Question

What tasks can be performed from the setup tab in the client's books review?

1) Identify any accounts that have had no activity in the last 90 days
2) Verify the chart of accounts has the correct industry- and entity-specific accounts
3) Identify any transactions that do not have payees
4) Check to see which accounts have been reconciled
5) Look for any accounts that might have unusual balances
6) Review any outstanding transactions 90 days or over

Answer 1

The Setup tab in the client's books review allows you to perform tasks such as identifying inactive accounts, verifying the chart of accounts, checking transactions without payees, reviewing reconciled accounts, looking for unusual balances in accounts, and reviewing outstanding transactions.

Step-by-step explanation:

The Setup tab in the client's books review allows for several tasks to be performed:

1. Identifying accounts with no activity: This can be done by running a report that shows all accounts with no transactions in the last 90 days.
2. Verifying the chart of accounts: It is important to ensure that the chart of accounts contains the correct industry- and entity-specific accounts by reviewing and making any necessary adjustments.
3. Identifying transactions without payees: By running a report, you can easily identify any transactions that do not have a specified payee, making it easier to correct and categorize them accurately.
4. Checking reconciled accounts: You can review which accounts have been reconciled by running a reconciliation report, which helps to ensure that all transactions have been properly recorded and accounted for.
5. Looking for accounts with unusual balances: By analyzing the account balances, you can identify any accounts that may have unusual or unexpected balances, allowing for investigation and potential corrections.
6. Reviewing outstanding transactions: Another useful task is reviewing any outstanding transactions that have been open for more than 90 days to ensure they are resolved or addressed appropriately.