Summary
In this chapter, we've shown that although at first glance QuickBooks may appear up to date and even have the bank reconciled, it's important that all areas should be checked fully before we start preparing accounts of any kind.
You should now have a good understanding of the following:
- Basic accounting principles and concepts
- How often QuickBooks should be checked
- Basic reports to check and how these can be adapted
- Common errors that occur and how to fix them
When it comes to preparing our end-of-year accounts, we've made a start by checking for inconsistencies and have been able to make some corrections.
In our next chapter, we'll be looking more at how we can improve the consistency in our financial reporting; this will focus mainly on our profit and loss. As we progress further, Chapter 10, Reconciling the Balance Sheet, will look more closely at the balance sheet to ensure all areas have been fully agreed upon and reconciled...
