![]() ![]() (A future article will explain how to conduct a thorough review of posted transactions to the Profit and Loss.) We will assume for this article that all transactions are appropriately coded to the Profit and Loss, not the Balance Sheet, and that they are correctly coded to the right accounts. Before you start analyzing the data, you want to know that the expenses to the Profit and Loss Report are accurate.Although that may seem obvious, a lot of my work in my practice centers on cleaning up incorrectly posted transactions. The problem I see most often is that the data is not relevant because the transactions were posted incorrectly. ![]() In QuickBooks it is very easy to pull up reports to monitor where your money is being spent. ![]()
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