Do you need to prepare for year-end bookkeeping to file your taxes? Or do you need to present financial reports internally to owners or third parties, such as banks or investors?
Or maybe you just need to clean up some transactions in Quickbooks that you don’t know how to categorize. We will help you with the QuickBooks Cleanup.
Our Quickbooks clean-up services will include the following steps:
- Review and clean up Accounts Receivable
a. Apply customer payments and credits to correct invoices and receipts.
b. Review aging invoices and write off invoices that are not collectable.
c. Clear Incorrect unapplied cash payments and undeposited funds account balance.
d. Review aging account receivable report and make necessary adjustments to correct account balance.
- Review and clean up Accounts Payable
a. Apply vendor payments and credits to correct bills and expenses accounts.
b. Review expense accounts coding and helps catagorize expenses correctly.
c. Review Account Payable report and make necessary adjustments to correct balance.
- Bank, Credit Card, and Loan Accounts Reconcilation
a. Review all of the business accounts including checking, savings, credit cards, loan account balances, and check reconciliation history.
b. Reconcile all of the above mentioned accounts.
c. Review reconciliation reports for outstanding checks, uncleared deposits and missing checks.
d. Fix reconciliation errors by adding or deleting transactions and other necessary adjustments to reconcile the book balance with the account balance.
- Review Chart of Accounts
a. Review the current chart of accounts to see if it is set up correctly for financial reporting.
b. Add, remove, or consolidate accounts to make the chart of accounts more organized and easier to follow and manage the monthly accounting process.
- Other Areas
a. Review each of the balance sheet accounts and see if the transactions are recorded correctly.
b. common areas will include, Intercompany accounts, Shareholder loan accounts, Equity and owner’s distribution accounts, Notes payable accounts, Prepaid and Accrued accounts, Sales tax liabilities, payroll liabilities, inventory adjustment account, and cost of goods account errors.
It is an important and affordable way to clean up books as soon as you discover the errors, you can manage bookkeeping easily to produce accurate financial statements.
Please contact us for a quote. We offer both an hourly rate or a flat rate depends on your needs.