Checking your books at year end

Hi. So at the end of the year, we want to make sure that all of our accounts are reconciled and that we don't have any uncleared or unreconciled transactions after that last reconciliation date. If we do, there's a chance that we are duplicating those transactions, so we want to address that and get rid of those if we can. To do this, you will go to Accounting here at the left, then Reconcile. That will take you to this screen where you Start your reconciliation. You'll look at this date here and you want to make sure that that date is 12/31 of last year or later if maybe you have a credit card statement ending date that's sometime in January. You can use this screen also to toggle between accounts, so you'll be able to check your other bank accounts as well as these credit card accounts. And then to make sure that you don't have any unreconciled transactions, You'll be able to see that in this reconciliation screen. If I were to reconcile right now, there would be some transactions with older dates that I'm not marking off, and those could possibly be duplicates. Another way to look for them though is to go to Accounting and then the Chart of Accounts here, and then you'll be able to view a register for all of your balance sheet accounts. So I would go here and then make sure that This little triangle here is pointing up. That means I'm sorting by cleared status. So everything that's reconciled is down here. Anything that's uncleared or unreconciled is going to be at the top. We want everything to have an R if it's dated before that reconciliation date. So if I had this account reconciled through December 31st, I would only want to see a C or maybe even a blank box here. if it was a January transaction. Otherwise, everything should have an R. Then to review your balance sheet, you'll go to Reports here, and then your screen might look a little bit different, but you should be able to find a balance sheet. Once you have that balance sheet opened, you want to adjust your date so that it goes through 12/31 of last year. If you're doing this in January, the default should be that this goes through last year, and then you're going to want to check for any accounts that don't look right. We of course don't want to see any negative balances in those bank accounts unless you really did have a negative balance in the bank, as well as anything like uncategorized assets, uncategorized liabilities. Those really shouldn't be there unless there is a specific purpose or reason for them. If it's just because you weren't sure what to do with the transaction, it might be a good idea to reach out to your accountant Also, this undeposited funds. If you have a balance here, especially a high balance, there's a good chance that you're overstating your income, which of course we don't want to do on your tax return. So anything here, if you click— if you were to click here and there were a balance there, you would have a transaction detail and you'd be able to see all of those quote unquote undeposited receipts. If those were in fact deposited in your bank, then we'll want to clean those up.