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lala77
Level 1

Help please!

Hi there, I need some help.  I have hired a bookkeeper, and she has reconciled my 2019 data but things seem off - way off....my rent for example shows In the profit and loss statement as double the expense (43,200)  than it actually was (1800/month = 21,600).  I've looked up the "transaction list by supplier" report should there be negative numbers?  should there be a listing for bill, then cheque expense, then another bill payment line all for the same transaction?  I've attached a screen shot of the report referring to the rent.

 

I don't understand this - hence why I've hired a bookkeeper, but her numbers seem way WAY off...I'd like to get some input before I ask her to explain it to me, as there was another discrepancy that she said she reconciled one amount, but client asked for a statement because they were reconciling their accounts, I went back to the bank account, and the client actually paid $10 less than the amount received in quickbooks (mistake in entering into the debit machine) - my bookkeeper didn't catch it, but even when it was questioned, she said that it was reconciled correctly.  It is making me wonder if I need to go through EVERY transaction to triple check it.  Am I liable for any wrong information submitted to CRA, or is she?

 

 

4 Comments 4
PatriciaT
QuickBooks Team

Help please!

Hi lala77,

 

Keeping an eye on your books and making sure everything is lining up correctly is a good practice to ensure that the system is producing accurate tax reports and other financial reports for your business needs. It sounds like there's a confusion between the transaction type Bill, Cheque expense, and Bill payment. I'll be happy to share more on this.

 

Bill payment shows on the record when a Bill is paid in the system through Pay Bills. While Bills are for payables (services or items to be paid later), Cheque and Expenses are for services or items paid on-the-spot. Cheques, Expenses, and Bills, therefore, operates differently and can't be used for the same transaction. To learn more about the differences between these transaction types and when exactly to use them, I recommend this useful article: What is the difference between bills, cheques, and expenses?

 

I hope this helps! Feel free to stop by any time if you need anything else!

lala77
Level 1

Help please!

thanks Patricia, did you open the attachment?  it is a screenshot of my years worth of rent.  It is entered incorrectly, am I right?  Also, I don't see December in there.  She says that the year is reconciled and ready for  me to do my taxes.  I am hesitant, and don't know how to ask her to clarify.

PatriciaT
QuickBooks Team

Help please!

Hi again, lala77,

 

Because there are various ways of handling books, I'd recommend talking to your bookkeeper or an accountant to make sure everything is recorded properly. As a member of the technical support team, I only have the tools to guide you through any system issues with the program and how to navigate in the software. When it comes to accounting issues, your accountant is an incredible resource to get to the bottom of it. You can invite your account as a user in your QuickBooks Online account by going to the My accountant menu and entering the accountant's email before confirming the invite. Alternatively, you can click on Find a pro to help to access our accountants' list.

 

All the best to you!

SLS63
Level 1

Help please!

Go to Reconcile by history to see if it has been reconciled with your bank. You'll be able to make sure it's been balance by seeing, the ending bank balance on your statement. You'll also see a Charge balance of zero's. 

How to solve your other issue: Just delete the bills you created and move forward. Time is of essences at this point. 

Here's how and Watch/STOP for the "Red" Alerts!  

Go to your bills and remove your extra rent bills created. Removed the uncleared bills by deleting. 

Again, If you get a message saying:  

The transaction you are deleting has been reconciled. Deleting your changes could put you out of balance the next time you try to reconcile. Are you sure you want to delete it? STOP! 

Try to delete the next transaction in case she was able to match your bill. 

Good Luck

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