1Shalinidk’s Post

Name: 1Shalinidk on LinkedIn: #smallbusinesssupport #taxtips #entrepreneurship…
Uploaded: 2024-10-29T13:12:26.264Z
Duration: 1 min 11 s
Channel: 1Shalinidk

1Shalinidk

155 followers

1mo

Here are two things every bookkeeper should do at year end 1. Lock the books so you don't accidentally put new entries into finalized financials and 2. Put in the adjusting entries from your accountant. Specifically taxes and dividend entries Pro tip - dicidends need to be rolled into retained earnings the start of the next fiscal year Now you know!! Did you know every tax return with me includes a consultation on your financials ?? DM to learn more :) #smallbusinesssupport #taxtips #entrepreneurship #smallbusinessownersupport #financialliteracy #entrepreneurmindset #Bookkeeping

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Are you would do it yourself, bookkeeper? Then this tip is for you. One of the mistakes I see clients making all the time when they do their own bookkeeping is actually one of two mistakes. The first is not closing your books. Once your bookkeeping is done, you should go in and there's a function called close your books or set a closing date. And this way you don't accidentally put information or do data entry into a period that has been closed. You can do this as often as you want. So let's say a month is done and you've reconciled it. Go ahead and close that month so that you don't accidentally key in the wrong date. And this is especially true for your uterine functions. The second mistake is not putting in the adjusting entries from your accountant. They should be giving you how much you owe in taxes and you depreciation amounts and if there are any other accruals like maybe they accrued for their own fees. All of this information needs to be going into your books as well. So that at the end of the day, your financial statements and your tax return match. The retained earnings is something that rolls year to year to year. And So what I end with in my retained earnings should match what you have in your retained earnings. And even if there's adjusting entries, they should be inputted into your books. Be sure to like and follow for more tips and tricks to doing your own bookkeeping and getting ready for tax season.

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