Tag: balance sheet
-
Accounts to Reconcile at Year-End in Accounting
Importance of Year-End Reconciliations Accuracy Reconciliations ensure the accuracy of your financial statements, which are crucial for decision-making, reporting to stakeholders, and complying with regulations. Compliance Reconciliations help you comply with tax regulations and accounting standards. They provide evidence of the accuracy and completeness of your financial records. Fraud Detection Reconciliations can help detect potential…
-
Preparing for year-end: Hints and Tips for QuickBooks Online (QBO) users
Year-end is quickly approaching. Be prepared for the year-end. Here is a 10-point checklist you should go through to keep your QuickBooks Online accounts in order and plan for the year-end processing. Helpful Checklist: Bank Reconciliations Make sure all bank reconciliations are up to date. This includes credit card accounts as well. Review any…
-
QuickBooks Multicurrency in QuickBooks Online US
With QuickBooks Online (QBO) multi-currency, you can track transactions in more than one currency. Multicurrency affects many accounts and balances in company file and the preference can’t be turned off once it’s been turned on. Important: Since you cannot really back up company file (with all the features and the settings) in QBO at this…
-
How do you mark a bill as paid if paid by your parent company (not by your bank account or credit card)
First, you need to get some guidance from the parent company if they go through inter-company elimination process to prepare consolidated balance sheet report. In QBO create Intercompany Accounts Payable Account (not main Accounts Payable A/P) > you can select “Credit Card” Type > it will show as Credit Card group on the Balance Sheet.…