I want to share with you a cool trick. Books Review in QuickBooks Online comes in super handy when new clients come to us with messy books that need to be cleaned up or during month-end or year-end when you are doing final reviews.
So, I wanted to sneak in a few quick tips when using Books Review in hopes to save you time.
Adding adjustments to beginning balances
Once you log into your QuickBooks Online Accountant, you can see a tab on the right-hand navigation pane called Books Review. Inside of here, you will see the tab that QuickBooks Online released this year called Set-up.
This is where you can go in and look at your opening balances and determine if they are correct. You also watch to see which accounts have been reconciled and the last reconciliation date. In this case, this client has some that have never been reconciled.
You also can add your beginning statement balance and create an adjustment direction inside of this tab by entering the amount and selecting the account you want it mapped to and select Add Adjustment.
Bulk classification of transactions
Another epic thing you can do is clean up additional transactions. A fantastic way to whittle down problematic transactions and edit them is by using the Transactions review tab inside of Books Review.
If you have uncategorized transactions, you can reclassify these transactions in bulk to the correct account.
If you have transactions that do not have a payee labeled, you can add payees to your transactions. You can refer to the memo column to determine who the payee is.
Hopefully, I have been able to save you some time. If you would like to see these tips in action, you can watch the quick how-to video to help you categorize in bulk, place in beginning balances and add payees to transactions.
Also, I encourage you to go through and look at the Wrap-up tab to view tasks. It is a great tool to walk you through the final review.
Liz Scott is a multi-business entrepreneur working to bring together technology and accountants through her business, Liz Scott Consulting. A member of Intuit Trainer/Writer Network, she authored and taught Master level courses, including Advisory Guides and Consulting Tools for Accountants. In addition to Liz Scott Consulting, she also owns Accounting Lifeline, a firm to serve small businesses with their financial needs. Liz is a co-host of the “Appy Hour,” which helps other accountants learn about the different tools and apps for small business needs. Holding a high passion for real estate investment, she owns properties throughout Oklahoma.
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