I need someone knowledgeable in accounting and Quickbooks and able to open a quickbooks desktop (enterprise) file to reconcile my 2017-2019 income and bank statements. I have about 95% of the transactions recorded however I find discrepancies in the total amounts compared with bank.
What I can provide are the following:
1-QB company file.
2-Reports from bank accounts showing credit deposits.
3-Sales reports from all payment processors (Paypal, Shopify etc.)
My method of recording transactions were the following:
-in 2017-2018, I was recording in Quickbooks all the sales on a monthly basis on one invoice (using inventory for different items sold). The income from the invoice is paid is paid to the specific payment processor account (e.g. paypal income account), then when I transfer money from PayPal to my bank account, I would make a transfer in QB from PayPal to Bank account. So the amount in the bank account and quickbooks were relatively accurate since not affected by mistakes in invoices.
- The balance on Paypal on the other hand on the Paypal-QB account was different from the balance on the actual PayPal account, due to some mistakes in invoices.
- Around 2019 I started recording those sales on an every other day basis (when I ship) so less mistakes happen, however I also used an additional sales channel and payment processor (shopify) which began depositing payouts directly to my bank account about every 2 days. This made it harder to have an accurate bank account balance in QB compared to the real bank account balance because now I was recording invoices being paid to an account in QB called Shopify payout account... at the end of the year I would run a report from my bank account and see what were the total deposits from Shopify and then transfer from Shopify Payout account in QB to my bank account in QB.
-On QuickBooks. I record all my bills including purchase orders for separate inventory items (I have about 50 different inventory items).
-I have multiple payment accounts I receive money through. 1-PayPal. 2. eBay Payments 3. Shopify Payments. In 2017-2018 it was only PayPal so it may be easier.
-I believe the invoices are about 95% accurate, in 2019 closer to 98% accurate because I ensure that the invoice I am recording in quickbooks for the last 2 days value equal to the total value of the shipped items (shipping software provides me that info to compare).
Challenges you may face:
I think the main problem you may face is reconciling single sales transactions with daily invoices which are recorded every other day that include transactions made for the whole previous days.
Also in the invoices some items are sold as a package... like for example an item called Bold-Black-Start for 15$.... will be three items. when I make an invoice for it I have three items in the invoice, but only one will have the total of 15$ and the two other items will be total of 0$ and 0$.
The other problem you may face is recognizing the transactions that are actually refunds. Some times orders are placed and canceled before they are shipped so I do not record those at all. But one of my sales income reports of one of the 3 sales channels will include them. The way I check those is by sorting by customer name and removing the duplicate income and refunds within the same day.
I know my info in QB is pretty solid around 95%, I just want to make it more accurate.
You can come up with creative solutions, either do an actual daily reconciliation, or creating a reconciliation account to somehow reconcile the differences.
As you can see I am not a professional accountant and was learning in the beginning as I go... now I need to get my accounting straight so I am open to suggestions.
Total about 30 transactions per day since 2017.
To prove you read the project and not auto-responder respond to the question:
How will you solve the problem of reconciling my PayPal QB with my real PayPal account if my qb invoices have minor mistakes?
48 freelancere byder i gennemsnit $469 timen for dette job
I am a certified ProAdvisor in QuickBooks... Dear Sir/Madam, I trust you are well, I am a qualified accountant and an expert in QuickBooks over six years. feel free to discuss with me. Many thanks, Kajee
I'll check each item entered in Quickbooks and compare it to the numbers in Paypal to check that amounts are properly entered. That way, we can track which item was incorrectly entered and correct it.