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QuickBooks CPA Advice on Detecting Intuit QuickBooks Bookkeeping Errors

CPA firm in Wilmington NC offers QuickBooks bookkeeping support

Gary Bode, CPA: if you’d like a free initial consult on a QuickBooks bookkeeping issue, consider calling us at (910) 399-2705.

QuickBooks bookkeeping revolutionized small business accounting. Read any of our QuickBooks related posts and you’ll see we’re big fans.  But QuickBooks uses single entry bookkeeping, meaning. So, its user-friendly interface makes some types of errors easy to make and then hard to detect, at least without close inspection.

“Posting to incorrect accounts is easy with QuickBooks bookkeeping because you select them from convenient drop down lists.” 
-Gary Bode, QuickBooks CPA with a virtual office

Drilling Down in Reports to Find QuickBooks Bookkeeping Errors

Bookkeeping in QuickBooks is usually done in “batches”.  At the end of an entry session, the bookkeeper can generate a Profit and Loss report, using that day for both the beginning and ending time period.  Drilling down on the accounts generated in the report brings up the underlying transactions, which is extremely helpful for review while they are still fresh in the bookkeeper’s mind.  Some types of Intuit QuickBooks bookkeeping entry errors are very obvious to spot using this technique.  And of course, QuickBooks has made it easy to fix any errors once detected.

Counting the Number of Transactions

A challenge with any accounting software is making sure all transactions are entered.  Knowing the number of transactions, say customer payments, in a  “batch” is a good control, because there’s a QuickBooks report that provides a “count” as an internal control.

CPA Overview

CPAs generally review the QuickBooks bookkeeping on a regular monthly or quarterly basis.  Errors get corrected through Adjusting Entries made in the General Journal.  Subsequent bookkeeper discussions reduce the likelihood that similar errors occur in the future.  Most CPAs start by generating a Trial Balance report and then drilling down through the accounts.

QuickBooks setup and training

Generalized QuickBooks training: I taught QuickBooks for Baker College. We used a great text and thoroughly covered the entire scope of bookkeeping. But the students weren’t all that appreciative. Most of them already had a company and wanted to use QuickBooks for the bookkeeping. The QuickBooks course covered areas they had no use for.

Custom QuickBooks training: When I help Folks today with QuickBooks, my goal is to show them 90% of what they need to know in 90 minutes.

  • I start by trying to understand how the Client thinks about income and expenses.
    • QuickBooks flexibility allow me to design an intuitive obvious chart of accounts.
  • Some of that streamlined training means I can concentrate on the what the Client needs by eliminating what they don’t need.
    • For example, a CPA firm doesn’t need inventory.
    • A restaurant doesn’t Accounts receivable.
  • I’m showing my age here but I’m always amazed when I can tutor a long distance client on QuickBooks.
    • I can let them see my screen as I explain transactions.
    • Then I can flip and watch them enter transactions.
  • Generally I start with income. Why? Every client understands where their money comes from.
    • Then I mirror what they understand best in QuickBooks.
  • Finally I’m available for support if when you need it.

If you’d like a free initial consult with a Wilmington NC CPA firm specializing in QuickBooks bookkeeping and accounting, please consider calling us at (910) 399-2705.

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