Accounts Receivable issue - In 2023 Anne began using the A/R function in QB. She recorded deposits and she recorded payments which duplicated income. The duplicate payments and invoices had to be voided to correct this situation. She will correct her 2024 duplicate entries. She will  modify the process of recording customer payments, so that this does no continue.

Balance Sheet/Expenses - Credit card payments, loan payments, equipment loan payments have been recorded on the balance sheet without the corresponding expenses and/or equipment purchases being recorded.  The result is that expenses are understated significantly.  The credit card balances can then be reconciled.

To correct, Anne will gather her 2023 credit card statements, she will categorize the expenses on each statement in order that correct entries can be made on QB. She will also obtain all loan statements for 2023 so that the loans and any corresponding equipment purchases can be brought onto the books. The loans can then be reconciled.

The goal is to have this done by the end of the month so that her accountant has complete and correct profit and loss information.

• Problem solved
• Created business plan