QUICKBOOKS CLEAN UP THE MESS

Understand why the balance sheet is the most important QuickBooks report, see how assets, liabilities, and equity are presented, and verify balances against profit and loss and cash flow statements.

Master changing account types in the chart of accounts, merging duplicates, and making inactive accounts, while noting that active accounts cannot be deleted to keep the balance sheet accurate.

Navigate the chart of accounts in quickbooks online and manage active statuses, including merging travel and travel meals. Learn how these changes influence reports and prior year data.

Learn how to identify and fix bank reconciliation errors in QuickBooks, including petty cash, cash expenditures, transfers, and prior-period adjustments to keep checking and savings accounts accurate.

Master QuickBooks Online bank reconciliation by correcting mismatched payments and deposits, using accounts receivable and the transaction journal to locate uncleared invoices, and choosing bank deposit or expense screens.

Move through accounts receivable by using the open invoices report to identify issues, apply credits, create refunds, and ensure accurate reconciliation.

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.

Learn to manage QuickBooks Online inventory with physical inventory worksheets and the inventory valuation summary, then use quantity adjustments and starting value adjustments to update quantities and costs.

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.

Learn how to manage accounts payable in QuickBooks by entering and paying bills, applying credits, and cleaning up the unpaid bills detail to keep vendor balances accurate.

Handle bills and accounts payable in QuickBooks Online by applying vendor credits to invoices from the unpaid bills report.

Explore how to access and adjust payroll liabilities in QuickBooks payroll center, including federal withholding, California withholding, and federal 940, choosing to affect expense or liability accounts when making adjustments.

Explore how payments on account affect the balance sheet in QuickBooks, including deposits, credits, applying payments to invoices, and steps to correct misapplied amounts.

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.

learn to reconcile loan accounts monthly, record interest as a field in the loan register, and post accurate finance charges to reflect on the balance sheet and profit and loss.

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.

Review and correct cost of goods sold by reallocating payroll and job expenses to COGS, verify item mappings to income versus COGS, and ensure invoices reflect inventory movements.

Move and reclassify expenses on the profit and loss to correct accounts such as cost of goods sold, fixed assets, and equity, for accurate balance sheet reporting.