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Welcome to the course | Year-End Cleanup for QuickBooks Online
Keys to the PERFECT Year-End Cleanup
Purpose of this Course
Link to the Grid
Course Outline & Best Practices
Grid Hyperlinks
Grid Documentation
Customize the Grid Template
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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
Grid | Setup the Checking Reconciliation Grid
Grid | Copy Outstanding Items to the Grid
Grid | Outstanding Items that require Questioning
Grid | Documentation Examples
AR Aging Summary
Fixing Outstanding Invoices
Grid | AR Documentation
Inventory Review Overview
Grid | Get the Inventory Valuation Summary
Grid | Get the Balance Sheet / Register Balance
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
Grid | Prepaid Expenses Documentation
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
Grid | Accounts Payable Documentation
Purpose & Verify Bank Feeds are up to date
Reconcile Credit Cards
Grid | Credit Cards Documenation
Loan - Amortization Tables
Loan - Balance is tracked at Bank
Grid - Loan Balances Documenation
Periodic Payments
Missing Monthly Expenses
Negative & Overhead Expenses
Grid | Profit and Loss Review
Extra Credit - RightTool for QBO - Chrome/Edge Extension
