As we are looking at the final quarter of 2016 it is wise to take a quick look at your financial statements to make sure that you haven't missed anything through out the year. With stacks of papers being shuffled around it is surprisingly easy to miss bills, or other documents while you are working on your accounting.
The best way to get a snapshot of your company is to work off of your balance sheet and profit and loss statements. When doing a detailed review of your statements you need to customize the report so that every line item is showing, and subtotal the report by month. In the customize window, click show by month, then narrow the width of each column so that you can see all 12 months with out having to scroll.
When reviewing the P&L pay special attention at your expenses, especially ones that are incurred on a monthly basis: utilities, insurance, rent, etc. If anything looks too high, you might have entered something twice. None of these columns should show a zero, if it does then one of two things happened: the bill wasn't entered, or it was entered in a different month.
When working from your Balance Sheet, you want to make sure that the ending balance on all of your bank accounts matches exactly what the end number on the bank statement shows. This will get tricky. If you have it broken down by month then you might have an easier time pin pointing the problem, if there is one. One of the problems could be the reconciliations. If any of your reconciliations are off, it will automatically adjust your ending bank balance. See my post regarding reconciliations for more info on that.
These are just a couple of things that will get you started when you are prepping for the year end. If you are having any trouble at all feel free to give me a call or shoot me an email and see if we can trouble shoot it. I am also available to take a final look at things if you want a second opinion.
Abigail
abigailecarroll@gmail.com
551-252-2255
