QBO Year-End Cleanup | Staff Training

Welcome to the course | Staff Training for QBO Year-End Cleanup

Link to the Grid

Course Outline & Best Practices

Why start with Retained Earnings Tie Out

Agree Tax Return Retained Earnings to QB Retained Earnings

Dealing with Owner Distributions

Reconciling Distributions to Zero

Two Common Errors that creates Difference in Tax/Book Retained Earnings

Stop Problems From Happening - Set the Closing Date

Closing Date Exceptions Report - Find errors that happened

Grid | Retained Earnings

Setup which account should be reconciled

Reconciliations - The Big Picture

Reconcile Sweep (Clearning) Accounts

AR Aging Summary

Fixing Outstanding Invoices

Inventory Review Overview

Inventory Excel Review Setup

Understanding the Excel Review Tab

Prepaid Expense Accounts - Reason to Use Them

Setup a Prepaid Asset Account

Find Major Expenses - Possible Prepaids - Filter by large amounts

Find Major Expenses via Monthly Profit & Loss

Step 1 - Make the prepayment

Step 2 - Spread the prepayment out over the period

Running a Prepaid Expense Account Report

Reconciling Prepaid Expenses Accounts after their period is up

Review or Setup a Capitalization Policy

View Last Year Fixed Asset Details

Locate Expensed Items that should be Capitalized

Verify Sales Tax was Paid on all Purchases

Shareholder Loans

Using QBO Book Review - AP Items > 90 Days

Comparing AP Aging Summaries

Common Error - Twice Entered Bills

Common Error - Check Entered instead of a Bill Payment

Double Entered or Not - Don't Assume, Ask the Client

Purpose & Verify Bank Feeds are up to date

Reconcile Credit Cards

Sales Tax - Not using QBO Sales Tax

Loan - Amortization Tables

Loan - Balance is tracked at Bank

Periodic Payments

Missing Monthly Expenses

Negative & Overhead Expenses

Extra Credit - RightTool for QBO - Chrome/Edge Extension

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