Hey @BIG Matty There is no easy answer to this question, as it depends on many factors such as the number and type of entities, the amount and complexity of transactions, the quality and availability of records, and the level of accuracy and detail required. However, some general steps that might help are:
- Prioritize the most important or urgent entities and periods to catch up on.
- Review the existing chart of accounts and make sure it is consistent and appropriate for each entity.
- Gather all the relevant source documents such as bank statements, invoices, receipts, contracts, etc.
- Reconcile the bank and credit card accounts for each entity and period.
- Enter or import the transactions into QuickBooks using the proper categories, classes, and projects.
- Run reports such as profit and loss, balance sheet, cash flow, etc., and check for any errors or discrepancies.
- Adjust any entries as needed and close the books for each entity and period.
- Repeat the process for the remaining entities and periods until everything is up to date.
This might seem like a daunting task, but with some planning, organization, and patience, it can be done. Alternatively, you can hire a professional bookkeeper or accountant to help you with this process, but make sure they are familiar with QuickBooks and your industry. Either way, once you catch up on your bookkeeping, you will have a better understanding of your financial situation and be able to make more informed decisions for your business.
Thanks
Paul
