Quickbooks Setup : the secret is in the upfront work!

The key to an accurate QuickBooks online (QBO) is the upfront set up work.

Before any bookkeeping is done, your QB Pro-advisor will customize your company’s settings, chart of account, and items to the specifics of your business so that the accounting output is accurate. Although QuickBooks is very easy to use, it takes a bit of expertise and foresight to design the system for maximum benefit and effective control.

Correctly setting up your QBO also includes
recording historical information.

  1. For example, if your business existed before your signed up for QBO (for example if you are changing accounting softwares), the prior financial history will need to be recorded in QBO so that the opening balances for the current year are correct.
  2. If you just started a business, the “out of pocket expenses” (business expenses with your personal funds before the business account was opened) will need also be recorded so you get all the tax deductions you are entitled to when it is tax season!

Karine Bauer at Kbauer Financials LLC to start your QuickBooks subscription. Karine Bauer, EA is a QuickBooks Pro-Advisor and an Enrolled Agent licensed by the Treasury Department with unlimited rights to represent taxpayers before the Internal Revenue Service. She is an experienced tax professional with more than 20 years of international experience.

As always, the views contained in this article are not tax or legal advice and are not a substitute for consulting with a professional. Contact
Karine Bauer EA at Kbauer Financials LLC for advice on your specific tax situation.

Updated - August 11th , 2019