QUICKBOOKS CLEAN UP THE MESS

Learn to navigate QuickBooks Online accounts receivable, view open invoices, create and apply credit memos, and apply payments to settle invoices.

Adjust prepaid insurance and perform inventory adjustments in QuickBooks desktop, using the physical inventory worksheet to align quantity and value on the balance sheet for year-end tax readiness.

Understand how the undeposited funds account works in QuickBooks, when payments sit there, and how to deposit checks to avoid duplicates and ensure proper reconciliation.

Identify and correct undeposited funds in QuickBooks online by selecting payments in a deposit, assigning an income account, and using a negative adjustment to zero out the deposit.

Adjust the sales tax payable by reviewing the sales tax liability report, determining what is owed as of the date, and posting a vendor credit to reduce the liability.

Use a journal entry from the chart of accounts to adjust the sales tax payable for Board of Equalization, labeling as error or vendor credit in QuickBooks Online.

Review the equity accounts, especially the owner's draw, to separate personal expenses from business costs and reclassify them to the profit and loss when deductible.

Learn to navigate a profit and loss in QuickBooks, separating income, cost of goods sold, and expenses, and fix misclassified bills by mapping items to the correct accounts.