Using a cleanup checklist for successful QBO cleanups

[@noelvisramirezaccounting]

I don’t understand how you don’t have more likes because your video is very productive . I love it . Also , I will use the form on my first bookkeeping clean up client .

[@5MinuteBookkeeping]

Thank you!

[@syebethel]

This is a great help. I've done these for years, but cd never understand why it seemed to drag on indefinitely! This checklist was what I needed from the beginning! Love your thorough methods and organisation! Thanks so much for sharing your knowledge 💕

[@5MinuteBookkeeping]

You're welcome, Sonja!

[@danielm.wekesa809]

Thanks a lot, dear Veronica, I'm subscribed to all!

[@5MinuteBookkeeping]

Welcome!

[@lauraprater2300]

Thank you Veronica. Great value and beautifully presented, as always.

[@5MinuteBookkeeping]

Glad it was helpful!

[@user-jn5dn9fg6q]

Thank you for sharing.

[@5MinuteBookkeeping]

You're welcome!

[@BusinessCoachP]

Lovely

[@5MinuteBookkeeping]

Thanks.

[@BusinessCoachP]

Great content shared

[@5MinuteBookkeeping]

Thank you.

[@melissay7979]

How far back should we clean up for a client? They have been completely disorganized for years.

[@5MinuteBookkeeping]

Normally, we clean up the P&L for periods for which a tax return hasn't been filed already.

[@joandelmundo2005]

Hi, How do you remove personal transactions from the books? Let say for example when the client has purchases charge as owner's personal expense?

[@5MinuteBookkeeping]

You can't remove personal transactions from the books if they were paid with business funds. If so, you would need to record them as owner's draw or distributions.

[@shantryce375]

Great video...what would be the benefit of having books as cash and taxes as accural? Or even vice versa?

[@5MinuteBookkeeping]

That would be a great question for a tax preparer or CPA. I don't provide any tax services and would not be the best person to answer this question.

[@Tiffany.B.]

Hi you said we would not use the schedule L for sole proprietors (sch C). What will we use? Thanks

[@5MinuteBookkeeping]

Sole proprietors in the US do not file a balance sheet (Schedule L) on their tax return. You would not be able to reconcile the starting balances on the balance sheet for a sole proprietor but you can and should still clean up the balance sheet balances.

[@stcstwwlove]

Is this check -list in qbo or did you use a spreadsheet?

[@5MinuteBookkeeping]

Hi. I used a spreadsheet.

[@moiragreen1953]

Please help I have unspecified amounts in my management report ,how do I clean up

[@5MinuteBookkeeping]

I'm not sure what you mean by "unspecified" amounts. Also, which report are you referring to?

[@antedarla]

Is it better if you can share to us the template of the checklist in the video.

[@5MinuteBookkeeping]

Take a look at the video description. I link the checklist that is available for purchase.

[@janeh5949]

I may have a new client. He never heard of a clean up checklist for QBO. Can I print out this form? thank you

[@5MinuteBookkeeping]

Hi Jane. Sorry for the late reply. You can purchase my cleanup checklist at 5mbAcademy.com. There are other free resources as well on my online academy.

[@SCLana]

This is question maybe not for this video, but i would like to get your opinion. I initially tried to do a quickbooks set up with quickbooks themselves, paying for the book clean up service. However, after my first consultation, the quickbooks rep told me she can't help me because I have an options and futures account which makes accounting more complicated. I don't understand why an options/futures account is more complicated than simple capital gains and losses. Can you explain to me why they would have refused to work with me and the complications present with my trading activities

[@5MinuteBookkeeping]

QuickBooks Live is only charging a low amount to set up and cleanup the books. The only way they can do that profitably is to take very simple clients. The average bookkeeper is not trained on doing bookkeeping for trading activities.

[@muhammadluqman6113]

Hello I wanna to learn Tax return for the US & UK please help me and make a short video. thanks, advance....

[@5MinuteBookkeeping]

Hi. I don't provide any sales tax services and don't teach sales taxes.