This is a typical service we get requested, which is to get the books CLEAN and CAUGHT-UP until the today, so that you can concentrate on doing your bookkeeping moving forward with your historical data for the current year accurate and not feel like you are always playing catch-up and never will have the books ready in real-time.  The actual service of  “Clean-up  and Catch-up” will consist of the following download or manually enter historical transactions from the beginning of the fiscal year to make sure that all banks and credit cards can be reconciled at match-up to income from invoices and sales receipts; and expenses from bills and payments created; and that will allow you to prepare basic year-to-date financial statements (profit and loss and balance sheet)

The other work we also can to do in these type of engagements is the following:

  • Setting up all beginning balances: enter all the beginning balances from previous balance sheet (normally from last year’s tax return, if the previous accountant has prepared one)
  • Clean and customize the chart of accounts: creating income and expense accounts that are relevant to the industry and specific business activities.  Creating all balance sheet accounts, such as: Assets (that they own), Liabilities (what they owe), and Equity (owner’s value of the business) that the business has with their correct current balances.
  • Connecting Bank and Credit Card Accounts: make sure that all bank and credit card accounts that can be connected to be downloading transactions from the bank automatically are setup to be downloading daily.  Plus configure Bank Rules, so that the common and predictable transactions are automatically classified by QuickBooks upon download
  • “Audit” Accounts Receivables and Accounts Payables: to make sure that the current customer balances and vendor balances are correct
  • “Closing the books”: this is typical when preparing to generate reports for tax returns, this requires making high level adjustments to accounts receivables, accounts payables, inventory, non-deductible expenses, and other balances that pertain to adjusting books to IRS/tax tules; and finally lock the books so they cannot be changed one the tax return has been filed using QuickBooks reports.
  • Basic workflow training for non-accountants: teach the end user how to enter transactions such as invoices, bills, payments, creating items, managing inventory, etc… that matches the workflow of how the business operates and generates transactions.  So how the users how to generate most important and relevant reports to help make proper business decisions
  • Create Customized Reports: .  Plus create custom reports for specific information that the end-user / business owner needs to create to focus on specific information to review

 

Optionally, after we get you caught-up, you can hire us to support you in a monthly basis to maintain your books up-to-date, this is what we call a “Monthly Bookkeeping Full Service” or a “Collaborative Bookkeeping Support Service” depending on the level of involvement you want to have in your day-to-day bookkeeping tasks.

Call us 954-414-1524 or e-mail hector@garciacpa.com to setup a 15 minute consultation to review your books and give you a FLAT FEE to help you get your bookkeeping “caught up” and in order.  The cost for these services vary from case to case, we have charged a little as $350 to catch up a small company with a couple of months of catchup work and we have charged as much as $3,500 to clean-up a whole year worth of accounting with adjustments to inventory, accounts receivables, accounts payables, loan balances, etc.  Either way, we will charge you a FLAT FEE quoted upfront, NO HOURLY RATES.

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2 Responses to Helping you get your books “caught up”

  1. Rucht Doleo says:

    Good Afternoon,

    What is the cost of this service?

    • Hector Garcia Hector Garcia says:

      is a custom price.. we have charged as much as little as $350 ad as much as $3,500. What affects the cost?
      -Number of months we are cleaning up?
      -Number of bank accounts and credit card accounts
      -Number of non-bank (cash) based transactions we have to enter manually
      -Number of missing or duplicate transactions
      -If we have to clean up payroll as well
      -Level of detail required for reports
      -Overall volume of transactions, company size, etc…

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Call us to 954-633-2718 or email: hector@quickbooks-training.net