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    Comparing and Adjusting a Business QuickBooks File to Match a Tax Return

    Want to make sure your business QuickBooks (QB) file agrees with your tax return? Best practice is to use your accountant’s adjusting journal entries or an accountant copy update file to bring your QB in line with the tax return. If neither are available, we suggest using the following approach.

    Do I Need to Keep Every Receipt for My Bookkeeper?

    I’m often asked, “Do I need to keep my receipts for you, my bookkeeper, or are my bank and credit card statements saved through my financial institution enough? If I’m audited, the auditors can surely verify expenses by simply reviewing my QuickBooks or viewing bank records, right?”

    What To Do When Opening Balance Doesn’t Match the Bank Statement

    Have no fear! When the opening balance does not match the bank statement, there are two common reasons:
    1. There are previously reconciled transactions which were deleted OR
    2. A transaction which was previously reconciled was unreconciled
    In order to track down what is going on here, the following strategies may be helpful in uncovering the discrepancy(ies).

    How to Catch Up On Your Bookkeeping

    A common first task for many of the new clients that engage BudgetEase is catching up their QuickBooks file to date. Often times, it has been years since a reconciliation has been done, principle and interest have been lumped together for just as long or the bank feeds have not been cleared of transactions. When tackling such a project, organization and the setting of expectations is important. Whether you are an accountant beginning to catch up a file or a business owner that has an outdated QuickBooks file, it pays to have an understanding of what the catch-up journey might look like.

    What Exactly is QuickBooks Cash + Envelopes?

    Intuit has aligned with a bank called Green Dot to provide QuickBooks Online users with an integrated checking account. This account, called “QuickBooks Cash and Envelopes,” is designed to house funds received from your QuickBooks Payments merchant services. Per Intuit, it “combines a checking account, savings envelopes, merchant service payments, and a cash flow planner all in one integrated interface.” Here is a quick look at Intuit’s selling points:

    Proven Process to Convert Your Accounting Software to QBO

    Recently I converted a client from Sage Accounting software to QuickBooks Online. It was a learning experience that I thought would be beneficial to share. There are important steps to take when converting a file to QuickBooks Online. I'll outline them here. 

    One Quarter Down, Three To Grow!

    How are you doing now that spring has sprung? Feeling lighter, brighter and refreshed? We hope both you and your business are bouncing along nicely into Spring. How do you know if this year will blossom, or if parts of the business are late bloomers and dragging you down?

    Why Physical Therapy and Bookkeeping are Alike

    A year ago I fell, hurt my knee badly, and needed a cane to get around. I set about managing my own recovery using old physical therapy techniques (learned from prior injuries) to mend my knee. Fast forward a year and my hips start hurting, badly. Eventually I sought out a physical therapist for assistance. The therapist told me I wouldn’t be having hip troubles if I had fixed my knee properly.

    Year-End Checklist: Bookkeeping for Small Businesses

    When it comes to bookkeeping for small businesses it is important to have a year-end checklist to make sure everything is in order. Here is our year-end checklist:

    • Backup of data made before correcting transactions

    • Review Trail Balance

    • Balance changed? Review Audit Trail, Voided/Deleted and Retained Earnings QuickReport for prior year. 

    A Guide for Bookkeepers: Closing out 2020

    It's time to close the books on 2020, but before you close the year in QuickBooks, you need to ensure a few things are done.

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