Do You Have Correctly Configured QuickBooks Files?

Posted on
January 17, 2019
in
QuickBooks Online
Posted by
Ronald B. Allen

If you are having problems with QuickBooks or if your QuickBooks Custom Reports are not making sense, your QuickBooks files may need a checkup. When folks think of problems with their bookkeeping and accounting the first thought that comes to mind is that data was not entered properly or not at all. But, sometimes the problem is with the system. QuickBooks is undoubtedly the best small business accounting and bookkeeping software. But, if it is not set up properly or misused along the way, you will have problems. When that is the case you need QuickBooks ProAdvisor Services from the experts in the Kansas City area, Exigo Business Solutions. When we see problems with your reports we typically ask, do you have correctly configured QuickBooks files? To answer this question we can do a QuickBooks file review.

What Is a QuickBooks File Review?

For each version of QuickBooks, there are processes by which we can check the income statement, balance sheet, what sort of lists are used, data characteristics, types of transactions, and the software you are using and how you are using it.

The three main areas where we investigate are first your use of software and then the balance sheet followed by your income statement.

Review of Software Usage

Exigo QuickBooks ProAdvisors look at what version you are using and if how you use lists and the size of your files are appropriate for your version. To make sure that your people are using QuickBooks correctly we do a review of the features you use, your reporting basis, and the types of transactions reported. Very often a problem can be resolved by upgrading to a different QuickBooks version or by integrating new third-party applications that provide enhanced automation and functionality.

Checking the Balance Sheet

As part of your QuickBooks file review, we look at your balance sheet month by month to make sure that it is absolutely accurate. This review includes checking to see if accounts are properly reconciled and correctly utilized. We will confirm the accuracy of liability and asset accounts and suggest improvements as needed.

Reviewing Profit and Loss

We will carry out a precise month by month comparison of your income statements for accuracy. In doing so, we look to see if your accounts are being used correctly. And we always check for any inconsistencies.  We will suggest improvement as needed.

It’s All in the Details

Bookkeepers and accountants are, by nature, nosey people. We have to be because, on the financial side of business, the profit is in the details. What are your accounts receivable and what are the exact accounts payable? What are your exact profit and loss? Are there large sums of undeposited funds? What is the true cost of goods sold and what is your inventory count and average cost?

Not only can we make sure your QuickBooks files are properly configured and accurate but we can also provide quarterly checks to make sure you QuickBooks system is working at its best and giving you the information you need to profitably run your business.

At Exigo our passion is your success and maximum profitability. Let us review and update your QuickBooks files and then sit down with you to set up a plan to make any necessary changes and maintain your system at its peak of perfection.

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