If you are a business owner and wonder if your bookkeeping is being done correctly, there are some quick ways to review the file so you can feel more confident about the work being done.
If you don’t know how to get into your QuickBooks file, look for an icon like this ____ or click on the start menu – Programs – QuickBooks – double click on "QuickBooks". Typical username is Admin and sometimes it’s ok to leave the password field blank.
If you’re new to QuickBooks….don’t freak out. It looks scary at first, but don’t be afraid.
Here are the top things you should be looking for:
***NOTE: If you work with a bookkeeper, check with them first to be sure they have completed their work. Sometimes these tasks are on their to-do list, so don’t judge too hastily!
- Profit & Loss Report (aka P&L or Income Statement)
- Balance Sheet Report
- Unpaid Bills Report
- Open Invoices Report
- Review Checking Account Registers for un-cleared transactions
- Review Undeposited Funds
- Review “Misc”, “Need Info” or “Ask My Accountant”
- Employee Center - Unpaid Payroll Liabilities
- Open bank statements and look at the check images. If you don’t receive check images as part of your bank statements, call your bank and request it. This is not something to take lightly. Sadly, there are dishonest people out there, so CYA!
- Be sure your bookkeeper receives any paperwork from government or state agencies.
- Penalties can add up quickly. If you receive any paperwork from the IRS or any state tax agency, get it to your bookkeeper or accountant ASAP.
- Be aware of what is happening in your QuickBooks file. You, and only you, are ultimately responsible for your business.
- Communicate with your bookkeeper and ask questions. If they are like me, they will truly appreciate your involvement! Plus, it keeps us on our toes! :)