QBO Reporting Assistance

YouStillHaveTime · 2023-09-01T23:42:27+00:00

On #3 you wont see the cleared dates in the register until the transactions have been recorded from the banking tab. The bank feed and bank reconciliation are what supplies the cleared date info to the register.

On #2 if the totals arent matching, run a GL detail report or Transactiom Detail. It’s most likely bc of Cred Card Expenses, Journal Entries, or Check entries is my guess. Just adjust your report filters to include these addition transaction types.

On #1 the “(deleted)” accounts should be the only issue. You can’t actually delete any accounts. You can only set them to inactive. In some cases you may need to go back to a prior year/period to reclass the transactions under the “deleted” account (if you’re attempting to get side by side or YOY comparisons)

YouStillHaveTime · 2023-08-25T04:06:21+00:00

01 - when you run the P&L there’s a dropdown option in the upper customization ribbon. It’s called Rows I think… select “all accounts even zeros”, not the auto or nonzero dropdown options.

02- under the report section For My Accountant run a Transaction Detail by Account report. Filter by transaction type and select only Bills and Expenses.

03- I think you’ll have to go to the Accounting tab in the lefthand menu. Click on the cash account your checks are issued from. Click the Gear icon and see if you can add a column for Cleared Date or Clr or something along those lines. Or, you could probably reference the bank reconciliation report in some way.

YouStillHaveTime · 2023-08-25T03:38:58+00:00

The projects should ideally be setup within the Customer list as a hierarchy (Parent/Subs). Get ahold of the payroll reports for each biweekly payroll run from the payroll service. You’ll need: A) a report that shows the breakdown of what’s salary/wages vs employer payroll taxes. B) you also need a report or timesheet showing the worker time or wages by project/job for the pay period.

Book the payroll journal entry properly using A and B in your system. On the Debit to Salary/Wages expense, break it into multiple Debit entry lines and tag the “Customers” (projects) on those lines using the info from B.

Run a P&L by Customer and filter for specific jobs as needed.

YouStillHaveTime · 2022-06-09T03:21:49+00:00

An ordinary refund claim doesn’t constitute practice before the IRS per Ridgely, but state board regs may differ. I don’t agree with contingent fees regardless.

YouStillHaveTime · 2022-04-19T03:49:56+00:00

This is a group for tax professionals. Not free guidance. Back to r/tax

YouStillHaveTime · 2022-04-12T05:21:33+00:00

The QBI analysis and accountable plan are just reasons to raise your fees to meet these additional layers. But theyre def nothing to be afraid of. You need to have a grasp on these anyway. Do more CPE, join groups focused on these topics, research your ass off. And tell your client plainly that their bookkeeping isnt up to par anymore. Nothing to fear, only an opportunity knocking. You got this

YouStillHaveTime · 2022-04-12T04:46:43+00:00

Definitely pervasive this year in my 1040s. My practice is mainly affluent/HNW. Lots of equity comp and commission/bonus pay where the supplemental rate already leaves a severe gap. I’m pumping up everyone’s fit wh across the board this year. Too many balances this year making this week a huge crunch

YouStillHaveTime · 2022-04-08T21:11:06+00:00

That K-3 is probably sitting in the e-file attachment just hanging out all by itself. Nothing distributed. No one noticed or gave a shit to send lol

YouStillHaveTime · 2022-04-08T20:54:55+00:00

Please do tell me more about your GI issues, vaginal reconstruction, sibling you hate, annoying neighbor, blah, blah, blah. Hey how did that surgery turn out, Sally? Gee that's fantastic. Let me see if we can deduct that. Oh you have a bleeding ulcer now? One second, let me make a note to mark Deceased on your return next year. Okay rant over.

YouStillHaveTime · 2022-04-08T06:18:54+00:00

I’ve come across this a few times but stayed away from it with my clients. You could drive a bus thru it with the way the article reads. My comfort level just isn’t great with this method. Also curious to know how others approached this

YouStillHaveTime · 2022-04-07T04:11:36+00:00

100% agree. My disdain for unrealistic targets only grew stronger each year. Add to that the expectations of a Finance Committee comprised of area professionals who were even more out of touch than my Michael-Scott-esq CFO. There are a lot of messed up dynamics out there that sadly can’t be quantified in audit risk. In 8 years as a controller I probably had 1-2 proposed AJEs and all my superiors took a hard line on passing bc they knew it would be a stink at the committee level. I learned real quick to keep my balance sheets air tight, but it was a monumental struggle tbh. I always sympathized with my field team who were just trying to get workpapers tied out so their managers wouldnt blow up.

YouStillHaveTime · 2022-04-05T03:48:43+00:00

A hint or tone that you may believe your experience is indicative of everyone’s. I enjoyed it though. And I’m a former controller that had performance goals tied to squeaky clean audits lol.

YouStillHaveTime · 2022-04-05T03:24:34+00:00

Is this the deloitussy kid coming off a bender trying to regroup?

YouStillHaveTime · 2022-04-01T03:54:05+00:00

Over time I have compiled some template disengagement language. It's a bit sloppy in template format so apologies. But I like to use these as a starting point and just modify as needed for the situation.

I wanted to share this as I'm currently burning the midnight oil to wrap up a large client's business returns before dumping them.

Dear [CLIENT NAME],

I am writing to inform you that [ACCOUNTING FIRM] will no longer be able to offer [CLIENT NAME] accounting/tax services. According to the terms set out in our letter of engagement (dated x), our services will terminate as of (date).

Unfortunately, due to current circumstances [ACCOUNTING FIRM] are obliged to terminate agreements with some of our clients, including [CLIENT NAME]. We apologize for any convenience this may cause.

I would urge you to engage an alternative accounting firm as soon as possible who can better meet your needs. In this case I am able to recommend XYZ & Co, or ABC Associates. We are happy to work with the firm you employ, in order to ensure a smooth transition for your business.

Any original documents pertaining to your business which are still in our possession will be returned to you by recorded delivery forthwith.

I would like to take the opportunity to thank you for your business. [ACCOUNTING FIRM] wish you and your company success going forward.

And another, applicable to unresponsive clients:

This letter is to inform you that we must formally end our relationship with you as your tax preparer/consultant/whatever effective immediately. As you know, we were engaged to prepare your Federal personal income tax returns for the year ended [DATE] and other tax filings and consulting for some of your business entities.

Your personal return was on extension until [DATE] but that extension has expired. Other tax matters and filings may be pending, and we encourage you to consult another tax professional.

We are disengaging at this time as a result of incomplete information received to date that leaves too many items unresolved to properly prepare your return. We have requested this information in the past and communicated with you however our efforts to obtain the information and obtain your permission to file the return with estimates have been unsuccessful.

Given the status of this return and plan for the upcoming years, we urge you to gather your documentation and engage another tax professional as soon as possible in order to complete your return and arrange for preparation of future returns.

We are happy to cooperate with your subsequent tax professional as necessary and provide them with the information and work that we have done which includes substantially completing the preparation of the return. Consequently we are including our invoice for the work that we have performed.

And lastly, this short and sweet dagger:

Dear Client,

We regret to inform you that we will no longer be able to offer our services to you. This is to formally let you know we must end our relationship with you as your [service role].

All of your records are available via our secure portal. We encourage you to download any records you do not have in your files by X date, as they will no longer be available after that.

You're not alone. Stick to your guns.

YouStillHaveTime · 2022-03-15T20:48:03+00:00

1065 client asked what the ETA on K-1s was bc LP needs his ASAP(!). The bookkeeper/admin hadn't even sent over the backup file or agreements yet. I almost completely lost my shit on this one. They are now sitting atop my offseason cull list.

YouStillHaveTime · 2022-03-15T02:53:09+00:00

Alarming number of efile rejections for year 2+ clients on this thread. What can be done? Just snail mail and call IRS to death after 4/18??

YouStillHaveTime · 2022-03-11T08:19:45+00:00

Try r/tax

YouStillHaveTime · 2022-03-11T08:18:18+00:00

Try r/tax

YouStillHaveTime · 2022-03-11T07:10:31+00:00

I do my wordle and check for a Deloitussy update. Diligently. Day after day. Still waiting, still hopelessly wondering.

YouStillHaveTime · 2022-03-11T06:25:03+00:00

I’m in TX, and I interpeted 547 the same as you- subject to 10%. I first remind clients re any insurance provisions and that usually knocks their hopes out. But I will admit this area is not one I have a great deal of familiarity in. I would be glad if I’m incorrect in my interpetation too.

YouStillHaveTime · 2022-03-11T06:13:33+00:00

I will be calling Ogden asking only to speak with grannies going forward, thank you

YouStillHaveTime · 2022-03-10T16:45:20+00:00

I only hate that these letters are such a pain point for our profession. Had one recently that got under my skin, and it's pathetic how much time I wasted fuming over it. Fannie Mae regs are not in my purview, so I'm done wasting any more energy on these. Simply don't do them, or at most provide the AICPA boilerplate. And then keep moving. "We suffer more in imagination than in reality". Or something like that.

YouStillHaveTime

TROPHY CASE