BKP’G - Monthly Bookkeeping - Full Cycle QBO/Dext With Manager File Review - October 2024

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About this template

This Bookkeeping Full Cycle template, with the Manager File Review workflow ensures consistent, compliant and clean QBO books. Here is a video on implementing the Bookkeeping Full Cycle template, with the Manager File Review as a section within the project. Ensure you test it before using it on live clients, check that the roles are working for you, look at descriptions to vet for fit for your firm, and customize the automated email template and tags. https://www.loom.com/share/8ff1a24e55264dd7974ae81afbb2635d?sid=fea840ba-2c43-43e8-bb68-659c3c0672b6

Work type: Bookkeeping

Location: United States

Client industry: Generic

This template includes

  • 28 tasks
  • 5 client tasks
  • Automations
  • Resources
Start of Month Client Tasks Client Tasks
Upload Bank/Credit Card Statements to Dext
Upload bills, expenses, sales (created outside of QBO) to Dext
Complete all invoicing and received payments in QBO
Complete all expense reports and mileage in Dext or QBO
Record payroll that is not integrated with QBO
File Prep Tasks
Automations
Prior period payroll finalized
Bookkeeper
"Pay" and/or match prior period payroll deductions
Bookkeeper
"Pay"" and/or match prior period [TAX AGENCY] Payment
Bookkeeper
Check that all necessary documents and statements have been uploaded - again!
Bookkeeper
Mileage and expenses submitted?
Bookkeeper
Review Recats and send to QBO on transactions client has responded to
Bookkeeper
Initial run through Dext - code and publish receipts
Bookkeeper
Confirm invoicing and/or daily/weekly/monthly sales receipts posted
Bookkeeper
Bookkeeping Tasks
Automations
Publish Receipts From Dext
Bookkeeper
Ensure receipts have been coded and published
Ensure non-publishing receipts (such as bank statements) have been named correctly - check archive if they are not still in costs
Review Accounts Receivable
Bookkeeper
Add or create new invoices
Receive customer payments
Create/verify bank deposits
Review Un-deposited Funds - send list of stale payments
Run and review Accounts Payable report for anomalies
Review Accounts Payable
Bookkeeper
Post/publish bills
Post/publish expenses
Pay vendor bills and/or match in bank feeds
Run and Review AP report for anomolies
Clear Bank Feeds
Bookkeeper
Sort & filter bank account & credit card feeds
Review reconciliation accounts for "un-matched" transactions.
Match/code transactions
Code un-matched or unknown transactions to correct accounts that track to Recats
Reconcile Other Accounts
Bookkeeper
Review (reconcile) Petty Cash account
Re-code ""Shareholder Paid"" to appropriate shareholder account
Review (reconcile) Cash Drawer Payout account
Review and reconcile all clearing accounts such as payroll, transfer or AP ones
Reconcile Bank/Credit Card Accounts
Bookkeeper
Review (reconcile) Merchant account
Review (reconcile) Sales Clearing account
Initiate reconcile bank accounts - do not finalize - only reasonable ""uncleared"" transactions!
Initiate reconcilecCredit cards - do not finalize - only reasonable ""uncleared"" transactions!
Clear stale dated transactions from reconciliations
Run through all bank and credit card reconciliations and ""finish now"
Reports Review And Upload
Bookkeeper
Open/refresh AP, AR, P&L and BS
AP review, upload
AR review, upload
P&L review, upload
Verify General Ledger and statement ending balances
Balance Sheet review, upload
Manager File Review Tasks
Confirm Reconciliation Statements have Been Uploaded
Reviewer
Ensure they have been named correctly
Review QBO Overview Module
Reviewer
All bank feeds cleared for previous period
Reconciliations completed for previous period
No unusual uncleared transactions
General Review
Reviewer
Check for large purchases that may be fixed assets - duplicate transaction numbers and transactions with no name associated
Vendors and Customers. Check for duplicates and run a quick general review
Review Undeposited Funds
Reviewer
Check to see if there are Undeposited Funds" by clicking the "+" sign in QBO and selecting "Bank Deposit""
Bank Feed Review
Reviewer
Review last dates accounts reconciled.
Review the bank feed for open transactions—sort by oldest date. There should be no old uncleared transactions that may have come in post-reconciliation.
Open AP, AR and Un Deposited Funds to review for transactions that should have cleared bank feeds and may not have.
Balance Sheet Review
Reviewer
Accounts in their expected position?
Due to/from Shareholders - Owners Equity reasonable?
Prepaids reasonable?
Current liabilities reasonable (short term loans...)?
Sales tax current?
Verify General Ledger and Statement Ending Balances
Reviewer
Open GL report and set start and finish dates as the last day of the previous month
Open BS report and set start and finish dates as the last day of the previous month
Open rec reports for overview accounts
Open statements for bank/credit card/merchant accounts (overview accounts being fetched)
Run down the GL to ensure it matches the BS
Ensure the rec report ending balances match the statements and the GL/BS
AR Review
Reviewer
Negative balances to be reviewed?
Aging over 60-90 days?
AP Review
Reviewer
Negative balances to be reviewed?
Aging over 60-90 days?
P&L Review
Reviewer
Any un-categorized transactions?
Automobile expenses being treated correctly?
Meals & Entertainment Reasonable?
Travel & Conferences Reasonable?
Other income or expenses coded correctly?
Products & services review - tracking to reasonable accounts (use P&S report - add income accounts)?
Class tracking review.
Job costing review.
Unbilled transactions review.
Income/expenses reasonable to comparative period?
Roll through Book Review in QBO to check for anomalies
Reviewer
Open/refresh AP, AR, P&L and BS
AP review, upload
AR review, upload
P&L review, upload
Balance Sheet review, upload
Replace the reports in firm controlled client portal that the bookkeeper uploaded
Reports Uploaded - Books Closed Email Sent
Reviewer
Open/refresh AP, AR, P&L and BS
AP review, upload
AR review, upload
P&L review, upload
Balance Sheet review, upload
Upload to where client accesses reports
Close Books With Password
Reviewer

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