Tips for a Major QuickBooks Online Cleanup
Are you taking on a Quickbooks online cleanup and feel unsure as to where to begin?
First, you must define what cleanup is. A cleanup is like a puzzle with many pieces missing and foreign to the big picture.
A cleanup involves a set of messy, confusing and incomplete books. Then run them through a process of review, catchup, fixing and reconciling and resulting in completely accurate, tax-ready financials. Your client will be able to hand over the books to a tax accountant with little or no adjustments required.
There are various types of cleanups in specific areas, such as undeposited funds, bank reconciliations and inventory. All classed as a partial cleanup, not the completed process.
QUICKBOOKS CLEANUP GOALS
In a complete cleanup, your result is the tax-ready books presentable for the tax accountant. Financials that are accurate to you is the result of the entire cleanup. Your business financials tell the story of your business acumen to yourself, banker, investor and all who may view your money flow.
THE PROCESS OF A QUICKBOOKS CLEANUP
This major cleanup peruses through your undeposited funds' balance sheets, bank reconciliations and aligning your balance sheet alongside a previous business tax return, profit and loss accounts receivable and payable and inventory. Then cleanup of the chart of accounts, payroll, sales tax, products and services, bank feeds, company settings, and app integrations. When dealing with a significant cleanup, you will need to follow an organized system and find the correct starting point.
THE CLEANUP WORKFLOW
The following ordered steps can ensure a good cleanup:
1) Request a signed service agreement and paid invoice
2) Onboard with your client acquiring everything that is needed from them
3) Plan out what needs to be done and your date of completion
4) Follow your plan
5) Step back and take a look at your objective to assess that all is in order
6) Initiate open communication with all parties involved to resolve issues and address
As you follow and glean from the pointers in this article, your attention to Quickbooks' major cleanup will produce your desired result.
At BonseBonse we are ever attentive to those clients that require a major Quickbooks cleanup. As always, we seek to serve the needs of our clients in a confidential, professional manner.
Friday, March 21, 2021
Written by: Sally Cooper
Reference: Veronica Wasek