Knowing what the problems in your QuickBooks data file are and how extensive they are and time consuming provide the basis for determining how to implement the solutions. Many business owners do not have the time or inclination to make the changes.
If your QuickBooks company data file is not set up correctly or if transactions are not entered properly, your financial reports will not give you an accurate picture of your business. Some common errors result in double recording income or expenses, sales tax and payroll taxes looking like they haven't been paid when they have and inventory totals and costs being misrepresented. Any of these, and many more, will make it impossible for you know how your business is performing financially.
Joseph W. Donelon, Ltd, CPA
11985 Technology Drive, Suite 340 Eden Prairie, MN 55344