01/04/2018 QBO Cleanup Tips

01/04/2018 QBOchat

01/04/2018 QBOchat

QBO Cleanup Tips

  1. Welcome everyone to #QBOchat. Please introduce yourselves to the group -> Name, location & name of biz.
  2. #QBOchat is a weekly tweetchat about QuickBooks Online, the best in class accounting platform for #smallbiz
  3. Reid from ClockShark here in reasonably warm Chico, CA! How’s everyone doing today this fabulous new year? #qbochat
  4. Hi everyone! Alex here with TSheets Time Tracking in Boise, ID! Happy New Year 馃檪 #QBOchat
  5. @QBOchat Hi all! Alan here from Avalara, your #1 tax compliance software solution! Hope everyone had a wonderful holiday season! #qbochat
  6. Hey everyone! Cathy Iconis here in Atlanta, GA. I’m excited about today’s topic. I love QBO Cleanups! #QBOchat
  7. We invite all types of @QuickBooks users – #smallbiz, accountants, developers, and more to join our #QBOchat.
  8. Hey 馃憢馃徑 Tiffany and the Share a Refund team checking in today! #QBOchat
  9. @tsheets @avalara How do you all deal with cleanups? I’m guessing it is a different perspective from the App side. #QBOchat
  10. Good afternoon everyone. Chris here from @jma_web in stormy Boston,MA. Hope everyone had a great New Year! #hello2018. Unfortunately, will be mostly a lurker today; the blizzard wrecking havoc w/ internet and power, alas. #qbochat
  11. The first question is right around the corner, remember to use A1, A2, etc when answering a question. #QBOchat
  12. Q1: Why is it important to start any cleanup job with updating the bank feeds and reconciling all the accounts? #QBOchat https://t.co/kJick7K3GZ

    Q1: Why is it important to start any cleanup job with updating the bank feeds and reconciling all the accounts? #QBOchat pic.twitter.com/kJick7K3GZ
  13. A1: It is important to make sure your books have all of the transactions for the business. You can change how they are classified later. #QBOchat
  14. @QBOchat Hey everyone! Sorry I’m a bit late – it’s Harika from Circulus chatting in from Dallas! 馃檪 Hope everyone is having a great week back in the office! #QBOchat
  15. @QBOchat @tsheets @avalara Gosh, I wish I had some experience in that area/insight on the topic to share, but alas I don’t. #qbochat
  16. A1: If a transaction doesn’t clear the bank or credit card account, use a clearing account to house those transactions until you figure out if they are real or not. #QBOchat
  17. A1: Remember you have the option to Undo bank recs or even do multiple bank recs in a period to help you cleanup the books. #QBOchat
  18. A1: Because cash is king. Put your thumb on cash and you put your thumb on the business #QBOchat (Hi folks. Happy New Year) 馃嚚馃嚘
  19. Hi everyone. I鈥檓 technically off today because it鈥檚 my birthday so I鈥檒l stop in next week. Happy New Year! #QBOchat pic.twitter.com/hQsDX3auN9
  20. Q2: What are some techniques to identify and deal with duplicate transactions in QuickBooks Online? #QBOchat https://t.co/rKx0qgoBPM

    Q2: What are some techniques to identify and deal with duplicate transactions in QuickBooks Online? #QBOchat pic.twitter.com/rKx0qgoBPM
  21. A2: Review the register and visually check to see if there are transactions that cleared the bank feed with the same amounts as those that have not. #QBOchat
  22. Hello #qbochat crew. Hope everyone’s holiday was great! Happy 2018!
  23. Man… it feels slow today. Do we have a bunch of lurkers out there? #QBOchat
  24. A2: Search QuickBooks Online for a transaction amount. It is possible the bank feed didn’t find a match. #QBOchat
  25. If anyone has any specific QBO cleanup questions, feel free to ask too! #QBOchat
  26. @getclockshark Did you see the shark we saw at the beach last week? I put it on my instagram account. #QBOchat
  27. A2: If the bank feed didn’t find a match, delete the duplicate transaction that is connected to the bank feed. Then, go back and use “Find Match” to force a match. #QBOchat
  28. @qb_baron As long as I know that some people are out there. The sponsors and apps are here, but I thought all accountants went missing on me. #QBOchat
  29. Q3: What should you look for when it comes to revenue related errors and how do you go about fixing them? #QBOchat https://t.co/h7APsv9ppt

    Q3: What should you look for when it comes to revenue related errors and how do you go about fixing them? #QBOchat pic.twitter.com/h7APsv9ppt
  30. Reporting from DC, we got some snow last night…but it isn’t slowing us down! Happy New Year to the @QBOchat crew. #qbochat pic.twitter.com/vBKtlTABJP
  31. A3: Review the AR aging and look for any negative balances. Investigate and cleanup those as needed. #QBOchat
  32. @QBOchat Hey friends & vendors – vendors are friends too, right!? LOL I’m just hanging out, but wanted to say hello! #QBOchat
  33. A3: Review the P&L for any deposits and check to see if those should have been recorded as invoice payments. #QBOchat
  34. @qb_baron @QBOchat I would hope we are! Hey Brandon! Hope your 2018 is starting out swell so far! #qbochat
  35. A3: Make sure you don’t have duplicate payments – 1st sitting in undeposited funds and 2nd sitting in the bank (either as a duplicate payment or recorded as a deposit). #QBOchat
  36. @avalara @QBOchat LOL CERTAINLY! SWELL? YES…so far so good…haven’t heard that word since ‘Leave It To Beaver’ HAHA Did that date me? Only caught re-runs though #QBOchat
  37. A3: Run the Undeposited Funds detail as of the last day of the month and group by customer to see the undeposited funds balances per customer. #QBOchat
  38. Q4: What should you look for when it comes to purchasing related errors and how do you go about fixing them? #QBOchat https://t.co/tNpVAg3tSX

    Q4: What should you look for when it comes to purchasing related errors and how do you go about fixing them? #QBOchat pic.twitter.com/tNpVAg3tSX
  39. A4: Run the AP Aging and look for negative balances or big overdue balances. You can also confirm with your client if the amounts look appropriate. #QBOchat
  40. A4: If you have an expense and a bill payment that represent the same transaction, you can switch that expense into the bill payment. #QBOchat
  41. A4: Review historical transactions in the vendor center to see if your expense coding is consistent. #QBOchat
  42. A4: Look out for non-business related transactions and move those to distributions or a loan payable. #QBOchat
  43. Q5: What are some apps or tools that can help you with cleaning up a client's books? #QBOchat https://t.co/JRd0SiuXBW

    Q5: What are some apps or tools that can help you with cleaning up a client’s books? #QBOchat pic.twitter.com/JRd0SiuXBW
  44. A5: Connect the client’s accounts to Hubdoc so you can easily pull in the historical bank statements and transaction history. #QBOchat
  45. A5: Consider using Transaction Pro Importer to mass import transactions or Transaction Pro Deleter to get unwanted transactions out of QuickBooks Online.#QBOchat
  46. A5: @ReceiptBank is a terrific tool for just that occasion 馃檪 Not only does it make life easier for the firm, clients love it too! #qbochat
  47. RT A5: Connect the client’s accounts to @Hubdoc so you can easily pull in the historical bank statements and transaction history #qbochat
  48. Q6: What are some accountant specific tools that QuickBooks Online provides to help us with cleanup? #QBOchat https://t.co/Mvw6cAfh2Q

    Q6: What are some accountant specific tools that QuickBooks Online provides to help us with cleanup? #QBOchat pic.twitter.com/Mvw6cAfh2Q
  49. A6: Reclassify transactions allows you to mass edit transactions by account or class. (If they are item based, consider updating the mapping on the product/service code instead.) #QBOchat
  50. A6: Undo bank reconciliations let’s you restart and get the bank recs done properly. #QBOchat
  51. A6: Use Report Tools to change the default time period for your reports and see the most recent bank rec status of your accounts. #QBOchat
  52. A6: While not accountant specific, you do have a shortcut to see voided/deleted transactions in the audit log to research issues. #QBOchat
  53. Q7: What are some other best practices to consider when cleaning up a QuickBooks Online account? #QBOchat https://t.co/wUXbeM1hMK

    Q7: What are some other best practices to consider when cleaning up a QuickBooks Online account? #QBOchat pic.twitter.com/wUXbeM1hMK
  54. A7: Avoid deleting transactions. Void or zero out when possible, so you can keep the transaction and it’s history if there is ever a question. #QBOchat
  55. Hey @avalara I need to find out who my partner rep is as I no longer have the email with this information. Thanks #qbochat  https://twitter.com/QBOchat/status/949014566238851073 
  56. @BradCelmainis Indeed! You aren’t kidding. It’s scary out there right now! #qbochat
  57. A7: When you are ever unsure of a transaction, communicate with the client. Providing them with reports of items you have questions is better than making a wrong assumption. #QBOchat
  58. @QBOchat THANKS! My company sells QBO (Prem IRP) and the suite of QB Products (@acctingsuccess)- we’re considering starting bookkeeping practice. looking for suggestions on apps & workflow to stay profitable-feel free to reach out directly as to not tie up @QBOchat #qbochat
  59. Just a few minutes left of #QBOchat. Does anyone have any chat topic ideas for the future?
  60. That’s it for this week’s #QBOChat, thanks for taking the time to tweet with us!
  61. Remember to sign up for our newsletter to get the most up-to-date news on #QuickBooks and #QBOchat.  http://bit.ly/2nJVXIC 
  62. Next week we’ll be chatting about Recruiting Your Next Employee. Schedule it on your calendar now! #QBOchat

Author: QBOchat Admin

#QBOchat began in July 2013 with the simple idea to host a weekly Twitter conversation around QuickBooks Online (QBO). We have since grown into a very strong community comprised of a diverse group of users. Our weekly tweet chat is held each Thursday at 3:00PM Eastern. The discussions cover a wide range of topics including QBO鈥檚 latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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