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Year End Readiness – 2023

As the year draws to a close, start to think about bookkeeping and taxes before it is too late. It is essential to update and review the ledgers and do some tax planning before the end of the year. You want a clean set of books to hand off to your tax professional. Here are some things to consider:


In Quickbooks, ensure all accounts are reconciled. Carefully peek through the details of asset and liability accounts to look for any glaring errors. This should include banking, credit cards, loans, lines of credit, and payroll liabilities. Bank account reconciliations should include a three-way reconciliation of the Trust Account.

Pay attention to Payables and Receivables

Before year-end is an excellent time for a review of Accounts Receivable (AR) and Accounts Payable (AP). Run AR and AP aging reports and make sure to investigate anything that looks off. First, on the AR aging report, assess whether the balances are still collectible or if any of them need to be written off. Second, look over the AP aging report and ensure no inaccurate balances. Research suspicious balances and request statements from those vendors.

1099 Vendor Reviews

Review independent contractor payments made during the year. Remember that 1099 forms are due to your vendors in January. Did you request and receive form W-9 from your vendors before paying them during the year? It is easier to get a W-9 before payment than later in the year. If you don’t have the forms, ask now! Consider reviewing these every quarter so that you don’t have a crunch at the deadline.

Accounting and Tax professionals review

Hopefully, you have been making quarterly tax deposits during the year, so you have been in touch with your Accounting or Tax Professionals. If you did not make deposits, get ahead of it to minimize any liabilities or penalties. At the very least, you want to know what your tax liabilities are before year-end so you can plan for the payment if it is substantial.

Download my eBook Revised Juris Ledger 2023 Year End Guide eBook

Call Juris Ledger today if you have any questions regarding your year-end readiness. You reach us at (410) 469-2450 or Contact Us to schedule an appointment.

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