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Bookkeeping Checkup

Regular price $300.00

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:

  1. Accountant invitation to your QuickBooks Online file. (Quickbooks Online only)
  2. Bank, loan & credit card statements for the periods being reviewed
  3. Sales tax returns for the prior year-end & periods being reviewed
  4. Payroll tax returns for the prior year-end & periods being reviewed
  5. Prior year-end business income tax return
  6. Most recent inventory count and valuation (if applicable)
  7. Time to answer questions.

My Bookkeeping Checkup process:

  1. Review banking transactions and reconciliations.
    1. 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.
    2. Are bank reconciliations current and in balance? Reconciliations make sure nothing is missed or duplicated in bank feed entries.
    3. Are there a large number of old uncleared transactions on bank reconciliations? This can indicate duplicate entries.
  2. Review undeposited funds.
    1. 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.
  3. Assess the general health of the bookkeeping file:
    1. Review the Chart of Accounts.
      1. Does the structure make sense?
      2. Is the number of accounts reasonable?
      3. Are the account types & numbers used correctly (Cost of Goods, Other Expenses, etc.)?
      4. Make sure the Owner Draw accounts are on the Balance Sheet, not the income statement so tax or loan ready financial reports are created.
    2. Review Products and Services lists.
      1. Check for duplicates
      2. Are the Products and Services set up optimally for the operation?
    1. Review A/P Aging report.
      1. Check for seriously past-due bills, as this can indicate payments were posted directly to expenses rather than recorded as bill payments.
      2. Check for negative balances.
      3. Verify the accuracy of A/P with the client
    2. Review A/R Aging report.
      1. Check for seriously past-due invoices, as this can indicate payments were posted directly to sales rather than applied to invoices.
      2. Check for negative balances.
      3. Verify the accuracy of A/R with the client.
    3. Conduct a line-by-line review of the Balance Sheet:
      1. Review asset accounts for proper classification
      2. Compare payroll liability balances to payroll reports.
      3. Compare sales tax balance to sales tax returns.
      4. Compare loan balances to statements.
      5. Verify opening balance equity account is $0.
      6. Review other equity accounts - including making sure any Owner Draw or Owner Equity accounts are on the balance sheet.
    4. Conduct a line-by-line review of the Profit and Loss Statement:
      1. Make sure Owner Draw accounts are on the balance sheet.
      2. Review revenue accounts for possible double-counting or improper classification, like deposits, negative amounts, etc.
      3. Review expense accounts for possible improper classification, like negative amounts, deposits
    5. Compare inventory valuation summary to inventory count
    6. Run a cash-basis Balance Sheet, and investigate any amounts in A/P or A/R.
    7. 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
    8. Prepare Bookkeeping Diagnostic Review report.
    9. Schedule a client meeting to discuss results and answer questions.

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