QuickBooks Checklist for Certified Public Accountants in Wisconsin
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QuickBooks Checklist for Certified Public Accountants in Wisconsin
Discover the efficient way of managing financial tasks for CPAs in Wisconsin with our comprehensive QuickBooks Checklist, from client onboarding to tax filing.
1
Establish client's business entity type
2
Secure client's agreement and authorisation
3
Setup client's chart of accounts
4
Enter client's opening balances
5
Define client's products or services
6
Add client's customers into QuickBooks
7
Add client's vendors into QuickBooks
8
Record client's outstanding invoices
9
Record client's unpaid bills
10
Cross-check client's financial statements
11
Approval: Client's Chart of Accounts
12
Generate initial financial reports
13
Set up bank feeds for reconciliation
14
Reconcile bank accounts
15
Review and correct any discrepancies
16
Approval: Financial Statements Accuracy
17
Advise on tax planning strategies
18
Prepare client's tax return forms
19
Approval: Tax Return Submission
20
File client's tax return with the Wisconsin Department of Revenue
Establish client's business entity type
Identify the client's business structure and legal entity type. This task is crucial as it determines the tax obligations, liability, and reporting requirements for the client. The desired outcome is a clear understanding of the client's business structure.
1
Sole Proprietorship
2
Partnership
3
Limited Liability Company (LLC)
4
Corporation
5
Nonprofit Organization
Secure client's agreement and authorisation
Obtain the necessary client agreement and authorisation to proceed with the accounting services. This task establishes a legal basis for the CPA-client relationship. The desired result is a signed agreement in place.
1
Email confirmation of agreement
2
Signed engagement letter
3
Completed client onboarding form
4
Proof of client identification
5
Proof of client address
Setup client's chart of accounts
Create a tailored chart of accounts to accurately track the client's financial transactions. This task ensures that the account structure aligns with the client's business needs and necessary reporting requirements. The goal is a well-organized and comprehensive chart of accounts.
1
Create accounts for revenue
2
Create accounts for expenses
3
Create accounts for assets
4
Create accounts for liabilities
5
Create accounts for equity
Enter client's opening balances
Record the client's financial position at the beginning of the accounting period. This task establishes a baseline for subsequent financial transactions and ensures accurate financial reporting. The desired result is a complete and accurate set of opening balances.
1
Enter cash balance
2
Enter accounts receivable balance
3
Enter accounts payable balance
4
Enter inventory balance
5
Enter fixed assets balance
Define client's products or services
Identify and categorize the client's products or services offered. This task enables accurate recording of sales and expenses related to specific products or services. The desired outcome is a clear definition and categorization of the client's offerings.
1
List main products
2
List additional services
3
Categorize products/services
4
Assign cost of goods sold accounts
5
Assign sales income accounts
Add client's customers into QuickBooks
Input the client's customer details into QuickBooks. This task allows for easy invoicing, tracking of payments, and customer relationship management. The desired result is a comprehensive list of customer records in QuickBooks.
1
Name
2
Contact person
3
Billing address
4
Shipping address
5
Phone number
Add client's vendors into QuickBooks
Input the client's vendor details into QuickBooks. This task facilitates tracking of expenses, payment management, and supplier relationship management. The desired outcome is a complete list of vendor records in QuickBooks.
1
Name
2
Contact person
3
Billing address
4
Shipping address
5
Phone number
Record client's outstanding invoices
Document and track the client's outstanding invoice amounts. This task ensures accurate accounts receivable records for better cash flow management. The goal is to have a comprehensive list of open invoices in QuickBooks.
1
Invoice number
2
Customer name
3
Invoice date
4
Due date
5
Amount due
Record client's unpaid bills
Enter and monitor the client's unpaid bills. This task facilitates accurate accounts payable management and helps avoid overdue payments. The desired outcome is a complete list of outstanding bills in QuickBooks.
1
Bill number
2
Vendor name
3
Bill date
4
Due date
5
Amount due
Cross-check client's financial statements
Review and cross-check the client's financial statements for accuracy and consistency. This task ensures the integrity of the financial information before generating reports. The desired result is error-free financial statements.
1
Balance sheet cross-check
2
Income statement cross-check
3
Statement of cash flows cross-check
4
Statement of equity cross-check
5
Notes to financial statements review
Approval: Client's Chart of Accounts
Will be submitted for approval:
Setup client's chart of accounts
Will be submitted
Generate initial financial reports
Utilize QuickBooks to generate initial financial reports for the client. This task provides a snapshot of the client's financial performance and position. The desired outcome is accurate financial reports ready for analysis.
1
Profit and Loss Statement
2
Balance Sheet
3
Cash Flow Statement
4
Statement of Changes in Equity
5
Other
Set up bank feeds for reconciliation
Establish bank feeds in QuickBooks to automatically import transaction data from the client's bank accounts. This task streamlines the reconciliation process and improves efficiency. The desired result is successfully set up bank feeds for all relevant accounts.
1
Checking Account
2
Savings Account
3
Credit Card Account
4
Loan Account
5
Other
Reconcile bank accounts
Compare and match the transactions recorded in QuickBooks with the transactions reflected in the client's bank statements. This task ensures the accuracy of financial records and identifies any discrepancies. The desired outcome is reconciled bank accounts with no unexplained differences.
1
Match deposits and withdrawals
2
Investigate outstanding transactions
3
Record adjustments for reconciling items
4
Review cleared transactions
5
Document explanations for discrepancies
Review and correct any discrepancies
Identify and rectify any discrepancies or errors found during the bank reconciliation process. This task ensures the accuracy and integrity of the client's financial records. The desired result is error-free financial statements.
1
Investigate missing transactions
2
Verify correct categorization of transactions
3
Adjust account balances if necessary
4
Document explanations for corrections
5
Reconcile statements again after corrections
Approval: Financial Statements Accuracy
Will be submitted for approval:
Cross-check client's financial statements
Will be submitted
Generate initial financial reports
Will be submitted
Reconcile bank accounts
Will be submitted
Review and correct any discrepancies
Will be submitted
Advise on tax planning strategies
Provide tax planning advice to the client based on the review of their financial information. This task helps optimize the client's tax position and minimize tax liabilities. The desired outcome is a tax planning strategy tailored to the client's specific circumstances.
1
Identify deductible expenses
2
Suggest retirement contribution options
3
Assess potential tax credits
4
Recommend tax deferral strategies
5
Review implications of business decisions
Prepare client's tax return forms
Complete and compile the necessary tax return forms for the client based on their financial information. This task ensures compliance with tax regulations and accurate reporting of the client's tax obligations. The desired outcome is a complete and error-free set of tax return forms.
1
Individual tax return (Form 1040)
2
Partnership tax return (Form 1065)
3
Corporation tax return (Form 1120)
4
Nonprofit organization tax return (Form 990)
5
Other
Approval: Tax Return Submission
Will be submitted for approval:
Prepare client's tax return forms
Will be submitted
File client's tax return with the Wisconsin Department of Revenue
Submit the client's tax return forms to the Wisconsin Department of Revenue within the prescribed deadlines. This task ensures compliance with state tax regulations and fulfillment of the client's tax obligations. The desired result is the timely and accurate filing of the tax return.
