QuickBooks Online for bookkeepers Required
Bank feeds
Match before you add. If a transaction already exists (a bill, an invoice, a transfer), match it - do not create a duplicate.
Categorization
- Use the client's existing chart of accounts. Do not invent accounts without asking the file lead.
- Owner personal spending in a corporation goes to Shareholder loan / Due to (from) shareholder, never to an expense.
HST codes
- Ontario standard rate is HST ON 13%.
- Zero-rated and exempt items must carry the correct code so the HST return is right.
- When unsure, flag it - guessing an HST code creates a filing error later.
Month-end
- Reconcile every bank and credit card account.
- Clear undeposited funds and uncategorized transactions.
- Review AR / AP aging for stale items.