Frequently you will run across a transaction that you just aren’t sure which account you should be posting it too. Often times you end up “just picking one”, and tell yourself that you’ll remember to ask your accountant about it the next time you talk to him/her – and quite promptly forget.
To alleviate this problem; and give your accountant a “heads up” on transactions that you are having trouble classifying – add a new Expense Account to your Chart of Accounts called See (Accountants Name). Every time you have a transaction that you aren’t quite sure what to do with:
- Write a pretty detailed description in the Memo Field of the transaction
- Assign it to the See (Accountant Name) account
- Open the QuickBooks To Do List (Company Menu -> To Do List), click the To Do button on the lower left -> Choose New
- In the Remind me on date drop-down, enter January 1 of the next calendar year
- Start out with something to the effect of “Notes for 2010 See (Accountant Name) Account
- Referencing the transaction type (check #, invoice #, vendor bill #) and Vendor Name, Customer Name, etc. add additional details.
- You can easily add more information by going back to the Company Menu->To Do List and double-click on the original entry.
- When the reminder pops up on January 1, open the To Do Item and Print it out and include it you’re your tax return information.
You will find that your accountant, once he or she get’s used to this, will be very grateful for your extra efforts in notifying him/her of items that you are unsure of what to do with.