"The Harmoney Way"
Let's start with an "ice breaker" during this meeting.
What is the Harmoney Hey!
Don't record bank transactions manually! Just use this QBO feature.
What are Bank feeds
A liability account that records expenses incurred but not yet paid for.
What is Accounts Payable
This temporary account used to track money earned or spent needs to be reviewed by the client.
What is uncategorized income/expense
The balance of money owed to a business for goods or services delivered or carried out, but not yet paid for by customers.
What is Accounts Receivable
A temporary account used to post payroll expenses and payroll journal entries.
What is a payroll clearing account
This communication software uses "Channels" to organize conversations.
What is Slack
Used to allocate salary & wages, employer taxes and other payroll related activity.
What is a payroll journal entry
A portion or all of an account receivable that is considered uncollectible.
What is Bad Debt
The process of verifying that the amounts recorded in the accounting software tie to tax returns or payroll reports.
What is a payroll reconciliation
This is a resource that a company or individual owns or controls that can be converted to cash or generate revenue.
What is an Asset
A list of financial accounts set up for recording transaction in an organization's general ledger.
What is a Chart of Accounts
Harmoney's preferred software to manage and record the day-to-day financial transactions of an organization.
What is QuickBooks Online
Stale checks were identified thanks to this process.
What is a bank reconciliation
An asset account that records payments made in advance for goods or services that have not yet been consumed or received.
What is Prepaid Expense
Provided by CPAs, these entries are usually made after tax returns are filed.
What are Adjusting Journal Entries
An examination of an organization’s financial statements to make sure that they are an accurate and fair representation of the company’s transactions.
What is an Audit
This reports a company's assets, liabilities, and owners/shareholder equity at a specific point in time.
What is the Balance sheet
This newly named department is one of the first stops for our clients.
What is Gleam Up
This form is used to provide accurate vendor information needed to file forms with the IRS.
What is a W9
This money received in advance for products or services that have not yet been delivered or performed are recorded as a liability.
What is Deferred revenue
The accumulation of a company’s undistributed earnings that has been retained for the future.
What is Retained earnings
This process records and communicates financial information that is intended to be useful in making economic decisions.
What is Accounting
These 12 consecutive months are chosen by a business as its accounting period.
What is a Fiscal Year
This monthly publication has valuable information regarding news and changes in the accounting industry.
What is the AIPB The General Ledger Newsletter
Sent to clients, these documents show a company's financial health, including its profitability, assets, and liabilities.
What are Monthly Financial Reports.
An estimate of the percentage of accounts receivable that are expected not to be collected.
What is Allowance for doubtful accounts
A form sent to non US citizens or non residents to provide accurate vendor information.
What is a W-BEN Form
This is the foundation for the double-entry bookkeeping system.
What is the Accounting Equation.
The comparison of the balances of the total debits and total credits in the general ledger to make sure they are equal.
What is the Trial Balance