SMART REVIEW AUDIT

To review
BANKING:

Review the list of bank and credit card accounts for any personal accounts being included in QBO

Review for any old transactions still in the “Banking” (Bank Feeds) window and how many transactions

Review the last date that the bank and credit card accounts were reconciled

Review for old/uncleared items in the bank and credit card reconciliations

Review for any changes to bank reconciliation opening balances

Average monthly number of bank transactions or credit card per month and number of bank accounts/credit cards

UNDEPOSITED FUNDS:

Review Undeposited Funds (+ > Bank Deposit) for old balances

PROFIT & LOSS REPORT:

Review for abnormal or unusual balances

Review for Uncategorized Income

Review for Cost of Goods Sold transactions incorrectly categorized as Expenses

Review for large negative balances (income or expenses)

Review for miscategorized transactions

Review for miscategorized fixed asset additions

Review for Uncategorized Expenses

Review for expenses recorded to “Reconciliation Discrepancy”

Review for expenses recorded to “Ask My Accountant”

Review for personal expenses being recorded in the Profit & Loss report

Average monthly or yearly Gross Revenue

BALANCE SHEET

Review for unusual or abnormal balances Review for large negative balances Review for uncategorized assets

Review for miscategorized transactions

Review for accounts with old balances and status

Review for miscategorized fixed asset additions

Review for notes/loans payable – interest expense not being recorded correctly.

Note: Number of monthly transactions per month: less than 50, more than 50 less than 100, or more than 100
REVIEW ACCUNTS RECEIVABLE

Review the accounts receivable aging as of the LAST DATE OF THE PERIOD BEING REVIEWED
(No of transactions, date range and $ amount)

Review for old / uncollected items more than 90 days is a red flag

Review for any credit (negative) balances 

(No invoice to apply payment or overpayment)

REVIEW ACCUNTS PAYABLE

Review the accounts payable aging as of the LAST DATE OF THE PERIOD BEING REVIEWED
(No of transactions, date range and $ amount)

Review for old / unpaid items more than 90 days is a red flag

Review for any debit (negative) balances 

(No bill to apply payment or overpayment)
T WALKTHROUGH

Completed Notes