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ismattaxservice
February 16, 2018

check list to start bookkeeping service for clients

  • February 16, 2018
  • 3 replies
  • 0 views

Does any one know where to get check list sheet to start new bookkeeping clients?

appreciated in advance. please reply.

 

QB Community Bookkeeping Checklist (so far...)

Daily Accounting Tasks

  • Check Cash Position

 

Weekly Accounting Tasks

  • Record Transactions
  • Document and File Receipts
  • Review Unpaid Bills From Vendors
  • Pay Vendors, Sign Checks
  • Prepare and Send Invoices
  • Review Projected Cash Flow

 

Monthly Accounting Tasks

  • Balance Your Business Checkbook
  • Review Past-Due (“Aged”) Receivables
  • Analyze Inventory Status
  •  Process or Review Payroll and Approve Tax Payments
  • Review Actual Profit and Loss vs. Budget and vs. Prior Years
  • Review Month-End Balance Sheet vs. Prior Period
  • Double-check for duplicate transactions after account reconciliation  (@JenPM)
  • Check if there are any uncashed checks older than 6 months (@JenPM)

 

Quarterly Accounting Tasks

  • Prepare/Review Revised Annual P&L Estimate
  • Review Quarterly Payroll Reports and Make Payments
  • Review Sales Tax and Make Quarterly Payments
  • Compute Estimated Income Tax and Make Payment

 

Annual Accounting Tasks

  • Review Past-Due Receivables
  • Review Your Inventory
  • Fill Out IRS Forms W-2 and 1099-MISC
  • Review and Approve Full-Year Financial Reports and Tax Returns
  • Review vendor and customer list for duplicates, update information as needed (@JenPM)
  • Run transaction detail by-account reports to review income and expense accounts to ensure accounts are properly classified (@JenPM)
  • Update and consolidate the Chart of Accounts as needed (@JenPM)

      3 replies

      A
      Anonymous
      February 17, 2018

      Hey Matt (@ismattaxservice), 

       

      Welcome to the community. QuickBooks wrote an article called Small Business Accounting Checklist and Infographic: 21 Things to Do and When to Do Them. I can summarize the main points below: 

      Daily Accounting Tasks

      1. Check Cash Position

       

      Weekly Accounting Tasks

      2. Record Transactions

      3. Document and File Receipts

      4. Review Unpaid Bills From Vendors

      5. Pay Vendors, Sign Checks

      6. Prepare and Send Invoices

      7. Review Projected Cash Flow

       

      Monthly Accounting Tasks

      8. Balance Your Business Checkbook

      9. Review Past-Due (“Aged”) Receivables

      10. Analyze Inventory Status

      11. Process or Review Payroll and Approve Tax Payments

      12. Review Actual Profit and Loss vs. Budget and vs. Prior Years

      13. Review Month-End Balance Sheet vs. Prior Period

       

      Quarterly Accounting Tasks

      14. Prepare/Review Revised Annual P&L Estimate

      15. Review Quarterly Payroll Reports and Make Payments

      16. Review Sales Tax and Make Quarterly Payments

      17. Compute Estimated Income Tax and Make Payment

       

      Annual Accounting Tasks

      18. Review Past-Due Receivables

      19. Review Your Inventory

      20. Fill Out IRS Forms W-2 and 1099-MISC

      21. Review and Approve Full-Year Financial Reports and Tax Returns

       

       

      But I think we as a community can do better! The list is pretty generic, it doesn't account for industry specifics or unique scenarios! No two businesses are the same, which means no two bookkeeping processes are alike.

       

      Let's start our own, starting with you @ismattaxservice, what essential tasks do you think should go in these categories, let's start a list in the comments below. 

       

      Daily Tasks: 

      Weekly Tasks: 

      Monthly Tasks: 

      Quarterly Tasks: 

      Yearly Tasks: 

       

      @Sangeethmathew, @ParkwayInc, @EmilyMockett, @JenPM, @201097, @AmberR, can you add a few tasks? :)

       

       

      JenPM
      JenPM
      February 17, 2018

       

      Hmm. @ismattaxservice you mentioned to set up a new bookkeeping client. Do you mean a checklist that has everything  you should ask the new client for? Just want to clarify before I answer. 

       

      As far as bookkeeping tasks go, that is a pretty comprehensive list without going into customer/vendor names. 

       

      However, montly I also go through the transactions after I reconcile to determine if there are any duplicate transactions or any uncashed checks that are older than 6 months. 

       

      Yearly I also go through the vendors to check for duplicate vendors. In addition I do a transaction detail by account which shows all your expense and income accounts and all the transactions in the period. I do this so I can glance over it and ensure that everything looks properly classified and nothing strange is out of place. 

       

      Also yearly I go through  and clean up the chart of accounts. I see if there are any accounts that we never use or maybe accounts/sub accounts we need to add. 

       

      Hope that helped :)

      A
      Anonymous
      February 18, 2018

      @JenPM, 

       

      Fantastic. That is exactly the kind of personal tasks/methods I was hoping for. I will add you to the list! 

       

       

       

      Daily Accounting Tasks

      • Check Cash Position

       

      Weekly Accounting Tasks

      • Record Transactions
      • Document and File Receipts
      • Review Unpaid Bills From Vendors
      • Pay Vendors, Sign Checks
      • Prepare and Send Invoices
      • Review Projected Cash Flow

       

      Monthly Accounting Tasks

      • Balance Your Business Checkbook
      • Review Past-Due (“Aged”) Receivables
      • Analyze Inventory Status
      •  Process or Review Payroll and Approve Tax Payments
      • Review Actual Profit and Loss vs. Budget and vs. Prior Years
      • Review Month-End Balance Sheet vs. Prior Period
      • Double-check for duplicate transactions after account reconciliation  (@JenPM)
      • Check if there are any uncashed checks older than 6 months (@JenPM)

       

      Quarterly Accounting Tasks

      • Prepare/Review Revised Annual P&L Estimate
      • Review Quarterly Payroll Reports and Make Payments
      • Review Sales Tax and Make Quarterly Payments
      • Compute Estimated Income Tax and Make Payment

       

      Annual Accounting Tasks

      • Review Past-Due Receivables
      • Review Your Inventory
      • Fill Out IRS Forms W-2 and 1099-MISC
      • Review and Approve Full-Year Financial Reports and Tax Returns
      • Review vendor and customer list for duplicates, update information as needed (@JenPM)
      • Run transaction detail by-account reports to review income and expense accounts to ensure accounts are properly classified (@JenPM)
      • Update and consolidate the Chart of Accounts as needed (@JenPM)

       

       

      @mcwagner, do you have any recommendations for this list?

      A
      Anonymous
      February 26, 2018

      Hey Matt (@ismattaxservice),

       

      How does this checklist look to you so far?

      A
      AllBB
      January 11, 2019

      Hello,

      I am looking for two kinds of check list to get everything set up in QB Desktop and QBOnline for payroll.  Making sure you are all set up for direct deposit for employees,  e-filing payroll taxes deposits and quarterly IRS reporting and annual reporting.  Seems like we get set up then the PIN number comes from the IRS and we miss a step, like going to EFTPS and setting up their own password.  Then you try to edible Reports and you get a rejection notice, because you missed a step and used the wrong password.  Both are different set ups.

       

      Have any suggestions or lists?

       

      TJ

       

      K
      kevynq
      August 15, 2019

      Was there a final document for tasks to be performed and/or gathering new client information for set up?

      Thanks!

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