2014 QuickBooks Updates and Year-End Closing
2014 QuickBooks Updates
Intuit will be retiring their support for the 2014 version of QuickBooks in June of 2017. Based on this, UCM’s support, both general and technical, will also be limited for versions older than 2015. The limitations will affect our ability to share and update files on the older versions. We are encouraging our clients to keep current with their QuickBooks software by upgrading to the latest version (QuickBooks 2017).
When a QuickBooks year is discontinued by Intuit, it affects many services and functions in the older software. The services/functions affected include payroll, credit card processing, bill pay, accountant’s copy file transfer, online banking and technical support. Regarding payroll, federal and state withholding will no longer calculate on payroll in the discontinued years of QuickBooks. You can still process payroll, but would have to calculate the taxes manually and input them into the paycheck.
UCM would also like to remind clients to run regular updates on their respective QuickBooks software to stay up-to-date with the most recent version. A discount of 30% is available to UCM clients on the desktop version of QuickBooks and forms when purchased through our ProAdvisors. QuickBooks Online is also available for purchase at a discount. Please call our office for additional details and to discuss other product discounts available.
Closing QuickBooks at Year-End
Closing your accounts allows for a clean delineation between one year and the next, helps prevent changes to prior year data and prepares the accounts for the beginning of a new year.
QuickBooks provides step-by-step guidance on the year-end closing process. Within the program, go to Help/Year-End Guide. There you will find a checklist of functions that either you or your accountant will need to perform before income tax preparation can begin. If you complete the checklist, or as much of it as you can, you will save yourself (and your accountant) time and money in the preparation of your tax return.
The QuickBooks Year-End Guide/Checklist provides guidance on:
- What and how to reconcile
- How to make adjustments and corrections
- How to close your books
- How to run and print the reports you need
Our Firm has several accountants available to assist you with your year-end closing process and/or help you prepare for year-end closing. We also have certified QuickBooks ProAdvisors to provide more detailed assistance or help straighten out cluttered or damaged files. Please contact us to learn more about the benefits of year-end closing, receive the assistance you need, or answer questions you may have whether you have a desktop version or QuickBooks Online.