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Strategies for diagnosing a QuickBooks Online clean up
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- čas přidán 6. 08. 2024
- Here are the strategies that I use:
1. Paid diagnostic review
2. Request information needed - QBO, last tax return, bank and credit card statements, entity, industry, specific business practices
3. Basic things I Review (we use a review checklist):
i. Last date bank and credit card accounts
were reconciled
ii. Uncleared items in the bank reconciliation
- old, duplicates
iii. Undeposited Funds - old balances
iv. Profit & Loss review
- Uncategorized income
- Uncategorized expenses
- Unusual or unexpected balances
- Large negative balances
- Miscategorized transactions
- Miscategorized fixed asset additions
v. Balance Sheet review (accrual basis)
- Unusual or unexpected balances
- Large negative balances
- Miscategorized transactions
- Accounts with old balances
- Miscategorized fixed asset additions
- Loans payable - interest expense not
recorded correctly.
- Sales taxes and payroll taxes
- Owner distributions
vi. Personal transactions recorded in QBO
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Loving this series, it is so helpful along with your tool box!!!💜💜💜
Fantastic!
Veronica, you are awesome! thanks for all the info you share
You're welcome Gaby!
Great info as usual! Thank you!
Thank you Galynne!
Hello Veronica, Wow! You have described here very widely how we can do perfect clean up in QuickBooks Online. Really it will be very helpful for us. Thank you.
Glad it was helpful!
This is such helpful information!
Glad it was helpful!
Great advice. Thank you.
You're welcome Shohag.
Hi, Veronica, Thank you for these terrific videos! I am a business consultant working with a company that is putting together the documentation that it needs to have in order to move forward with investors. I always ask for the B/S and P&L first to see where to begin because historical financials are key to building pro formas. Their books were kind of a mess because they're a company that really focuses on their product and sales. It has worked for them because they have a product and sales (unlike many of the startups I work with!) and revenue can fix (or hide) a lot of problems. The owners of the company had been focused on the technology of their product and the books were "office work" which interested no one!
At first, I thought "This is terrible! we need to start over and what better time than in January!" After watching your entire playlist on this topic I determined that what is *best for the client* (love that!) is that we do a little heavy lifting in January and clean up 2019 and put some controls in place to make 2020 run better.
Thank you for these wonderful videos! I think that this series has improved my advice to this company and I've shared them with several of my bookkeeping friends on whom I rely for doing some of the "heavy lifting" and so that they can enhance their practices with current and future clients.
Thank you so much Stephanie. It makes me so happy to hear that my videos are helping you in such a big way. I am a big believer in doing what is best for the client.
Hello Veronica, I start a small bookkeeping firm. I am glad to share that I found your content very help full. Thank you!
You're welcome!
I LOVE THIS ..VERY INFORMATIVE..THANKS VERONICA WASEK
You are so welcome, Grace.
Great checklist!
Glad it was helpful!
Great info... thanks! :)
You're welcome, Jennifer.
Good info!
Thanks for your continued support.
You listed the things I would have looked at. I'd start with making sure the bank/cc accounts have been reconciled. If not, a lot of posting errors and account errors will reveal themselves as you're doing it.
I agree. That is one of the most important things to do first.
Very helpful, thanks! I'm a new subscriber. How long does the diagnostic usually take? Do you charge a fixed rate for this?
Hi, welcome! A full diagnostic review can take up to 3 hours, depending on how messed up the file is. I charge $500 to $1500 for the diagnostic review depending on the size of the company.
@@VeronicaWasek Thanks so much!
Hi, Veronica , thank you so much for the small videos they are to the point and good . I got my QBO pro advisor certification,I want to do virtual bookkeeping, I think to work at a bookkeeping firm to getting the experience and confidence to go out getting clients. I know after 2 months in a firm with proper training, I will be his best bookkeeper, I enjoy talking to clients and finding a solution. Veronica please if you have any advise ,
Hi. So glad you found me. It is a very good idea to work for a bookkeeping firm first so you can get experience. You may want to work for them for 6 months to a year to make sure that you get enough practical experience. All the best to you!
Thank you . The issue I find companies don’t won’t to hire someone only with experience, any suggestions please
Hi. My content is focused on helping bookkeepers who want to build a bookkeeping business. unfortunately, I don't have any suggestions for finding a bookkeeping job.
I have enter the data from year year and thought not ro start from last year and go with only from this year onwards, so I would like to clean up all the entry's and start only from this year, can I do this
I can't say for sure, Flavian. There several other factors that should be considered - especially the tax entity and whether the business has balance sheet accounts. If you start only from this year, you would have to ensure that the balance sheet accounts are cleaned up as well.
Hello Veronica!
I'm with a nonprofit and need an estimate on cleaning up our QBO. We started QBO in January 2020 and for 5 months everything was perfect - until I transferred a second PayPal account. We started seeing "Un-categorized Assets", negative balances, deletions, etc. I am a novice and am in need of help desperately! Can you help? If so, what is the procedure?
I emailed you back.
Hello, Veronica. How shall we categorize bank payments that cannot be traced in QBO?
Hi. Can you give me more details? What do you mean by bank payments that cannot be traced in QBO?
Where can I find the diagnostic review template? Tried to find one here but I couldn't get one.
Hi Delma. The diagnostic review checklist and my full system for performing the diagnostic review is available for purchase here courses.5mbacademy.com/courses/qbo-paid-diagnostic-review-system
Hello!
How can I find old payments?
Hi. What type of old payments are you referring to? Can you be more specific?