The overview is available only to accountants who have a QuickBooks Online accountant account and To know more about Zero Out Retained Earnings In QuickBook. So let’s go ahead and get started. From the dashboard on the left navigation bar, click overview. The overview is a recent feature that has been added to QBO, a or QuickBooks Online accountant. And it is a work in progress. So you may see a different version from what I’m showing you now. But rest assured, there’s a lot more functionality that’s being added. The point of the overview is to help accountants and bookkeepers
To get a sense of the health of a client’s QuickBooks file and listen to bookkeepers to get a sense of the health of a client’s QuickBooks file and the health of that day that in the file is supposed to help us to be able to price monthly services to scope out any cleanups that need to be done and to get a general sense of the health of our client’s files.
So in this first section, it says come.
And you can see the type of QBO subscription that they have. And whether they have a payroll subscription, whether they have enabled sales tax, and whether there are any apps that have been connected. In the next section, we have banking activity. And this lists all of the bank and credit card accounts that the company has set up in the chart of accounts. We’ll start here with a statewide bank, showing that it has a zero bank balance. So this is the balance that has been downloaded from their bank account in the bank feeds. There are 22 unaccepted transactions that we need are 22 transactions sitting in the bank feeds window that needs to be added or matched. And there are 2045 transactions that are unreconciled. That means that those transactions are sitting in the bank reconciliation window and have not built 31 2021 for our sample company.
So if we look at the unaccepted transactions, And then you can see the 22 transactions here that still need to be worked on. So either they’re added or matched in QuickBooks. Now let’s look at the unreconciled transactions. So this will take you to the bank register for that account. And you need to look for the transactions that don’t have an R. So these are unreconciled.
You can also filter for the reconcile status as not reconciled. Apply. And then you can see that these are all the transactions that have not yet been reconciled. And here we’re looking for old transactions. So any transactions that are older than 1231 2021. So you can see this account was reconciled, 1231 2021. And as you can see here, we have transaction data for November, July, June. These are all transactions that are probably duplicate, possibly some checks that maybe weren’t cleared, but certainly, a check to the Internal Revenue Service would have clear by now So there needs to be investigated, and they need to be cleaned up.
They may need to be voided or deleted or addressed in some way as to why they’re still showing as uncleared in QuickBooks. Here’s a savings account, it says no bank data, QuickBooks transactions only. That means that the account has not been added to the bank feeds. So there’s only an account in the chart of accounts. And it doesn’t have any transactions, and it doesn’t have a balance. So it has never been reconciled. what this looks like is an account that has been added to QuickBooks, but it has never had any activity in the account. And then there’s a credit card account. And again, the same thing, you have a bank balance, this is the balance downloaded from the bank.
Uncleared in undeposited funds
The balance in QuickBooks, and then the number of unaccepted transactions and unreconciled transactions, and then the last date that the credit card account was reconciled. When I look at this, my main concerns are whether the accounts have been reconciled, and if so when was the last date that they were reconciled, as well as unreconciled transactions. So how many transactions are sitting there that are old, that have not been reconciled? Because generally, those are duplicate transactions or invalid transactions that need to be cleaned up. So this gives me a sense of what those are. And of course, I can drill down as I showed you to figure out what needs to be cleaned up. And then here, I can see that these are the transactions that are sitting in the bank feeds. Again, I have an idea of the trends.
The volume of transactions that need to be added. expandable opening balance equity, and there Steven it says View All you can see the rest of them. Let’s look at undeposited funds because this is an area that generally gets messed up. Okay, so here are all of the transactions that don’t show and are like these need to be addressed need to be looked at to see if they’re old. And if so then they need to be cleaned up. So again, that’s a filter for not recoined apply Then you can see all the transactions that are uncleared in undeposited funds.
but then when they deposit the money when they record a deposit, they’re not applying those deposits in the undeposited funds when the other probably recording these directly to income. So we would be looking for income balances or income transactions that are deposit transactions in income. That would be a sign of a problem with the undeposited fund’s window. You can also view the chart of accounts from here just to get a feel for an account that You can also view the chart of accounts from here just to get a feel for the accounts that are being used by the client and whether there’s any cleanup that needs to be done to the chart of accounts.
And you can also view some reports directly from here, the balance sheet and the profit and loss. Just as a reminder, this is an accountant only view so only accountants can see the overview. I think so far that this is very helpful.
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