Grand Gate Gardens Case Study Video #33: June Wk5 - Comprehensive End of Month Checklist

Video #33 in the Grand Gate Gardens Continuous Case Study. Find out more here: https://naomiwilkins.ca/about-the-ggg...

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June Week #5 is split into 11 separate videos. This 10th video covers the second part of the charges folder.

This video covers the comprehensive End of Month Bookkeeping Checklist. It covers how we can check our own work and check what information might not have been given to complete the bookkeeping properly. It discusses the difference between the P&L and Balance Sheet, and how the P&L is directly related to the Balance Sheet. It discusses how the Shareholder Loan can directly affect the taxable income of the shareholder, how to reconcile the customer deposits, and what reports to confirm with the business owner each month (or what reports to confirm with your bookkeeper each month!) and so much more!

0:00:00 Beginning
0:01:55 Introducing the End of Month Checklist (and an explanation of the different styles of bookkeeping; "After the Fact" Bookkeeping, vs "Real Time" Bookkeeping.
0:03:23 Review your notes and questions from last month
0:04:33 Confirm bank feeds are connected before you start the bookkeeping
0:05:13 Enter the source documents
0:05:37 Confirm the Vendor Statements
0:06:23 Enter the income and deposits
0:06:34 Confirm the payroll is entered/Tracker updated (if applicable)
0:06:56 Clear the bank feeds after all of the source documents are entered
0:07:26 Enter entries that may have no source documents, such as WSIB/WCB, CRA Interest or penalties, Square Fees, etc.
0:08:18 Check CRA and add any interest or penalties or transfers
0:10:21 Reconcile Credit cards, Credit lines, Bank Accounts, Clearing Accounts, Register Cash, and Gift Card Liability, and correct uncleared items is necessary
0:11:34 For accounts with mid-month statements, how to confirm all entered transactions have cleared after the statement date to the end of the month
0:13:46 Reviewing the bookkeeping after it has been entered and reconciled
0:14:12 Review the unpaid Invoices and Bills
0:15:25 Cleaning up the McGroots overpayment of $3.65
0:16:48 Options on how to clean up the OVP, and why I don't like changing the bill amount
0:18:04 Adding the Overpayment "Bill" to clean up the McGroots OVP
0:20:02 Review the Unpaid Invoices
0:20:49 Modifying the Open Invoices Report to show original balance and saving the report to "Custom Reports"
0:23:42 How to review the Profit and Loss to look for anything that might have been missed
0:27:04 QBO's Accounting Agent found something in the Office Expenses that my review did not see
0:28:41 Reviewing the current Year to Date P&L with last year's YTD P&L
0:30:53 Reviewing the Balance Sheet to look for reasonability in the bookkeeping
0:31:50 The Balance Sheet explained: The difference between the Profit and Loss and the Balance Sheet
0:33:16 Why would the Cash Account Balance be Negative?
0:34:20 Why our Gift Cards Issued for the Case Study is Negative.
0:36:04 What happens when Register cash is negative, or very highly positive (And how that can affect the taxable income of the shareholder!)
0:38:37 Reviewing Undeposited Funds
0:43:11 How to use QBO's Reconciliation Screen to reconcile Customer Deposits
0:46:05 Confirming GST/HST Payable GL account on QBO
0:46:34 GST/HST Suspense GL Account on QBO is the "Filed and payable to CRA" amount
0:47:48 Confirming the Payroll Liabilities is doing what it should be
0:49:38 Confirming the Truck Loan Balance
0:51:23 Reviewing Owner's Draw (Shareholder Loan if the business is Incorporated) and confirming no HST Credits have been claimed on the non-business transactions.
0:53:49 What are Retained Earnings, and how does the Balance Sheet use the Profit & Loss to bring everything into Balance?
0:55:51 Are Last Year's Year End Adjustments entered yet?
0:56:22 Why the Year End Adjustments are often missed.
0:57:34 Send the Questions and missing items list to the business owner (and lists to be confirmed such as Payables and Draws).
0:58:04 The "NR" List (And how to find the NR Tag list report in QBO)
1:00:23 The risk of not having the receipts
1:01:42 What Questions and Lists to send to the business owner when finalizing the bookkeeping period
1:03:30 If you're the business owner, you can request these things from the bookkeeper

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