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QBO Smart Review Checklist: To Review Complete D Notes

The document provides a checklist for reviewing a QuickBooks Online file. It lists items to check in the banking, undeposited funds, profit and loss report, and balance sheet sections of QBO. The purpose is to help uncover problems in a client or prospect's QBO file through a file review.

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Jeremy Ortega
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479 views3 pages

QBO Smart Review Checklist: To Review Complete D Notes

The document provides a checklist for reviewing a QuickBooks Online file. It lists items to check in the banking, undeposited funds, profit and loss report, and balance sheet sections of QBO. The purpose is to help uncover problems in a client or prospect's QBO file through a file review.

Uploaded by

Jeremy Ortega
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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QBO Smart Review checklist

To review Complete Notes


d

BANKING:

Review the list of bank and credit card accounts for any
personal accounts being included in QBO

Review for any old transactions still in the “Banking” (Bank


Feeds) window

Review the last date that the bank and credit card accounts
were reconciled

Review for old/uncleared items in the bank and credit card


reconciliations

Review for any changes to bank reconciliation opening balances

Review for any auto-adjustments made to bank reconciliations

UNDEPOSITED FUNDS:

Review Undeposited Funds (+ > Bank Deposit) for old balances

©2019-2021 VM Wasek CPA, LLC / 5 Minute Bookkeeping / 5MB Academy https://5MBAcademy.com


PROFIT & LOSS REPORT:

Review for unusual or unexpected balances

Review for Uncategorized Income and Uncategorized Expenses

Review for Cost of Goods Sold transactions incorrectly


categorized as Expenses

Review for large negative balances (income or expenses)

Review for miscategorized transactions

Review for miscategorized fixed asset additions

Review for payroll expense being recorded incorrectly

Review for expenses recorded to “Reconciliation Discrepancy”

Review for expenses recorded to “Ask My Accountant”

Review for personal expenses being recorded in the Profit &


Loss report

Review for Unapplied Cash Payment Income and Unapplied


Cash Bill Payment Expense (cash basis)

©2019-2021 VM Wasek CPA, LLC / 5 Minute Bookkeeping / 5MB Academy https://5MBAcademy.com


BALANCE SHEET (ACCRUAL BASIS):

Review for unusual or unexpected balances

Review for large negative balances

Review for uncategorized assets

Review for miscategorized transactions

Review for accounts with old balances

Review for miscategorized fixed asset additions

Review for notes/loans payable – interest expense not being


recorded correctly.

Review for payroll tax payments being recorded correctly

Review for amounts being recorded to Opening Balance Equity

Purpose of this checklist:


Use this checklist to help you uncover some of the biggest problems found in QuickBooks Online. You can use this checklist to do a
quick file review when looking at a prospect’s/client’s books.

This is list is not all-inclusive. Feel free to update it for your specific needs.

©2019-2021 VM Wasek CPA, LLC / 5 Minute Bookkeeping / 5MB Academy https://5MBAcademy.com

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