About this template
Work type: Accounting
Location: United States
Client industry: Generic
Version: 2 (Latest)
This template includes
- 13 tasks
Annual Books Review - QBO, non monthly client
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| Team Tasks | ||
|---|---|---|
| 1. Chart of Accounts Review | ||
| Review account structure and organization | ||
| Check for duplicate or obsolete accounts | ||
| Verify account types and classifications | ||
| Assess naming conventions and consistency | ||
| 2. Bank & Credit Card Reconciliations | ||
| Review all account reconciliations for the year | ||
| Identify any uncleared transactions | ||
| Check for unexplained adjustments | ||
| Verify ending balances match statements | ||
| 3. Income & Expense Categorization | ||
| Review transaction categorization for consistency | ||
| Check for miscategorized transactions | ||
| Verify proper treatment of asset purchases vs. expenses | ||
| Assess use of sub-accounts and classes | ||
| 4. Accounts Receivable Review | ||
| Examine aging reports for outstanding invoices | ||
| Review customer payment history | ||
| Check for unbilled time or expenses | ||
| Verify customer balances match customer statements | ||
| 5. Accounts Payable Review | ||
| Review unpaid bills and aging | ||
| Check for duplicate vendor payments | ||
| Verify vendor balances against statements | ||
| Review recurring bills for accuracy | ||
| 6. Payroll Records Review | ||
| Compare payroll reports to general ledger accounts | ||
| Verify employee and contractor classifications | ||
| Review payroll tax payments and filings | ||
| Check for any unusual payroll transactions | ||
| 7. Sales Tax Review | ||
| Verify collected sales tax matches filed returns | ||
| Check for proper tax rates by location | ||
| Review exempt sales documentation | ||
| Verify tax liability accounts balance | ||
| 8. Financial Statement Analysis | ||
| Review Balance Sheet account balances for accuracy | ||
| Analyze Profit & Loss for unusual fluctuations | ||
| Compare current year to previous year performance | ||
| Check Statement of Cash Flows for consistency | ||
| 9. Inventory Review (if applicable) | ||
| Compare physical counts to QuickBooks records | ||
| Review inventory valuation methods | ||
| Check for obsolete or slow-moving inventory | ||
| Verify inventory accounts balance properly | ||
| 10. Fixed Assets & Depreciation | ||
| Review fixed asset register in QuickBooks | ||
| Verify depreciation calculations | ||
| Check for disposed assets still on books | ||
| Reconcile fixed asset accounts to detailed listings | ||
| 11. Year-End Adjustments | ||
| Review all journal entries made at year-end | ||
| Check accruals and deferrals for proper cutoff | ||
| Verify owner's equity transactions | ||
| Review any unusual or large adjustments | ||
| 12. QuickBooks Settings & Security | ||
| Review user access and permission levels | ||
| Check audit trail for unauthorized changes | ||
| Verify company settings and preferences | ||
| Review backup and data protection measures | ||
| Complete a findings report | ||