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Using a cleanup checklist for successful QBO cleanups

bookkeeping clean up checklist

After locating the source of your problems, you’ll probably be tempted to jump right in and begin fixing them. It’s wiser, though, to take a breath at this point and ensure that your books suffer no further damage. The key to this step is making sure that all incoming documents are handled by a reliable accounting system under the eye of a reliable bookkeeper. Too often, small business owners continue to manage the books themselves, even after the business has grown and its accounting needs have changed. If keeping your records in a shoebox was a good enough system three years ago, it’s clearly not enough at this point.

bookkeeping clean up checklist

Compare each transaction on your bank statement with the corresponding entry in your bookkeeping records. Look for any discrepancies, such as missing, duplicate, or incorrectly recorded transactions. The first step to catching up on your books is to evaluate your bookkeeping clean up checklist current bookkeeping system. Take an honest look at your current system and identify areas for improvement. Routine bookkeeping clean up is directly connected to business survival rate – the more you review your books, the better chance you have of succeeding.

Free Template – Bookkeeping Clean-Up Checklist

When it comes to tidying up your books, create a checklist to help you track what needs done and cross items off your to-do list. An accounting professional can help you unravel and clean up accounting records. You can also create adjusting entries to record depreciation and amortization, an allowance for doubtful accounts, and accrued revenue or expenses. Try to aim for reconciling your accounts each month for tidy books.

Once you have all your financial documents in hand, it’s time to categorize and organize transactions. This means assigning the correct classifications to each transaction, such as categorizing a transaction as an expense or income. This step is essential to producing accurate financial statements and tracking your business income and expenses.

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