Your QuickBooks Health Check

Part of the QuickBooks For Dummies Cheat Sheet (Australian Edition)

Doing your books in QuickBooks isn’t simply about getting the job done quickly. You also want to ensure that your business information is accurate and safe. This QuickBooks checklist helps you to sleep easy at night, knowing that your accounts are in top-top shape.

  • Make a backup every time your work in QuickBooks, then store the backup offsite.

  • Always reconcile every back account at least once a month.

  • Chase all debts as soon as they reach 30 days or are overdue.

  • Click the Audit Company button at least once a month and work through all four steps.

  • If you’re not sure where to allocate a transaction, don’t guess — ask your accountant.

  • Learn how to reconcile your GST liability accounts (relevant in Australia) and do this every time you pay your Business Activity Statement.

  • Reconcile all payroll liability accounts.

  • Every month, scan transaction reports for weird stuff or mistakes.

  • Print a Balance Sheet for the current date and a Profit & Loss for the year so far, then check that both reports make sense.

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QuickBooks For Dummies Cheat Sheet (Australian Edition)

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