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How accurate are your QuickBooks files?

August 15, 2017

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By: Mary-Katherine Hudson

Can your QuickBooks software show an accurate depiction of your financial position on any given day? If not, it is highly likely that common bookkeeping mistakes are taking place. To determine how accurate your file may be, ask yourself the following questions:

1. Are year-end adjusting journal entries being entered?
2. Are you reconciling all bank accounts each month?
3. Are business credit cards set up as liability accounts instead of expense accounts?
4. Are personal and business expenses being combined?
5. Do you have a capitalization policy and is it being accurately implemented when new assets are acquired?

If you answered “no” to any of the questions above, you may not be able to rely on your books to accurately reflect your current position. By taking the time to correct these mistakes, you will receive more benefit from the software and can make business decisions with more certainty when your current financial position is correct.

If these mistakes have been occurring for a long time, it can be overwhelming to resolve. Do not fret. Contact our Client Accounting Services Team to see how we can help.