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19 Nov QBO Year-End Practices

Posted at 19:51h in Blog by

Can you believe it?  Year end is almost upon us already.  In this article, I list some of the best practices to keep your QuickBooks Online file running smoothly.

And as always – if you’re looking for expert guidance to move your business forward with clarity and confidence, reach out anytime!

Best Practices to Keep Your QuickBooks Online File Running Smoothly

  1. Review Customer and Vendor Balances
    • Run Accounts Receivable Aging Summary and Accounts Payable Aging Summary reports under Reports.
    • Send statements to customers with outstanding invoices and pay any vendor bills before year-end.
    • Consider writing off to Bad Debt Expense any accounts considered to be uncollectible.
  1. Review Customer and Vendor Lists
    • Mark any Customers or Vendors that you do not expect any further activity with as “Inactive”
    • Merge any duplicate vendor or customer names
    • This keeps lists to a manageable size
  1. Clear Outstanding Deposits
    • Check the Undeposited Funds (sometimes called “Checks to Deposit”) account and move payments to the correct bank register with a Bank Deposit entry.
    • This ensures all cash receipts and income are recorded accurately for the year. 
  1. Categorize Transactions Accurately
    • Clear any “For review” pending entries from the Bank Transactions page
    • This ensures all activity that has cleared your bank and credit card accounts has been posted.
    • Bank transactions must be cleared before accounts can be reconciled.
  1. Reconcile All Accounts
    • Use Accounting > Reconcile to match bank and credit card statements with QBO records.
    • Ensure the Difference column shows zero before completing the reconciliation.
  1. Run Year-End Reports
    • Essential reports include:
      • Profit & Loss
      • Balance Sheet
      • Statement of Cash Flows
    • Use filters for class, location, or account type for detailed review.
    • Use the Compare to previous year setting and analyze the $ change and % change columns to understand reasons for variations from prior periods.  This comparative review is a good way to catch entries that have been classified inconsistently from prior periods.
    • Display Year-to-Date reports with Columns by Month to review for potential missing accrual entries
  1. Adjust Journal Entries & Inventory
    • Work with your accountant to make necessary adjustments for depreciation, accruals, and inventory corrections. 
    • Use an Inventory Adjustment transaction, NOT a Journal Entry, to adjust inventory balances to physical counts.   This ensures that Inventory Valuation reports support balance sheet totals.
  1. Lock Your Books
    • After review, close your books to prevent changes.
    • Go to Gear > Account and Settings > Advanced > Close the Books and set a password for added security. 
  1. Backup and Archive
    • Export key reports and consider downloading a backup of your QuickBooks data for record-keeping. 
    • Backup options for QBO, like Rewind software or export tools like SaasAnt, were discussed in last month’s issue of Ed Talks.

As you wrap up your QuickBooks year-end tasks, taking the time to close the books accurately sets the stage for a smoother, more confident start to the new year. 

If you’d like expert guidance, Siegel is here to support your future year-end preparation, streamline your processes, and answer any questions along the way. Reach out anytime—we’re always ready to help you move forward with clarity and confidence!

 

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Antonio Tony Martinez
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Gabor Terebesi
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Gabor Terebesi is an Account Manager with the Payments Team of Intuit for over 15 years. He works in the partner division for Intuit payments to ensure Intuit partners along with any clients of theirs are in the most suitable and financially cost-effective solution accepting payments through eCommerce, QuickBooks, mobile payments, or any other options necessary for their business.

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Jeffrey Siegel
CPA, CEO

Jeff has spent the last twenty years working providing solutions to emerging growth businesses. After graduating from Northeastern University, he spent five years working with two multinational CPA firms in an auditor capacity building a foundation for understanding how business work. He later went on to work in various controller and CFO roles before starting Siegel & Associates (previously Siegel Financial Group) in 2000. In those roles, he sold a company to ADP, raised funds for a major expansion of a large regional IVF clinic, and helped set up accounting and financial structures for dozens of companies. Since starting Siegel & Associates, Jeff has worked with hundreds of clients providing accounting system solutions. Those solutions include setting up QuickBooks in a single-user environment putting in QuickBooks Enterprise in a 30-user environment and integrating various add-ons including inventory, CRM, and e-commerce. He is a Certified Public Accountant, a QuickBooks Pro Advisor, a QuickBooks Advanced Pro Advisor, and an Intuit Solution Provider certified in Enterprise Solutions, Point of Sale & QuickBase. Jeff is also a Microsoft Certified Systems Engineer

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Client Solutions Advisor & Professional Services

After graduating from Boston University, Lori spent eight years working in various managerial positions for two national companies. In those positions, Lori developed the skills necessary to manage multiple projects, clients, and resources. She later went on to work for a management company that handled over 25 real estate properties with multiple tenants. Lori joined Siegel Solutions in 2003 as a client services manager where she utilized her skills developed to manage multiple clients and multiple staff. She recently moved into the client support manager role where she is responsible for meeting with and onboarding new clients, managing and maintaining our technology stack along with QuickBooks setups, conversions, training, and consulting.

In her free time, Lori enjoys spending time with her family. She loves to travel, music, and theater.

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Janet Jodoin
Bookkeeping Associate

Janet joined Siegel Solutions in May of 2022 as an Associate Bookkeeper. In her younger years, while raising her family, she completed her degree in Business and she spent 20 years in the trades as a custom designer. Janet also has 16 years in corporate management. Her strong team support, training, and development led her to support and manage Human Resources. Janet's desire to change careers has led her to return back to bookkeeping at Siegel Solutions. In Janet's free time she enjoys spending time with her growing family. Her personal favorite is creative landscaping in her yard. She also enjoys working alongside her partner in construction and remodeling.

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Tricia Gullage
Associate

Tricia Joined Siegel Solutions in 2022 as a bookkeeper and works with our clients to keep their day-to-day bookkeeping in order. Tricia has 12 years of bookkeeping experience working for a large construction company for 10 of those years handling all their accounting and Payroll. She met Jeff our CEO while working there and decided she wanted to join our team.

When not working Tricia enjoys spending time with her family and friends. She recently moved up to the lakes region in NH and loves going to concerts, enjoying her time boating and snowmobiling.

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Ed Jaworski
Professional Services

With over 21 years of corporate experience at PeopleSoft Consulting, Sun Life Financial, and KPMG, Ed brings a big business approach to small business solutions. Prior to joining Siegel Solutions in 2022, Ed helped small businesses get the most out of QuickBooks for 21 years as a co-founder of SMB Partners and the founder of Solutions for Office Software.

Ed is an Advanced Certified QuickBooks® ProAdvisor, a Certified QuickBooks® Point of Sale ProAdvisor, a Certified QuickBooks Enterprise Solutions ProAdvisor, and a Certified SOS Inventory Consultant. Ed holds an MS in Computer Information Systems from Bentley University and a BS in Business Administration from Northeastern University.

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Debby Mono
Firm Administrator

Prior to joining Siegel Solutions in March 2023, Debby had been working in administrative and executive assistant roles for many years in various fields. Her extensive background in these positions has provided her with a range of skills and knowledge that are valuable in her new role as a Firm Administrator. She graduated from Suffolk University with a Bachelor's Degree.

Outside of work, Debby can be found at football fields or dojos cheering for her sons. She also enjoys hikes with her dog, Sawyer, reading, sports, and live music. She and her husband also love to entertain family and friends.

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Letitia Cote
Senior Associate

Letitia has an accounting degree and has been working in the Accounting/Bookkeeping industry for over 25 years. Tish is also an Acumatica Business Consultant. Outside of work, Tish has 4 grown children and 5 grandchildren, she loves to ski, hike, bike, and be outdoors. Tish has worked with Jeff for over 10 years.

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Andrea Alencar
Associate

Andrea graduated from Bridgewater State with a Bachelor's degree in Accounting. Andrea joined Siegel Solutions in 2022. Andrea has gained accounting experience working in various industries including a CPA firm, legal, hospitality, and telecommunications. Before coming to Siegel Solutions Andrea previously worked as a bookkeeper and staff accountant.

Andrea has 4 kids which keep her busy. Outside of work, Andrea enjoys spending time with her kids, being outside, cooking, and going to softball/baseball games.

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Mike Derrico
IT

I started my career in 1983 when I designed and built a device to share a computer program, written by the president of a local bank and his son, running on an Apple Lisa computer. The device allowed the large and expensive Lisa's computer to be shared with bank employees. With this program, and with my device, we started a company to market this unique solution to banks. At this point, computer networks were just starting to be used in businesses. I transitioned my efforts to providing support for migrating banking terminal/mainframe functions to the emerging Personal Computer networking platform. For the next decade, I worked with, and beta tested, numerous technologies to integrate the banking functions from dumb terminals into the now smart desktop computers. After working with a few small consulting firms, I started my own company focusing on providing I.T. support to SMBs. More recently I am now doing the exact opposite by helping customers migrate their PC applications and data from their local computers to The Cloud. A few years ago, I joined Siegel Solutions to add my years of I.T. experience to their firm.

In my spare time, I like to travel, fly my drone and, most importantly, spend time with my family. I also still enjoy tinkering with technology.

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Pat Jaworski
Associate

After spending most of her corporate career in the insurance industry, Pat joined a QuickBooks consulting firm providing bookkeeping services to several small companies. Late in 2022, that firm merged with Siegel Solutions, Inc., bringing Pat and her clients to the group. She provides services to clients in a variety of industries: fitness, construction, beauty, equine care, and medical billing, to name a few. She enjoys supporting her clients by keeping their financial records in good shape and allowing them to focus on growing their respective businesses.

Pat resides in the 495/MetroWest area with her husband Ed, daughter Abby and Duffy, their lovable, energetic golden retriever.

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John Brakey Campos

Senior Account
Payroll Manager

John has been with Intuit for over 18 years, serving in a variety of roles across the organization. For the past 8+ years, he has focused on payroll and workforce management solutions, helping clients streamline operations and make informed decisions. John is passionate about working directly with customers to understand their unique needs and recommend the best solutions to support their teams.

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DeeAnna Keyes

Sales and Marketing Associate

DeeAnna Keyes, has been our Sales and Marketing Associate since December 2023. She brings a wealth of experience, having worked at Intuit with a focus on Quickbooks Online and Quickbooks Desktop. With a robust sales history and a license as a real estate agent in Virginia, DeeAnna is a versatile professional. Outside of work, she cherishes family moments, indulges in camping with friends, and finds joy in entertaining at home with her husband and four children.

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Janice Kats

Associate

Janice Kats graduated from Carl Sandburg College with an Associate Degree in Accounting in 1992 and has been working in the accounting field ever since in various jobs doing AR, AP, payroll, office management, and bookkeeping before joining Siegel Solutions in late 2023.

In 2022, she made the decision to branch out on her own and started her own bookkeeping business, working from home.

She is a mom to 3 grown children and a grandmother to 5 grandchildren and enjoys spending time with her husband and two dogs and following her grandchildren in all of their sports.

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Alyssa Bradford
Firm Manager

Alyssa Bradford joined Siegel Solutions as Firm Manager in March 2025, bringing with her a strong background in operations management and a hands-on, "boots on the ground" leadership style. Known for her excellent communication skills and practical approach to problem-solving, Alyssa plays a key role in driving efficiency and fostering team collaboration at the firm.

She is a graduate of the University of Hartford and lives in Franklin with her husband and son, where they enjoy making the most of nice weather together as a family. In her downtime, Alyssa enjoys HGTV and Food Network shows.

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Cynthia Moncayo-Mena
Associate

Cynthia joined Siegel Solutions in March 2025 as an Associate. She has a Bachelor's in Accounting from New Jersey City University and over 10 years of experience in accounting.
She is married with two children and enjoys reading and exploring new places to visit!

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Jermaine Sanders
Associate

Jermaine began his accounting career in 2017 after earning his Bachelor's Degree in Accounting from Emory & Henry College. With seven years of industry experience, he brings a solid background in financial analysis, business taxation, and small business accounting. Jermaine is a QuickBooks Online Certified ProAdvisor and is currently pursuing his CPA designation. He joined Siegel Solutions in the summer of 2025.

Outside of work, Jermaine leads an active lifestyle. He enjoys attending football and basketball games, hiking, biking, and spending quality time with family and friends. A fan of great music, he also enjoys relaxing to the sounds of jazz and practicing the trombone.

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Miya "Yiting" Guan
Accounting Co-Op

Miya joined Siegel Solutions this summer as a six-month Co-op. She is entering her senior year at Northeastern University and brings prior experience from a previous Co-op. In a short time, Miya has already proven to be a valuable asset to the team, thanks to her strong technical and financial skill set.

Originally from Shanghai, China, Miya has an older sister and a younger brother. Outside of work, she enjoys traveling, hiking, and going to the movies.

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