Strategies for diagnosing a QuickBooks Online clean up



Here are the strategies that I use.

1. Paid diagnostic review

2. Request information needed – QBO, last tax return, bank and credit card statements, entity, industry, specific business practices

3. Basic things I Review (we use a review checklist):
i. Last date bank and credit card accounts
were reconciled
ii. Uncleared items in the bank reconciliation
– old, duplicates
iii. Undeposited Funds – old balances
iv. Profit & Loss review
– Uncategorized income
– Uncategorized expenses
– Unusual or unexpected balances
– Large negative balances
– Miscategorized transactions
– Miscategorized fixed asset additions
v. Balance Sheet review (accrual basis)
– Unusual or unexpected balances
– Large negative balances
– Miscategorized transactions
– Accounts with old balances
– Miscategorized fixed asset additions
– Loans payable – interest expense not
recorded correctly.
– Sales taxes and payroll taxes
– Owner distributions
vi. Personal transactions recorded in QBO
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