Ready or Not Here Comes the New Year!
Verify QBO Information
Wow! We are almost to 2024! It is so hard to believe the New Year is almost here!
At P&L Business Solutions, we like to encourage out clients to have all their “ducks in a row” so the Tax Season is a breeze. Here are a few things you can do to be sure your Tax Season is a breeze.
Verify Your Company Information in QuickBooks Online
Have you had your QuickBooks Online Account for a long time? Have you made any tax changes to your business recently? Are there items in your QuickBooks Online Account that may need tweaking since the last QuickBooks update?
If so, you might want to take a look at your QuickBooks Online settings to ensure the accuracy of the information. Even if you don’t think anything has changed, it would be a good idea to check the information for accuracy one a year or so.
Here are the steps you can take to verify your QuickBooks Company information:
- Log into your QuickBooks Online Account
- Navigate to the Gear icon > Account and Settings.
3. Go through each section on the left verifying that all of the information is correct.
4. To make any changes, click Edit (the pencil icon on the right) or click anywhere in that area.
5. Be sure to Save your changes in each section and Click Done when you are completed with the Account and Settings section.
Verify Your Company Financial Data in QuickBooks Online
I have had many of my clients tell me that they look at their Financial Reports frequently, however, sometimes we get so busy we forget to pay attention to how our Business’ Books are doing on a consistent basis.
“Reports are critical for feedback and specialized business activities. Their objective is to provide information about the financial position, and the performance and changes in the financial position of a company. The information provided by reports can impact an owner’s important business decisions that affect continued operations. They can provide management with a more detailed understanding of the figures.” (QuickBooks Online 2023 Client Training, Karp, p. 6)
Here are a few Reports to view regularly to verify that your Financial Data in QuickBooks is correct:
- Balance Sheet – with a comparison to the previous month, quarter, or annual period.
- Profit and Loss – with a comparison to the previous month, quarter, or annual period.
- Statement of Cash Flows
- Accounts Receivable Aging Summary
- Accounts Payable Aging Summary
Hey! Did you know that you can Customize and Save Reports so that you don’t have to set them up each time?? You can also set the Reports up to the emailed to yourself and others automatically each month.
Here is a link that will give you instructions for creating and saving reports in QuickBooks Online:
Run and Customize reports in QuickBooks Online
You may want to start running these reports and reading through them on a Quarterly Basis, however, I recommend getting in the habit of looking at these reports Every Month.
About P&L Business Solutions
At P&L Business Solutions, we provide Business Coaching, Fractional CFO Services, and Customized Bookkeeping to our Business Clients. Our Goal in the Monthly Newsletter is to provide overal General Business Information and Tips and Tricks in using QuickBooks Online.
Please give us a call if you have any questions or if there is anything we can help you with. P&L Business Solutions would love to help your Business be the Thriving Business You Desire!
(804) 561-1600
(800) 20-BOOKS
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