Bookkeeping Checkup
Please note: Quickbooks Online only!
Not confident in your books? Get a checkup!
Get a report with actionable information you can use to optimize your books or use to make an informed decision to hire a professional to clean your books up for you.
BONUS, you get a 1-hour private zoom meeting with Shelly to discuss the results and answer your questions.
Items needed:
- Accountant invitation to your QuickBooks Online file. (Quickbooks Online only)
- Bank, loan & credit card statements for the periods being reviewed
- Sales tax returns for the prior year-end & periods being reviewed
- Payroll tax returns for the prior year-end & periods being reviewed
- Prior year-end business income tax return
- Most recent inventory count and valuation (if applicable)
- Time to answer questions.
My Bookkeeping Checkup process:
- Review banking transactions and reconciliations.
- Are there a large number of unmatched transactions in the bank feeds? This indicates an inefficient workflow and a lack of checks and balances to make sure all income and expenses are in your books.
- Are bank reconciliations current and in balance? Reconciliations make sure nothing is missed or duplicated in bank feed entries.
- Are there a large number of old uncleared transactions on bank reconciliations? This can indicate duplicate entries.
- Review undeposited funds.
- Are there a large number of old undeposited funds? This can indicate deposits were incorrectly posted directly to sales rather than matched with sales receipts.
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Assess the general health of the bookkeeping file:
- Review the Chart of Accounts.
- Does the structure make sense?
- Is the number of accounts reasonable?
- Are the account types & numbers used correctly (Cost of Goods, Other Expenses, etc.)?
- Make sure the Owner Draw accounts are on the Balance Sheet, not the income statement so tax or loan ready financial reports are created.
- Review Products and Services lists.
- Check for duplicates
- Are the Products and Services set up optimally for the operation?
- Review the Chart of Accounts.
- Review A/P Aging report.
- Check for seriously past-due bills, as this can indicate payments were posted directly to expenses rather than recorded as bill payments.
- Check for negative balances.
- Verify the accuracy of A/P with the client
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Review A/R Aging report.
- Check for seriously past-due invoices, as this can indicate payments were posted directly to sales rather than applied to invoices.
- Check for negative balances.
- Verify the accuracy of A/R with the client.
- Conduct a line-by-line review of the Balance Sheet:
- Review asset accounts for proper classification
- Compare payroll liability balances to payroll reports.
- Compare sales tax balance to sales tax returns.
- Compare loan balances to statements.
- Verify opening balance equity account is $0.
- Review other equity accounts - including making sure any Owner Draw or Owner Equity accounts are on the balance sheet.
- Conduct a line-by-line review of the Profit and Loss Statement:
- Make sure Owner Draw accounts are on the balance sheet.
- Review revenue accounts for possible double-counting or improper classification, like deposits, negative amounts, etc.
- Review expense accounts for possible improper classification, like negative amounts, deposits
- Compare inventory valuation summary to inventory count
- Run a cash-basis Balance Sheet, and investigate any amounts in A/P or A/R.
- Run a cash-basis Profit and Loss Statement, comparing to the same period for the previous year. Highlight any anomalies for discussion with the client
- Prepare Bookkeeping Diagnostic Review report.
- Schedule a client meeting to discuss results and answer questions.
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