Purpose
Standardize daily transaction categorization, monthly account reconciliation, and preparation/review of Balance Sheet and Profit & Loss reports.
1. Access
Use the approved password manager and authorized QuickBooks access. Never record usernames or passwords in working files.
2. Categorize Transactions
For the appropriate company, open Bank Transactions → For Review. Analyze each transaction and choose Categorize, Match, Record as Transfer, or Record as Credit Card Payment. Select the correct type, vendor/customer, and account/category, then add/post.
3. Reconcile Monthly Accounts
Use the bank statement for the period. Open Reconcile, select the account and period, verify the beginning balance, enter ending balance/date, and match deposits and payments. If the difference is not $0.00, investigate missed transactions, duplicates, data-entry errors, charges, and interest. Finish only at a $0.00 variance.
4. Review Reports
Run Profit and Loss and Balance Sheet reports for the correct period and accounting method. Review income, cost of goods sold, gross profit, expenses, net income, assets, liabilities, and equity. Export to PDF or Excel as needed.
5. Final Validation
Confirm assets equal liabilities plus equity, no uncategorized or suspense accounts remain, transactions are categorized, reconciliations have zero variance, and reports match expected trends.