One of the first signs that you need our Good Bookkeeping Audit and Clean-Up Service is when your Bank Balance does not match your In QuickBooks Balance. You can easily see this when logging into to your QBO account and selecting the Banking tab on your left menu bar. When there is a significant difference between these dollar amounts, it means that the bookkeeping is not current, and should be audited. Keeping your books clean will help prepare you for tax time. Another telling sign that you need an audit and clean-up of your books is when you have numerous uncategorized transactions in QBO.

We Do a Deep-Dive into your Bookkeeping for up to 12 Months

With this service, your accountant will do a deep dive into all bookkeeping transactions for up to 12 months. We can audit beyond 12 months for an additional fee. There are so many things that can go wrong in QuickBooks Online when you don’t have an experienced person managing your bookkeeping. Our accountants are Advanced Certified QuickBooks Online ProAdvisors that know what to look for and can easily fix both simple and complex errors. Your accountant will review transactions against your account statements and correct every error until your books are in perfect order for the audit period.

We will Carefully Review Account Statements for the Audit Period

All supporting documentation for the audit period should be provided to your accountant to review against the transaction history in your QuickBooks Online account. This includes bank, credit card, POS (Point-Of-Sale) and loan statements. You should also provide asset purchase documentation and advise on any owner equity transactions that have occurred. Owner equity transactions are recorded when you put money into or take money out of your business. Your accountant will send you a notification requesting audit support information that will show up on your client dashboard. You can upload documents into a folder within your secure document upload portal or email it directly to your accountant.

We will Audit Your Accounts, Income Statement and Balance Sheet

With this service, your accountant will audit the transactions in your QuickBooks Online account and review your Income Statement and Balance Sheet for the audit period to ensure that any transaction errors are identified for correction following the audit.

We will Provide Detailed Findings Report with Recommendations

It is important to maintain accurate accounting records, as this saves you time and money throughout the year. When you are self-employed it is critical to know the true profits of your business, as you will need to pay Quarterly Estimated Self-Employment Taxes to the IRS based on your earnings. If your bookkeeping has not been done correctly, you may overpay or underpay your taxes. Once your accountant reviews your books for the audit period, they will upload an Audit Findings Report that includes the details of what needs to be cleaned-up in your books into the From My Accountant folder.

We will Perform Your Good-Bookkeeping Clean-Up After the Audit

With this service, your accountant will utilize your Good Bookkeeping Audit Findings Report to clean-up your books for the audit period. Your accountant may request account statements and other supporting documentation to complete the clean-up process. This service does not include the clean-up of sales tax liabilities, past payroll processing or payroll tax liabilities.

We will Correct Bank Feed Errors and Upload Missing Transactions

During the Good Bookkeeping Audit process your accountant will identify past errors that were made when transactions were added via the bank feed during the audit period. These errors will be corrected during the Good Bookkeeping Clean-Up process. If the initial audit identified that there were missing transactions in any of the bank or credit card accounts, your accountant will send you a notification to request an Excel csv file of the missing transactions for the date range in question that will show up on your client dashboard. You can upload the requested information into a folder within your secure document upload portal or email it directly to your accountant. Your accountant will upload the missing transactions into your bank feeds, categorize and reconcile them. If your bank feeds look like the sample below, there are many missing transactions!

We will Correct Data Entry Errors & Fix Accounting Transactions

It is not uncommon for manual data entry errors to occur when creating transactions such as vendor bills, expenses, sales receipts, invoices, deposits, payments and journal entries in QBO. During the Good Bookkeeping Clean-Up process, your accountant will correct these errors while fixing the linked accounting transactions by clearing any erroneously created debits or credits that may have been created as a result of the original errors. Your historical accounting transactions will be corrected to what actually happened so that they match your bank feed transactions and your account statements.

We will Correct Errors Made Transferring Money Between Accounts

One of the most common errors in the QuickBooks Online bookkeeping process is the incorrect transferring of money between accounts. During the Good Bookkeeping Clean-Up process, your accountant will fix your transfers between accounts so that your debits and credits related to the transfers will be accurately recorded on your account registers. Please note that payments made from connected bank accounts to connected credit card accounts are managed as transfers between accounts, credit card account payments are not added.

We will Correct All Unapplied Cash Income or Cash Bill Payments

Small business owners wear many hats and often hand-write checks to vendors and quickly receive payments customers in QuickBooks Online. It is not uncommon for these business owners to enter the corresponding customer invoice or vendor bill on a later date. When this occurs, it results in the recording of unapplied cash payment income and unapplied cash bill payment expenses. This happens anytime a vendor bill or customer invoice date is later than the payment date. Your accountant will correct these errors during the book clean-up process.

We will Clear & Match Your Undeposited Funds to Bank Deposits

If the correct order of operations is not followed when receiving payments from customers in QuickBooks Online, you can quickly rack-up a balance in Undeposited Funds account. This account is what we refer to as your virtual deposit slip. Money received from customers is supposed to be deposited to this account before your QBO bank deposit is created and matched to the deposit that comes into your bank feed. If you mistakenly receive customer deposits that come into the bank feed directly to income accounts and robotically match and add deposits in the bank feed, you can mess up your books. Your accountant will clear Undeposited Funds balances by creating deposits in QBO from groups of received payments to match to your bank feed deposits. Your accountant will also add funds to deposits to record the expense of bank fees or cash-back received when deposits were made. This will ensure that the reconciled deposit amount matches what actually happened in your bank account.