Do you need rescuing?

Are you coping with your finance’s?

Do you know if you’re making a profit, or is it a loss?

Working on your file for the last couple of years, you did your own bookkeping, you wern’t quite certain what you were doing, and every time you sent your file to your accountant, it came back with journals, or he had to revise your lodged BAS’s over the entire year.

The Profit and Loss looks totally different to the report you have been running and at year end, you do need to know if you are running at a loss or a profit.

You need help, face it!

What we call Rescue work, varies based on individual needs, but will usually encompass some of the below:

  • Bank reconcilation’s not completed for months or years
    • Have you ever reconciled your bank & credit card accounts
    • Have they matched your bank account
    • Have you added your loan accounts to the file
    • are you picking up all the expenses, interest charges for your business
  • Old unreconciled transactions in the last bank reconcilation
    • This means, you have either doubled up transactions
      • Either in the same bank account
      • Or added the transaction in two different accounts
    • Did not go through your bank accounts – did you pay cash for these expenses?
  • Deleted reconciled transactions which will cause the bank rec to be out of balance
    • After reconciling the bank accounts, you may have changed, deleted or added a transaction after you lodged your BAS
  • Unreconciled/Undeposited Funds, Electronic Clearing and Payroll Clearing Accounts
    • So you added transactions to invoice payments, you have processed payroll for your staff but it just never got reconciled to the bank account?
    • Why?
  • Incorrect allocation of GST
    • Do you really know what codes you should be using
    • Did you know that bank fees should be GST FRE
    • Did you know that VicRoads, Insurances, Registrations do not attract the full GST on the total amount you paid
  • Unreconciled GST Control Accounts
    • Do you ever check your GST control accounts?
    • Are you making sure that all GST is being picked up
    • Are you on Cash or Accruals for your GST method? this will affect what remains in your GST control account
  • Incorrect set up and allocation of Payroll including combining PAYG and Super Control Accounts and wrongly accruing Sick Leave & Annual Leave
    • Who set up your payroll?
    • Leave does this calculate correctly?
    • PAYG does this control account come to nil every time you pay your monthly IAS or quarterly BAS


These are just a few items that can affect your QuickBooks Online file if not set up correctly, and if not reconciled correctly?

With correct financials you can make decisions to grow your business, in the right direction


So do you need rescuing?

Find us at

Related Article