This is one of my favorite times of the year. Business is slowing down and it is a great time of the year when you have more time to go through all of your records and make sure things are applied to the proper accounts. We are approaching the end of our third quarter. Here is how I re-check all of my numbers:1. Run a trial balance sheet. Check the liabilities and payable accounts. Make sure balances are accurate. Check any accounts receivable accounts and loan receivable. Check your prepaid accounts, i.e. insurance, federal taxes paid, etc. and make sure they are correct. Make sure any mortgages balances are accurate.
2. Run a profit and Loss Report. Check all of your income and expense accounts. Make sure that there are no entries to the parent account when there are sub accounts.
These are just of couple of ways to make sure your records are accurate. You can also go through your file folders and make sure they are neat and organized. Also, if time permits, it is a wonderful time to go through your PC and get rid of any unnecessary files or organize your data files.
So, enjoy your Fall Cleaning! You will be glad you did.
Lynda
Check out my website www.artesanibookkeeping.com
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