QuickBooks
Year-End Review
The end of the year is a good time to review your QuickBooks accounting records and ensure they are complete and accurate. You need to be able to quickly gather the right information for your Form 990 (the IRS tax exempt organization form) and for your audit, if one is scheduled.
Your accounting records should:
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Be able to report each program's costs separately from administrative overhead costs and fund raising costs
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Not net your expenses together with income, except in very rare instances
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Report any restricted contributions received last year or in prior years that have not been spent as of the end of the year
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Report the spending of any restricted contributions that were received in prior years
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Report all cash accounts owned by the organization and the balances should be reconciled to bank statements
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Report all investments owned by the organization and report the investment at market value
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Show all amounts the organization has a right to receive and not include any amounts that cannot be identified
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Show all amounts the organization owes to others as of the last day of the year
What
We Do
When you engage us to do a QuickBooks Year-End Review, we examine your
records and work with you to identify information that you will have
difficulty obtaining. We especially look at whether you can report your
expenses by their specific functions for Form 990. We can help you determine
whether there are any adjustments needed in the account balances.
Cost
Range
The Jacobson Jarvis QuickBooks Year-End Review costs in the range of
$300 to $600, depending on the length of time to accomplish your review.
Because every organization is different, we can not predict how much
time will be necessary. It could be as short as two hours, or as long
as a half day.
For additional information or to schedule an appointment, contact Erin Welch, CPA at 206-628-8990 or erin@jjco.com.
Advisory Services
