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    NOW is the Perfect Time to Catch Up on Your Bookkeeping

    [fa icon="clock-o"] Nov 12, 2020 10:00:00 AM [fa icon="user"] Cheryl Coyle [fa icon="folder-open'] QuickBooks, Bookkeeping

    small business bookkeepingSummer's over, the kids are settled back in school or in their virtual classes, and we have a little time before the hustle and bustle of holiday shopping hits. Spend the extra time you have now catching up on your bookkeeping (and dealing with matters related to operating in a global pandemic). Sounds exciting, right? Probably not, but it will pay off if you do it! 

    The Reality

    You are behind in keeping your financial matters straight. It is likely you haven’t reconciled your bank and credit card accounts for months. Managing your QuickBooks file really hasn’t been a priority and likely you aren’t sure where to start.

    What Now?

    We recommend a concise approach by starting with a Quick Audit to identify what is required to catch up your books. We routinely use a Quick Audit to determine what items are outstanding and identify incorrect or missing information from a QuickBooks file. More on performing a Quick Audit here

    Systematic Approach

    Best practice dictates catching up your books one month at a time. Below are a few typical items performed in a catch-up by month:

    • Reconciliation of all bank and credit card accounts, adding missing transactions and removing duplicate transactions
    • Correct undeposited funds account
    • Review payroll
    • Balancing of the general ledger to subsidiary records
    • Clean up accounts receivable and accounts payable

    The Result

    After performing catch-up bookkeeping, you will have accurate information to generate financial statements, prepare budgets, and of course, file taxes.

    Let Us Do It

    Catching-up your bookkeeping can be complicated and time consuming. Let us help you – we have a lot of experience. Be ready for taxes and have a 2021 budget ready before the hectic holiday season.

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    Cheryl Coyle

    Written by Cheryl Coyle

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