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QuickBooks makes data entry easy, and errors too
QuickBooks Online pulls in your bank feeds and suggests a category for each line. That saves time. It also means a whole month can be accepted with one click, right or wrong. Most QuickBooks problems start there.
A bookkeeper treats the suggestions as a draft. Each line is checked, bank rules are kept short and specific, and the month is reconciled to the statement rather than to the feed.
What the monthly QuickBooks work covers
- Bank and card feeds reviewed line by line, with rules tuned to your vendors
- Payouts from Square, Stripe, Toast, Shopify or Airbnb recorded at gross, with fees and refunds split out
- Undeposited Funds matched to real deposits so it does not grow month after month
- Bills and invoices kept in the software if you use them, with aging reports that are accurate
- Payroll entries from Gusto, ADP or your provider recorded by department or class
- Loan payments split between interest and principal, matched to lender statements
- A closing date set each month so old periods cannot change by accident
Classes, locations and projects
QuickBooks can track profit by class, location or project if it is set up for it. That setup is where many San Diego businesses get the most value.
A restaurant group with shops in Hillcrest and North Park can see each location's food and labor cost. A property owner with rentals in Ocean Beach and Clairemont can see income and repairs by property. A Navy ship repair subcontractor can track labor and materials by contract, which helps when a prime contractor asks for cost support. A brewery can split taproom, wholesale and events.
Class and location tracking depends on your QuickBooks Online plan. Check what your subscription includes.
Setup or takeover
- Get access You invite the bookkeeper as an accountant user. Your login, data and subscription stay yours.
- Review the file The chart of accounts, bank rules, open items and reconciliation history are checked before any monthly work starts.
- Fix what blocks a clean close Small problems are fixed during setup. Large ones turn into a QuickBooks cleanup, quoted on its own.
- Start the monthly close From a reconciled balance, each month is coded, reconciled, closed and reported.
Common QuickBooks errors in a new file
| Error | Effect |
|---|---|
| Processor deposits booked as sales at the net amount | Sales and fees both understated |
| Transfers between your own accounts coded as income | Profit overstated |
| Owner's personal charges coded to supplies or meals | Expenses overstated and harder to defend |
| Sales tax payments booked as an expense | Sales tax liability never clears |
| Too many broad bank rules | Wrong categories applied every month without review |
QuickBooks Desktop and other software
Monthly work is done in the software you already use, including QuickBooks Desktop. If you want to move to QuickBooks Online, ask on the call. If you prefer Xero, see Xero bookkeeping. If your current file is badly out of balance, start with QuickBooks cleanup.
Where we work
We keep books for businesses across the City of San Diego, North County, the South Bay and East County.
- Carlsbad
- Chula Vista
- Downtown San Diego
- El Cajon
- Encinitas
- Escondido
- La Mesa
- Oceanside
- San Diego
- San Marcos
- Vista
Questions
Do I need to buy a new QuickBooks subscription?
No. The work happens in the file you already own. If you have no file, you can buy the subscription or ask about options on the call.
Can I still log in and send invoices?
Yes. You keep full access. The bookkeeper works alongside you and tells you if something you entered needs a fix.
Do you set up bank feeds?
Yes, with your help. You connect the bank, since the login belongs to you. The bookkeeper sets the rules and reviews what comes in.
Can you work with my CPA in QuickBooks?
Yes. Your CPA can be invited as a second accountant user and see the same closed months.