Now that the dust has settled, let’s talk about cleaning up the dust. Your 1099’s have been sent to subcontractors who made over $600. last year and provided services; your W2s have been mailed to employees and now it is time to begin the review for handing off your financials to the CPA to do the tax return.
Remember, 1099’s have to be mailed to the IRS by the 28th of February. They get the original, red sheet with a 1096 transmittal form. QuickBooks will print your 1099’s easily if the vendor is setup correctly and the general ledger accounts are mapped through Edit/Preferences.
A new year is a good time to implement changes which will make your financials work for you. You have done the work of inputting information, now it is time to reap the rewards. Is there job costing you want to implement so that the information you put into QuickBooks can be retrieved in a report to analyze how much money you made on a particular project or job? If so, now is a good time to review how QuickBooks is working for you and how you can utilize all of it’s intricate facets.
