Redmond Accounting Inc

Nikki Smith

Reviewing inventory in Quickbooks Online

Reviewing Inventory in QuickBooks Online

After reconciling your bank, credit card, Accounts Receivable, and Accounts Payable balances, you might think your Balance Sheet is finally wrapped up. But if your company tracks inventory, there’s another critical step before you can close the books: Reviewing Inventory in QuickBooks Online. Inventory is one of the trickiest areas of accounting. It affects not […]

Reviewing Inventory in QuickBooks Online Read More »

receivables and payables

Closing the Books in QuickBooks: Reviewing Receivables and Payables

Once the bank and credit card accounts are reconciled, many people think the hard work is done. But if you stop there, you could still be leaving big gaps in your financial records. Reconciling the bank is only the beginning of closing the books. The next step in your checklist is to work through the

Closing the Books in QuickBooks: Reviewing Receivables and Payables Read More »

Open Items

Why Open Items Matter in QBO

You’ve made it to the $0.00 difference on your reconciliation screen in QuickBooks Online. That green checkmark is tempting. But before you click Finish now, there’s one more step you can’t afford to skip: reviewing your open items. Open items are the remaining transactions that haven’t been checked off as cleared during the reconciliation. Even

Why Open Items Matter in QBO Read More »

Troubleshooting reconciling

Troubleshooting Reconciling in QuickBooks Online

Troubleshooting Reconciling in QuickBooks Online: A Guide to Getting That $0.00 Difference   Reconciling your bank or credit card accounts in QuickBooks Online (QBO) is a key part of closing your books and ensuring accuracy. But what happens when the numbers don’t line up? One of the most common challenges is troubleshooting the current reconciling

Troubleshooting Reconciling in QuickBooks Online Read More »

troubleshooting the beginning balance

Troubleshooting the Beginning Balance in QuickBooks Online

In our last blog post we went over the crucial first step of reconciling your accounts in Quickbooks. Once you’ve selected the checking account to reconcile in QuickBooks Online (QBO), the next step is troubleshooting the beginning balance to verify that what is shown on screen matches the beginning balance on your bank statement. This

Troubleshooting the Beginning Balance in QuickBooks Online Read More »

Reconciling the Balance Sheets

Reconciling the Balance Sheet: The First Step in Closing the Books

Closing the books is a fundamental part of the accounting cycle. It ensures that your financial records are not only complete, but are accurate, and even compliant. It also sets you up for timely reporting and thorough analysis. In this blog post, we’ll guide you through the key steps, focusing on reconciling the balance sheet

Reconciling the Balance Sheet: The First Step in Closing the Books Read More »

add transactions

Add Transactions in QuickBooks Online

Add Transactions in QuickBooks Online Now that you’ve carefully worked through your unmatched and uncategorized bank feed activity, it’s time to add the remaining transactions to your General Ledger (GL). This final step ensures your financial data is complete, accurate, and organized, all without manual data entry. Let’s dive into this important step and everything

Add Transactions in QuickBooks Online Read More »

Bank Feed Matching

Mastering QuickBooks Online Bank Feed Matching

In our last blog post, we explored how to use banking filters in QuickBooks Online (QBO) to categorize transactions efficiently by leveraging matches, rules, and suggestions. However, once these automated features have done their job, we’re often left with some transactions that still need to be addressed. In this post, we’ll walk through the next

Mastering QuickBooks Online Bank Feed Matching Read More »

business Expenses

Avoid Lost Deductions: How to Properly Document Business Expenses for IRS Audits

Don’t Let “Naked” Expenses Cost You During an IRS Audit   When it comes to IRS audits, one of the most common reasons taxpayers lose out on deductions is simple but avoidable: lack of documentation. You might think that a bank or credit card statement is enough to prove business expenses, but the IRS sees

Avoid Lost Deductions: How to Properly Document Business Expenses for IRS Audits Read More »