BK360 Standards
According to company policy, when should your time be entered into the BK360 app?
Daily before logging off
True or False: CA, SCA and AMs all have the ability to update the add-ins and integration connections?
True: all of these fields can be updated by all of us.
Where should we find interest expense?
P&L, below the line/other expenses
A client uses a business bank account to pay their personal credit card balance off. How would we record this cash out bank activity?
Distribution
If your clients utilize account #s, what number should their COGS or COS accounts begin with?
5
In how many hours are we expected to reply to our clients?
within 24 hours
You have a PAYGO client that has requested you go into the books on a quarterly basis to complete the close and send statements. Should this client appear on your MECT?
Yes: the tasks can be set up on a quarterly cadence and all clients that have agreed upon deliverables should have a corresponding ME task set up.
True or False: The accounting basis is automatically shown on the financial statements when downloaded to excel/google sheets in both QBO and Xero
False: QBO it is automatic in the time stamp, Xero you have to select for the report to disclose the basis within the heading of the statement, but this can be changed in Reporting Preferences in Xero to be automatic.
Client has 2 companies within BK360 that we are engaged for monthly Bookkeeping. If you are in Company A's books and see that they have expenses paid for, but related to Company B, how would we code these expenses, and where would this account be located?
Due from Company B - balance sheet --> current liabilities
Your client sells goods via Shopify, where should the P&L account Merchant Processor Fees be located?
Within COGS
What are the core business hours we are required to work our 40hr/wk without prior approval from your AM?
7am-7pm in our local time M-F
You are getting a new MRR client from OB. Recurring work begins 5/1/25, what should be the start date added to the parent MEC task be when you are setting this task template up?
6/1/25 - as this is when May's work will begin, in theory.
The Amex stmt ends on 5/9. What would be the expectation for reconciling this account for May 2025 close procedures?
Retrieve statement through month end ~6/9 to ensure ME balance is accurate
If a company purchases a $1,500 computer, where would we code this transaction to?
A P&L account, as the amount does not meet the threshold to be capped to the balance sheet.
After completing your MEC tasks for one of your accrual basis clients, you review the P&L as a whole and notice there is a $6,500 annual Salesforce subscription hitting Software Subscriptions. What is your next action?
Move it to prepaid expenses, add to prepaid expenses workbook and make any necessary entries to expense the proper monthly allocation to the P&L.
If your client's MRR payment declined on 5/1/25, which monthly tasks would be on hold?
May 2025, which would be completed in June.
If a client is on billing hold because their MRR payment has been declined, where would your manager be able to look to see those details? (2 options)
in the notes column in the MECT and/or the status of that specific month task within the MECT.
Client uses Wells Fargo as their primary banking institution. They have only 1 bank account currently, acct #0124578. What is the proper COA name for this account?
Wells Fargo - x4578
If we are not engaged for back office work and it is the client's responsibility to invoice for their A/R, what would the comment be on the BS rec for this account and what would the action be on our end?
Managed by client, reviewing or reviewed during {month} close. Or provided AR aging to client for review, if already confirmed with client
After completing your MEC tasks for March 2025 for one of your accrual-ish basis clients, you review the P&L by month (Jan-Mar) and notice there is a $5,000 rent expense hitting rent expense in Jan and Feb but nothing appears in March. You can see that the payment hit 4/2, which is why the expense is not on your March P&L. What are your nextsteps?
Record accrued expenses JE to recognize the expense in March, and update the coding of the payment that hit 4/2 to accrued expenses to clear that balance in April.
What is the best phone number that should be added to logins for secure codes to be sent to?
(516)716-9992
Which MEC Task statuses would be a detriment to your FS Completion scorecard grade if remaining past month end? (Hint: there are 3)
not started, in progress, ready for review
You need to complete a balance sheet rec for the month of May 2025, what is the first step to begin this process?
Locate the template in the resources folder and make a copy and save to proper month folder within client drive.
True or False: Accumulated Depreciation and Accumulated Amortization should have debit balances
False: this account should always be a credit balance, unless it is 0
In the non-profit world, what is the income statement called?
Statement of Activities