QuickBooks® Back Work
Hi - I love your website!
I have been taking different Accounting Courses over the past 3 years and recently started working again (home with kids). I love bookkeeping but I am still learning.
Currently I have taken over books for a very organized small business (easy transition) and was asked by a friend to do his books. He was already using QuickBooks® (updated to 2009 version) so I bought that new version (I had previously used older versions in other employment). Anyway, his books are a real mess!
Negative A/R, A/P, never reconciled his bank account in 5 years so it is overstated, never tracked inventory properly, has two COGS accounts (one appears to not be used). Can't imagine that GST is correct, opening balance equity are inventory asset adjustments ... the list goes on.
To fix this current company in QB (QuickBooks®) would take many hours and I doubt he has all the receipts anyway. Also, he mixes personal with business (ug!), has no OE or OW set up. I don't feel that I have the skill or the necessary information to fix this, so I was thinking that it is better to open a new QB company and start fresh - what are your thoughts?
Also, he needs to remit GST for last year but with this mess of records he is most likely overpaying! HELP PLEASE!
I'm with you.
Sometimes it is faster and more cost effective for the client to just start their books fresh ...
... as reconciling and correcting the prior bookkeeping work done by someone who did not understand basic bookkeeping or follow good bookkeeping practices takes time ...
... and we all know time = money.
The good news is ... that's why you have a home business as a bookkeeper!
I am delighted that you are enjoying my website! I hope you visit often. :0)QuickBooks® is a registered trademark of Intuit, Inc.