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What is a Diagnostic Review of Your Books?

September 18, 2020 by nicolea.co2000@gmail.com 18 Comments

Many people associate a diagnostic review with their cars. You take it to the shop, and they “run” a diagnostic on your vehicle. I can do the same thing with your financial statements and books. With my accounting background and degree, I know what is needed to file your taxes at year-end. Why not have a mid-year review done and make sure you’re on the right track? No need to why until year-end and put unnecessary pressure on yourself.

What did you need from me, and what do you review?

First, I request the following information from you.

  • Access to your QuickBooks Online (QBO)
  • Bank and Credit Card statements for the period in question
  • Loan statements or original documents when assets were purchased – auto, real estate, any asset on the books.
  • Type of entity
  • Last tax return

Review List

  • Last date bank and credit card accounts were reconciled
  • Uncleared items in the bank reconciliation – old, duplicates
  • Undeposited funds – old balances
  • A/R and A/P aging reports
    • Profit & Loss review
      • Uncategorized income
      • Uncategorized expenses
      • Unusual or unexpected balances
      • Large negative balances
      • Miscategorized transactions
      • Miscategorized fixed asset added as expense, not asset
    • Balance Sheet review (accrual basis)
      • Unusual or unexpected balances
      • Large negative balances
      • Negative balances in A/R
      • Miscategorized transactions
      • Accounts with old balances
      • Miscategorized fixed asset added as an asset, should be expense
      • Loans/Notes payable – principal balance, interest expense not recorded correctly.
      • Sales taxes and payroll taxes
      • Owner distributions – equity, owners draw
      • Personal income or expenses

Oh my – How do I hire you to do this?

Well, this is the easy part. I would love to have a connect with you and hear more about your business. You can either email me at NicoleA.CO2000@gmail.com or schedule a meeting with me via phone or zoom at https://calendly.com/excelbook.  I look forward to hearing from you soon.

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