Top Ten CPA Tips for August

by Susan St. Range, CPA - Senior Staff Accountant

To Our Clients and Friends Who Use QuickBooks,

Having clean books will contribute to the accuracy of your tax return and possibly save you headaches with the IRS should you ever be audited. The following steps can help set you on your way to tidy QuickBooks bookkeeping practices.

1. Make sure you have reconciled ALL your Quickbooks bank accounts, including those savings accounts that never change. Book the interest!

2. When you reconcile, are there a bunch of old uncleared checks or deposits that won�t go away? Time to address those "stale� items.

3. Accounts Payable and Receivable � again, time to journal out the old uncleared and unresolvable items.

4. Equipment � have all fixed assets been properly capitalized? Review your Tools & Supplies, and your Repair & Maintenance accounts to make sure.

5. Quickbooks lists � do you have duplicates on your Chart of Accounts? Vendor List? Customer list? We can help you clean these up.

6. Review your vendors for possible 1099 filing requirements. Send Form W-9 to all vendors who have not provided tax ID numbers and addresses.

7. Credit cards � if you are not using the Quickbooks credit card module, it is time to make that change. Today.

8. Are you making regular backups? Are they stored offsite?

9. Do you have fraud controls in place? Are you reviewing large payments and credit card statements?

10. Feel like you need a short Quickbooks refresher? Make an appointment for one of our staff to help you out! We are far more patient in August than we are in February.

If you need help with ANY of the above items, please call our office at 541-773-6633.

Very truly yours,

Susan E. St. Range, CPA