how long does it take to rebuild data in quickbooks 1 gb

Sales tax payments were not run through the Sales Tax Module or sales tax codes were not setup properly.Ĩ. Credit card details were not entered individually but lump sum.ħ. Accounts Payable has a huge number of 'Over 90 Days' bills when you look at the expenses, they seem unreasonable for the size of the business.Ħ. Accounts Receivable and Payables have unapplied payments.ĥ. The balance in the Undeposited Funds account has been growing, income looks high for the size of business, and accounts receivable has a huge amount of 'Over 90 Days' invoices.Ĥ. The chart of accounts has too many accounts listed for the size of the business, has duplicate/separate accounts for similar charges, and/or has expenses accounts by name of provider for example accounts are labelled Telus or Bell instead of Telephone.ģ. The chart of accounts is/was not properly set up for the correct business structure.Ģ. How do you determine if the bookkeeping stinks? Well here are few clues:ġ. You need to discuss the problems with the owner and come up with a solution. Under no circumstances would you just go ahead on your own. Of course, this should all be discussed with the owner of the business first. If you think the accountant may have understated income or overstated expenses due to the less than accurate set of books, then I'd redo the past years and notify the accountant as tax adjustments for prior years may be necessary. If an accountant didn't prepare the financials, then I'd redo past years. Personally, if an accountant prepared the year-end financials, I'd wouldn't worry about past years and just start fresh. The question then becomes, do you go back and redo the past years to have clean records, or do you just start fresh with the current year. If the problems with the record keeping are because the actual bookkeeping itself stinks, then sometimes it is faster and cheaper to just start fresh.

Were the bank account(s) and credit card(s) reconciled? If no, then perhaps what needs to be done first are account reconciliations. If yes, then perhaps the differences are simply that the year-end adjusting entries prepared by the accountant were never entered into QuickBooks. Were the books kept by the owner then given to an accountant to prepare the year-end statements? It depends on what is causing the differences.

Specifically, how do I get the QuickBooks records/data and the financial year end statements to match? How do I correctly fix a badly managed set of QuickBooks that hasn't been properly managed since 2010. The T2125 Schedule Series - Canadian sole proprietors.The Employee Payroll Rates - US and Canada.

The Self Employed Rates - US and Canada.

The Travel/Auto Rates Options - US and Canada.

How long does it take to rebuild data in quickbooks 1 gb