Is your accountant a little too busy? Let our Quickbooks Customer Service team help you spot accounting errors

 Even the smallest accounting errors can result in significant profit losses and inaccuracies in quarterly and yearly reports. Mistakes can also increase the likelihood of a CRA payroll audit due to revenue discrepancies. It’s important to recognize the miscalculations and correct them as soon as they occur. If you are a business owner, consider these common accounting mistakes.

Small companies often feel they can tackle accounting tasks on their own to save money, but an inexperienced bookkeeper can make crucial mistakes, from not knowing the correct deduction amounts when writing cheques to classifying employees incorrectly for payroll purposes.

If you are unsure of payroll regulations, you might consider hiring out payroll processing to a third party or purchasing a software program like QuickBooks, which alerts you when you do not follow recommended procedures.

Professional, reliable and quick customer service for QuickBooks. Contact us today to schedule a monthly or one-time consultation about your accounting needs.

QuickBooks - what is the best way to correct the spotted accounting error?

Often, adding a journal entry (known as a “correcting entry”) will fix an accounting error. The journal entry adjusts the retained earnings (profit minus expenses) for a certain accounting period. Correcting entries are part of the accrual accounting system, which uses double-entry bookkeeping.

So, basically the first step in correcting accounting errors is to identify those errors.

Reviewing the Trial Balance: It is one way to find different types of errors. Though not all errors will affect the trial balance, so it’s not a foolproof way to catch mistakes.

Reviewing Reconciliations: Reconciliations will also reveal many types of errors. You should perform reconciliations on a monthly and yearly basis, depending on the type of reconciliation. Bank reconciliations can be done at month end while fixed asset reconciliations can be done at year end.

Routine Checks to Identify Errors: It’s important to establish a routine where you review and carry out reconciliations of your accounting records on a regular basis. That said, accounting errors will still happen no matter how thorough and frequent your reviews. The important thing is to have a system in place to minimize errors and quickly spot and correct any that do happen.

If you're still looking for support with your QuickBooks account, there's no need to wait. Our QuickBooks customer service team is available 24/7, so you can always get help when you need it.