Hey, I hope you're having a fantastic day,
I want to share some of our year end
things that we do here at Team Candus.
So that if you
are getting ready for your end,
you can put these on your to-do list, I put together a little slide deck
if we've never met before.
Hi, I'm Candus Kampfer.
And I love to help business owners and bookkeepers create Confidence with QuickBooks.
So I put these slides together,
let's go through, let me know if you're here. If you can see and hear me just fine.
It's always good to know that and say, hi,
if you're catching the replay put that on as well.
So
these are the seven things I do before year-end.
Actually
I don't do all of these, but some of them, you may be doing
so like we don't have inventory.
But you might and I have that on the list, so
grab a pen and paper.
I'll have this here. So you guys can go back and review it whenever you need.
But
year-ends here, can you believe it?
So,
first thing I love for you to do is zero out your PayPal,
if you use Venmo for your business.
Okay, so these are business accounts that we're talking about
Why do I have you zero out your merchants?
Do you know? If you're here live, let me know.
It's because I want you to be reconciling these at the end of the year
or throughout the year.
So we actually I typically recommend zeroing out your PayPal
every single month.
So you can get in there and make sure you're not missing anything because
PayPal is one of those accounts,
I teach you to set up as a bank account.
But what you'll notice is often,
there's like
transactions that go through there, but you don't actually use them.
Let me know if you've ever experienced that before.
Hi, Cynthia, nice to see you.
So,
first things first, if you're using PayPal,
by tomorrow,
zero it out.
That way you can get in there this year and clean it up
and look through it, make sure it's all
done accurately.
Number two, if you use your business vehicle,
or you use a vehicle for business,
make sure you write down your mileage. If you track mileage,
I know it's common to kind of get busy and forget.
So I wanted to put this on a list.
If you do inventory.
In QuickBooks, you can print your little sheet
and you can go through and what QuickBooks says your account is
versus your physical account, you'll want to make sure you do that
for year-end.
If you have inventory, you probably already know that.
But I just want to make sure.
Number four,
if you got an SBA loan, they don't
typically tell you how much interest you're paying throughout the year.
So one of the things you can do is actually log in
to your SBA loan, if you haven't done that, you can email them to get the data on how to do it
and go in and when you log in, it'll tell you what your year-to-date
interest is.
Because if it's a
business loan,
then the interest can be a business expense, you can always check with your tax professional.
The thing is, they don't typically give you that data,
they don't send it out to you as much.
So you're gonna want to make sure that you go in and get that so you have accurate data.
So you can also reconcile
your
loan.
Okay, all loans should be reconciled yearly
to make sure you brokeout the principal and interest accurately,
whether it's vehicle,
SBA mortgage, whatever it is.
Number five,
especially if you're a California employer,
I'd love for you to finalize your payroll
and as of January 1st
update your
state unemployment and your ETT training tax,
which is employer training tax.
There's other states that do this, but California specifically
every employer, your state unemployment and ETT,
rates change based off
how much unemployment you have. And often that's something people forget,
I have a tutorial on how to do that
on my YouTube channel. And on my blog, I'll put the link here later.
So you guys can check that out. We'll be down below,
if you need to update it. So let's just say that you're not processing any payroll
until after January 1st,
before you process that payroll.
It doesn't matter when people work. So this is just a little educational thing.
I'll tell you real quick.
This is a common question I get asked
payroll,
the taxes are always
rates are always paid based off
the date of the payroll, not the day your employees work,
okay.
So
after December 31st, as of January 1st,
any payroll processed on that date and after,
make sure you have the current rate in your QuickBooks,
and I have a tutorial for you. So I'll make sure I give you that.
Okay.
If you didn't know,
now you do.
Let me know if you're gonna be needing to do these
if you want to do your estimated taxes before the end of the year.
So if you have
estimated taxes and you want to get them done before December 31st.
Don't forget to get those in the mail.
And
if you want
this isn't something you have to do before the end of the year, but it's something you can look at.
If you have any outstanding.
That's what we meant to stay there. Outstanding checks, you want to reissue those,
you can
it's not required.
You can do it in the new year.
But it is something you want to make sure you're cleaning up.
Oh, I put this in here too because I want to let you know.
I'm gonna be doing live workshops in January
that you can save your seat right now for
if you go to CandusKampfer.com/workshop. The link is down below,
you can see there,
I'm gonna be doing an extra
PDF checklist giveaway for anyone who attends.
And this is gonna walk you through what you need to do before going to see your tax professional.
So closing out your books, for example,
looking at your customers and your vendors. And there's a whole list of things
that I recommend doing.
Today's list is kind of the things to do.
As of year end is here.
This list is gonna be everything you want to do
before you go see your tax professional and you want to close out your books.
So that is today's mini training.
Let me know if you have any questions, leave them in the comments.
Let me know if these are things that you already were thinking about.
Or
you're like, oh, yeah,
I got to do mileage.
Oh, yeah. I've never cleaned out my PayPal before.
I'm gonna do that.
Don't forget to check your inventory and all the other things as well.
I look forward to seeing you in 2022.
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Thank you so much.
I'll see you soon.
Have a great day.
Bye.