Is Your QuickBooks Online File a Mess? Here’s How to Tell and What You Can Do About It

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QuickBooks Online can be a life-saver for small business owners, but only if your files are in good shape. A messy QuickBooks Online file can lead to all sorts of problems, such as incorrect financial reports and missed tax deductions. So how do you know if your QuickBooks Online file is a mess? And more importantly, what can you do about it? In this blog post, we will answer those questions and provide tips on how to clean up your QuickBooks Online file.

If your QuickBooks Online file is a mess, it can lead to all sorts of problems. Here are some signs that your file needs some attention:

1. You have duplicate transactions.
2. Your financial reports don’t make sense.
3. You’re having trouble reconciling your bank account.
4. You have accounts with negative numbers

If you’re seeing any of these signs, it’s time to take action. Waiting to address issues until next year can leave you with less options for the current year and could lead to trouble later.

So how do you clean up your QuickBooks Online file? 

Here are some tips for cleaning up your QuickBooks Online file:

1. Fix duplicate transactions. Make adjustments but don’t delete- see below
2. Don’t Delete- if a transaction looks like it shouldn’t be there- void it. Once you start to reconcile you may realize that a transaction was needed. If you void it, it can still be retrieved and put in the correct account.
3. Reconcile your bank account. Sometimes that is the easiest way to find errors. If it is not on your bank or credit card statement, but it is in QuickBooks Online, you need to investigate further. Is your beginning balance off? Check out this video from QuickBooks for help: How to fix beginning balance issues when reconciling in QuickBooks Online
4. Update your Chart of Accounts. Make sure your chart of accounts will allow you to create the reporting you need. Need help with this? We have you covered. We can help you create the best reports for your business and keep monthly tabs on income and expenses.

Cleaning up your QuickBooks Online file may seem like a daunting task, but it’s important to keep your QuickBooks Online file in good shape. By taking the time to clean up your QuickBooks Online file now, you can avoid potential problems down the road.

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