accounting

QuickBooks Period End Tasks: The Accounting Side – Chpt.3

This brings us to the final chapter on QuickBooks period end tasks. What will be covered here is Long Term Debts, Audit Trail and Setting the Closing Date. Long Term Liabilities – If this type of liability was financed by a lending or banking institution, then at the end of each year, a statement from the lender should be reconciled to the Balance Sheet amount. Here one has to be cognizant...

Read More

QuickBooks Period End Tasks: The Accounting Side – Chpt.2

Continuing on from Chapter One and the QuickBooks Period End Tasks, I will now look at the Prepaid Expenses and Fixed Assets. Prepaid Expenses – this account needs to be reviewed at the end of each fiscal year, due to the fact that these expenses are ever evolving. You may find items like prepaid rent, insurance and deposits, just to name a few, that if not expensed throughout the fiscal...

Read More

QuickBooks Period End Tasks: The Accounting Side – Chpt.1

I’m going to start a series to do with QuickBooks accounting side of the Fiscal Period End, and the tasks involved.  Now although these articles are aimed at the more senior accounting person, I do feel that the less experience person can pick up some useful information on what is expected from them. This will have to do with reviewing and reconciling the Balance Sheet. Unless you are...

Read More

QuickBooks Quik Tip for the Day – Audit Trail

This tip is for people in senior accounting positions or owners of the company, that oversee workers in junior positions. There is a function in QuickBooks that keeps track of all types of transactions, voids, deletions and so on. At one time you had to turn it one but the newer versions of QuickBooks have it always-on. This allows a senior person to see if there has been any changes to the...

Read More

First United Church of Canada

“Larry was involved in First United’s accounting software change over in the spring of 2009. He installed QuickBooks and set up the Company file, along with the Chart of Accounts. From there he entered in the Opening Balances from the prior year Balance Sheet and reconciled those accounts. Since we were starting three months into the new fiscal year, Larry entered in the historical data...

Read More