Honestly that looks like spam. I’m the accounting and client director at my job and we get those sent to us all the time

Use the Projects feature to represent each grant, treating the grantor as a customer. First, enable the "Projects" feature in your QuickBooks settings. Then, create a customer for each grantor (e.g., "MN State Arts Board") and a "Project" under that customer for each specific grant (e.g., "FY23 MSAB Arts Grant"). When receiving the grant money or spending it, assign the transaction to the correct project

I can sign you up under my accountant profile for QB Ledger, it is $10/mth. You have to be an accountant to get that price

Yes I do ag accounting, mostly hogs and such but it is pretty much the same

1. Cash, bank, credit cards, loan accounts, NP and sometimes payroll payable accounts
   
2. I usually lock each quarter depending on the clients getting me information, some clients at the end of the year after taxes
   
3. Financial statements monthly

1. Consult Your CPA for Prior Period Adjustments

• Materiality assessment: Work with your CPA to determine if pre-2020 discrepancies are material to current financials or tax filings. Immaterial amounts may be adjusted via a journal entry to clear old transactions.
• Tax alignment: Ensure cleanup actions for 2022–2023 data align with pending tax filings. Your CPA may recommend specific accounts (e.g., Retained Earnings) for adjustments to avoid distorting taxable income.

2. Clear Pre-2020 Transactions

• Journal entry cleanup: If pre-2020 transactions are immaterial, create a journal entry to write them off. For example:
  • Debit/Credit: Adjust the bank account balance discrepancy to Retained Earnings (or an expense account if approved by your CPA).
    • Note: Avoid altering cash accounts if post-2020 reconciliations are accurate.
• Reconciliation reset: Use the Reconcile tool to mark all pre-2020 transactions as reconciled by:
  • Navigating to Settings → Reconcile.
  • Entering the 12/31/2019 ending balance and date, then selecting all transactions up to that date.

3. Reconcile 2020–2023 Methodically

• Year-by-year reconciliation: Start with 2020 and work forward. For each year:
  1. Set the correct statement end date (e.g., 12/31/2020) in the Reconcile tool.
  2. Compare Trial Balance reports pre- and post-cleanup to identify inconsistencies.
• Fix 2020–2023 exceptions: For remaining uncleared transactions:
  • Investigate duplicates, missing deposits/payments, or incorrect amounts.
  • Create adjusting entries

This is basically all they are asking, normal year one accounting stuff

Assets = Normal Debit Balance Increases with Debit, Decreases with Credit

Liabilities = Normal Credit Balance Increases with Credit, Decreases with Debit

Equity = Normal Credit Balance Increases with Credit, Decreases with Debit

Revenue = Normal Credit Balance Increases with Credit, Decreases with Debit

Expenses = Normal Debit Balance Increases with Debit, Decreases with Credit

Dividends/Owner Draws = Normal Debit Balance Increases with Debit, Decreases with Credit

I own an accounting firm if you are still needing help, your DMs are off

What do you do for work?

We use Ramp

These answers are dependent upon how your business structure is set up. Are you an Scorp? C Corp? Sole Proprietor?

On your profit and loss, you do not include your personal side of your FICA or your state income taxes as a business expense. since those things are things that are generally paid by the employee, they go as a liability on your balance sheet and then once you paid them to the state they come off they are not deductible as a business expense

I don’t recommend using QuickBooks for payroll just because they have limits and sometimes you can’t process your payroll. I’m an accountant.

I would go with either gusto or if you just are going to have the one employee, you can run the payroll through QuickBooks and then handwrite them and check if you ever run into a problem.

If you need any help setting anything up, I would be more than happy to help and since you’re just starting out I would do it for free.

PM me if interested.

You’re welcome

Here are a few suggestions based on my experience:
- For a project of that size and complexity, I would definitely recommend hiring a professional bookkeeping firm rather than an individual freelancer. Look for firms that specialize in construction and real estate clients. They'll have the manpower and expertise to thoroughly analyze the accounts and get everything organized efficiently.
- Make sure to get a detailed proposal and estimate from potential firms. You'll want them to clearly outline their process, expected timeline, and deliverables. Ask for references from similar cleanup projects too.
- Ask if they have experience reconciling funds transferred between related party accounts and loans from family/owners. Properly documenting and tracking those types of transactions is crucial.
- Make your clients aware that a thorough cleanup could uncover adjustments to prior year tax returns. The bookkeeping firm should work with your CPA to handle any necessary amendments.
- Consider blocking out a few days where the clients are available for meetings/questions as needed. Their institutional knowledge will help untangle unique transactions.

Side note, I own a bookkeeping firm. I have clients that are high ranking military, major real estate investors, and nonprofits. My company has been featured in the papers for the work we do with veterans.
My website is www.cmrbookkeepingservices.com
If you have any additional questions or want to get a quote please don't hesitate to message me back.
Nicole Whitehead
[email protected]

Isn’t that what does board as far as helping people? If I could get both sides to match, I would gladly post it but I can’t so there’s no point.

Isn’t that what this forum is about? Helping people?

Not sure why you wouldn’t just show the posting entry if it was so right in your face and clear instead of pointing me to a video where he doesn’t show all the information like 401K and such. I can’t get the entry to match on both sides. So I’m all ears

Why isn’t there enough info? You have net pay, gross pay, employee deductions, employer taxes, 401K deductions/contributions. What else is there?

Nope

You need to add the date