec. 31, 2009, which may lead to penalties.

Employees most likely to have too little withheld under the new tables are:
· Two-earner married couples;
· Individuals with more than one job;
· A dependent on another’s tax return (they are not eligible for the credit, but you will withhold as
though they were);
· Those receiving a pension; and
· Individuals also receiving Economic Recovery Payments (they are not eligible for the credit, but you
will withhold as though they were.

AIPB Tip: Provide employees with a copy of the “Notice to Employees” on page 73 of IRS Pub. 15-T, at http://www.irs.gov and/or direct employees to the IRS Withholding Calculator on its Web site (type “withholding calculator” in the IRS search box), now updated to reflect the new withholding.

Call ATD Solutions if you have any questions, 248-620-1177

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

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Tips for Closing Your Financials for the First Quarter

ATD Solutions

 

March 31st marks the end of the first quarter for all companies that close their books on December 31st.  This is the time to clean up your books so that you can send financial statements to your CPA for tax planning purposes. Here are some items that need to be completed at the end of the quarter:

 

  1. Reconcile all your bank, loan, lines of credit, and credit card statements through March 31st
  2. Review your Income Statement (Profit & Loss) from the beginning of the year through March 31st
  3. Review your Balance Sheet from the beginning of the year through March 31st
  4. Prepare your Quarterly Payroll Reports, if you have employees and run payroll yourself.  If you have a payroll agency, then they will prepare them for you.  Verify whether or not they are mailing the reports to you for your signature or they are authorized to sign them for you and are mailing them directly to the government agencies.  Obtain copies of the reports for your CPA.
  5. Make sure you have started to gather tax id information for all vendors / subcontractors that have performed services for you.  You will need to send out a W9 form (located at www.irs.gov) in order to obtain their company information.  You will need to send out 1099’s for 2009 by January 31st, 2010.
  6. Having a financial package, such as QuickBooks® helps to organize and prepare financial statements for your CPA.  This software is user friendly as long as the set-up is done properly.  Call ATD Solutions at 248-620-1177 with any questions regarding the software.

 

If you are in need of assistance to make sure that your financials are correct and your QuickBooks® file is set up properly, please call ATD Solutions at 248-620-1177.  ATD Solutions is staffed with qualified QuickBooks® Certified Pro Advisors who have accounting background degrees. 

 

ATD Solutions is currently offering a QuickBooks® Check Up for only $149.  All you need to do is send us your QuickBooks® Back-up File and we will review the following;

 

Ø      Chart of Accounts

Ø      Previous Year Entries to Match to CPA Financials

Ø      Reconciliations of Accounts

Ø      Data Entry Accuracy

Ø      Inventory and Payroll Set-up Accuracy

Ø      Financial Statement Accuracy

 

You will receive a report stating what items need to be fixed in order to complete the financial statements.  This will allow you to pre-plan with your CPA to maximize your tax deductions and lower your tax payments to the government!  Call ATD Solutions at 248-620-1177 ext 17 to schedule your review today and mention discount code: BL2009.

 

ATD Solutions provides Attention to Detail for all of your QuickBooks Consulting and Bookkeeping needs!

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

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Tips for Closing your Financials at Year End

December 31st marks the end of the fiscal year for most companies. A time to close your books for the year and compile your year end tax return. This is the time to clean up your books so that you can send financial statements to your CPA for year end tax reporting. Here are some items that need to be completed at the end of the year:

  1. Reconcile all your bank, loan, lines of credit, petty cash account, and credit card statements through December 31st. Sometimes there are statements that do not end directly on the 31st and since you need all transactions posted through the 31st of December, you may have to wait until the January Statement arrives in order to close your books.
  2. Review your Income Statement (Profit & Loss) for the entire year. Make sure all income and expenses are in their proper category.
  3. Review your Balance Sheet from for the entire year. Make Year End Accrual Adjustments and review all Fixed Assets purchased throughout the year. (Equipment, Vehicles, Furniture, Buildings, etc.) Print report for CPA.
  4. Prepare your Quarterly and Year End Payroll Reports (if you have employees and run payroll yourself). If you have a payroll agency, then they will prepare them for you. Verify whether or not they are mailing the reports to you for your signature or they are authorized to sign them for you and are mailing them directly to the government agencies. Obtain copies of the reports for your CPA. Order your W2 forms if you prepare them yourself.
  5. Make sure you have gathered tax id information for all vendors / subcontractors that have performed services for you. Order your 1099 forms to print. You will need to send out 1099’s for 2008 by January 31, 2009.
  6. Once your CPA has finished your tax return ask them for the adjusting journal entries and a copy of the Trial Balance or the Balance Sheet and Profit and Loss. Then enter the CPA’s journal entries and compare the financials statements in QB against the CPA’s financial statements.
  7. Having a financial package, such as QuickBooks®, helps to organize and prepare financial statements for your CPA and is a great time saver. This software is user friendly as long as the set-up is done properly. Call ATD Solutions at 248-620-1177 with any questions regarding the software. Also if using QuickBooks® you continue to use the same file year after year. There is no need to start a new file when closing out the year. All you need to do is password protect the file so that you do not enter anything in the books for the prior year once you have sent the file to the CPA.

If you are in need of assistance to make sure that your financials are correct and your QuickBooks® file is set up properly or year end is processed correctly, please call ATD Solutions at 248-620-1177. ATD Solutions is staffed with qualified QuickBooks® Certified Pro Advisors who have accounting background degrees.

ATD Solutions is currently offering a QuickBooks® Check Up for only $199. All you need to do is send us your QuickBooks® Back-up File and we will review the following;

Ø Chart of Accounts
Ø Previous Year Entries to Match to CPA Financials
Ø Reconciliations of Accounts
Ø Data Entry Accuracy
Ø Inventory and Payroll Set-up Accuracy
Ø Financial Statement Accuracy

You will receive a report stating what items need to be fixed in order to complete the financial statements. Call ATD Solutions at 248-620-1177 ext 17 to schedule your review today and mention discount code: blog2009.

ATD Solutions provides Attention to Detail for all of your QuickBooks Consulting and Bookkeeping needs!

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

| Leave a comment

ALERT Your Employees: They May be Underpaying Federal Income Tax

Here is a timely item from the current, September 2009, issue of our member monthly newsletter, The General Ledger…..

Because of the new withholding tables under the American Recovery and Reinvestment Act, some employees might want to adjust their 2009 FITW by submitting a new W-4 now. The Act reduced FITW to reflect the Make Work Pay tax credit. But for some employees, that adjustment may result in paying less than the required 90% of FIT by Dec. 31, 2009, which may lead to penalties.

Employees most likely to have too little withheld under the new tables are:
· Two-earner married couples;
· Individuals with more than one job;
· A dependent on another’s tax return (they are not eligible for the credit, but you will withhold as
though they were);
· Those receiving a pension; and
· Individuals also receiving Economic Recovery Payments (they are not eligible for the credit, but you
will withhold as though they were.

AIPB Tip: Provide employees with a copy of the “Notice to Employees” on page 73 of IRS Pub. 15-T, at http://www.irs.gov and/or direct employees to the IRS Withholding Calculator on its Web site (type “withholding calculator” in the IRS search box), now updated to reflect the new withholding.

Call ATD Solutions if you have any questions, 248-620-1177

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

| Leave a comment

Tips for Closing Your Financials for the First Quarter

ATD Solutions

 

March 31st marks the end of the first quarter for all companies that close their books on December 31st.  This is the time to clean up your books so that you can send financial statements to your CPA for tax planning purposes. Here are some items that need to be completed at the end of the quarter:

 

  1. Reconcile all your bank, loan, lines of credit, and credit card statements through March 31st
  2. Review your Income Statement (Profit & Loss) from the beginning of the year through March 31st
  3. Review your Balance Sheet from the beginning of the year through March 31st
  4. Prepare your Quarterly Payroll Reports, if you have employees and run payroll yourself.  If you have a payroll agency, then they will prepare them for you.  Verify whether or not they are mailing the reports to you for your signature or they are authorized to sign them for you and are mailing them directly to the government agencies.  Obtain copies of the reports for your CPA.
  5. Make sure you have started to gather tax id information for all vendors / subcontractors that have performed services for you.  You will need to send out a W9 form (located at www.irs.gov) in order to obtain their company information.  You will need to send out 1099’s for 2009 by January 31st, 2010.
  6. Having a financial package, such as QuickBooks® helps to organize and prepare financial statements for your CPA.  This software is user friendly as long as the set-up is done properly.  Call ATD Solutions at 248-620-1177 with any questions regarding the software.

 

If you are in need of assistance to make sure that your financials are correct and your QuickBooks® file is set up properly, please call ATD Solutions at 248-620-1177.  ATD Solutions is staffed with qualified QuickBooks® Certified Pro Advisors who have accounting background degrees. 

 

ATD Solutions is currently offering a QuickBooks® Check Up for only $149.  All you need to do is send us your QuickBooks® Back-up File and we will review the following;

 

Ø      Chart of Accounts

Ø      Previous Year Entries to Match to CPA Financials

Ø      Reconciliations of Accounts

Ø      Data Entry Accuracy

Ø      Inventory and Payroll Set-up Accuracy

Ø      Financial Statement Accuracy

 

You will receive a report stating what items need to be fixed in order to complete the financial statements.  This will allow you to pre-plan with your CPA to maximize your tax deductions and lower your tax payments to the government!  Call ATD Solutions at 248-620-1177 ext 17 to schedule your review today and mention discount code: BL2009.

 

ATD Solutions provides Attention to Detail for all of your QuickBooks Consulting and Bookkeeping needs!

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

| Leave a comment

Tips for Closing your Financials at Year End

December 31st marks the end of the fiscal year for most companies. A time to close your books for the year and compile your year end tax return. This is the time to clean up your books so that you can send financial statements to your CPA for year end tax reporting. Here are some items that need to be completed at the end of the year:

  1. Reconcile all your bank, loan, lines of credit, petty cash account, and credit card statements through December 31st. Sometimes there are statements that do not end directly on the 31st and since you need all transactions posted through the 31st of December, you may have to wait until the January Statement arrives in order to close your books.
  2. Review your Income Statement (Profit & Loss) for the entire year. Make sure all income and expenses are in their proper category.
  3. Review your Balance Sheet from for the entire year. Make Year End Accrual Adjustments and review all Fixed Assets purchased throughout the year. (Equipment, Vehicles, Furniture, Buildings, etc.) Print report for CPA.
  4. Prepare your Quarterly and Year End Payroll Reports (if you have employees and run payroll yourself). If you have a payroll agency, then they will prepare them for you. Verify whether or not they are mailing the reports to you for your signature or they are authorized to sign them for you and are mailing them directly to the government agencies. Obtain copies of the reports for your CPA. Order your W2 forms if you prepare them yourself.
  5. Make sure you have gathered tax id information for all vendors / subcontractors that have performed services for you. Order your 1099 forms to print. You will need to send out 1099’s for 2008 by January 31, 2009.
  6. Once your CPA has finished your tax return ask them for the adjusting journal entries and a copy of the Trial Balance or the Balance Sheet and Profit and Loss. Then enter the CPA’s journal entries and compare the financials statements in QB against the CPA’s financial statements.
  7. Having a financial package, such as QuickBooks®, helps to organize and prepare financial statements for your CPA and is a great time saver. This software is user friendly as long as the set-up is done properly. Call ATD Solutions at 248-620-1177 with any questions regarding the software. Also if using QuickBooks® you continue to use the same file year after year. There is no need to start a new file when closing out the year. All you need to do is password protect the file so that you do not enter anything in the books for the prior year once you have sent the file to the CPA.

If you are in need of assistance to make sure that your financials are correct and your QuickBooks® file is set up properly or year end is processed correctly, please call ATD Solutions at 248-620-1177. ATD Solutions is staffed with qualified QuickBooks® Certified Pro Advisors who have accounting background degrees.

ATD Solutions is currently offering a QuickBooks® Check Up for only $199. All you need to do is send us your QuickBooks® Back-up File and we will review the following;

Ø Chart of Accounts
Ø Previous Year Entries to Match to CPA Financials
Ø Reconciliations of Accounts
Ø Data Entry Accuracy
Ø Inventory and Payroll Set-up Accuracy
Ø Financial Statement Accuracy

You will receive a report stating what items need to be fixed in order to complete the financial statements. Call ATD Solutions at 248-620-1177 ext 17 to schedule your review today and mention discount code: blog2009.

ATD Solutions provides Attention to Detail for all of your QuickBooks Consulting and Bookkeeping needs!

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

Source: Atd Solutions’s Blog

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