Clean Up Accounts Payable in QuickBooks Online

Keeping your Accounts Payable balances clean, low and accurate is important to your bottom line. It is critical to know how much money you owe to your vendors at any given time. Your accountant will schedule a phone or screen share meeting with you to discuss the details of the Accounts Payable clean-up work that needs to be done in your QuickBooks Online account. Together you will identify and document the amounts and reasons for editing your Accounts Payable transactions. It is common for data entry errors to occur when manually recording expenses. Manually entered expenses that are not correctly matched to charges that come into the bank feed will duplicate expenses on your account registers and make it difficult to perform account reconciliations. Your accountant will review, identify and correct any manual expense entry errors with this service offering.

Your Accountant will Perform Contra-Accounting if Necessary

For this service, you will provide your accountant with a list of outstanding vendor bill balances and expense entries that need to be edited with reasons. Your accountant may also need to perform Contra-Accounting with this service. This type of accounting is performed when a vendor is also a customer that is owed money to your company. Note that contra-accounting work is included with this service.Your accountant will send you a request for the list of bills and expenses to be edited that will show up on your client dashboard. You can select existing bills and expenses from a list within the request and provide the details for each bill and expense into a form directly in the request on your client dashboard. You can also email or upload your list into a folder within your secure document upload portal. Once the accountant receives this information, they will clean-up your Accounts Payable and expense entries and upload a Detailed Transaction Report and new Accounts Payable Aging Report into the From My Accountant folder located within your document upload portal. These reports will serve as an audit trail of the clearing of outstanding Accounts Payable and correction of expense entries.