Top 10 QuickBooks^® Mistakes

1. Not reconciling bank and credit card accounts.

2. Setting up payroll incorrectly. This is probably one of the worst mistakes anyone makes.

3. Changing transactions from a prior fiscal year after giving the file to the accountant for preparation of taxes.

4. Deleting or editing a transaction that has been cleared on the bank statement. This makes the beginning balance from the bank statement incorrect.

5. Receiving payments for customer invoices and then not making a corresponding deposit to the bank account.

6. Items mapped incorrectly, for instance the item should be mapped to an income account, but the item is going to an expense account.

7. Entering Invoices, but not receiving payments against those invoices, just depositing the money directly to the bank account. The accounts receivable will then be over stated.

8. Not entering adjusting entries after accountant prepares taxes, so QuickBooks^® will never agree with the tax returns.

9. Not using the credit card feature for purchases or using it inconsistently.

10. Entering some transactions twice, for instance if they need to reissue a check, they don’t void the first transaction and just enter an additional transaction.

QuickBooks^® is a powerful tool, but it could give you a headache if it's not set up properly. QuickBooks^® certified professional from Knoll & Company could help you and help you maximize the productivity.

QuickBooks^® services include:

a. Data file cleanup
b. Implementation and set up of initial file, which includes setting up of features that are beneficial to that particular client.
c. Training for staff and owners.
d. Monthly and Quarterly QuickBooks^® review, which includes making any necessary adjustments.
e. Set up payroll.

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