What 4 things can be done in the Wrap-up tab of Books review in QuickBooks Online Accountant?
Prepare reports
Cancel an existing QuickBooks Online client subscription
Invite new users to a QuickBooks Online company
Move an existing QuickBooks Online client subscription to your firm
Create an additional to-do checklist
Create a new QuickBooks Online client subscription
Close the books
The Correct Answer and Explanation is :
In the Wrap-up tab of the Books review section in QuickBooks Online Accountant, you can perform several critical actions related to client account management and business workflow. Here’s a detailed explanation of the four key actions you can perform:
- Prepare reports: This feature allows you to generate and customize financial reports. These reports can help in reviewing the financial health of the business, ensuring that the accounting is accurate, and providing insights that might be needed for decision-making. The reports could include balance sheets, profit and loss statements, or cash flow statements.
- Cancel an existing QuickBooks Online client subscription: If a client no longer requires QuickBooks Online or if they switch to another accounting solution, you can cancel their subscription directly from the Wrap-up tab. This is a crucial feature for accountants managing multiple client accounts, as it helps keep the firm’s records accurate and avoids unnecessary charges.
- Close the books: Closing the books is a feature used to finalize the accounting period for the client. This prevents any further changes from being made to the period’s transactions, ensuring that financial data remains accurate for tax filing, auditing, or financial reporting purposes. It locks down the period and can help maintain the integrity of the financial records.
- Move an existing QuickBooks Online client subscription to your firm: This option is available for accountants who may want to manage a client’s QuickBooks Online account under their firm’s umbrella. By transferring the subscription, you can manage the client’s account directly, streamline communication, and offer better services through centralized access to client data.
These four functions, along with others like creating checklists or inviting users, are designed to streamline the workflow for accountants using QuickBooks Online Accountant, ensuring clients’ accounts are well-organized and managed efficiently.