Follow These Steps to Ensure your Books are Prepared for Tax Filing:

1. Enter all your business transactions into Balabook.
2. Prepare your final payroll.
3. Collect any outstanding expense reimbursements (Include year-end bonuses, annual benefits, and any other final adjustments).
4. Ensure that the final check date falls within the same calendar year you are reporting for the amounts to be included in that year’s reports.
5. Reconcile your bank and credit card accounts:
   - Once all transactions are categorized, you can reconcile your books.
   - Reconciling involves comparing the activity in Balabook against the records from your financial institution. This ensures your books accurately reflect funds received and paid out, making reconciliation a crucial year-end task.
6. Collect important paperwork (Reports from Balabook):
   - Profit & Loss report for the fiscal year.
   - Balance Sheet as of the last day of the year).‍‍
7. Collect additional paperwork:
   - Bank and credit card statements as of December 31.
   - Receipts or bills for fixed assets purchased during the year (e.g., computers, vehicles, real estate).
   - Loan statements as of December 31 and any available amortization schedules.
8. Any tax documents you have received.
9. Collect past due invoices:
   - Follow up on any past-due invoices to ensure accurate accounting.
   - If a customer fails to pay, you may want to record it as a bad debt expense.