Frequently Asked Questions
We have explored many accounting systems and have decided to focus on the one we feel is best, which is Quickbooks Online (QBO).
We highly recommend Essentials, and you can review all versions here to find the best fit for your needs.
Ready to sign up for bookkeeping services? Complete the initiation form to get the process started. If you’d like to review our full range of offerings and pricing, check that out first here!
We provide bookkeeping services solely for financial advisors. XY Planning Network membership is not required to utilize our services.
Prices vary by service. Feel free to review our pricing structure here, and please reach out with any questions!
There is no time commitment or contractual obligation for working with XYBC. If you do decide to bring your bookkeeping in-house or elsewhere, we require 30 days notice.
Reviewing and reconciling all statements for each account allows us to verify all of the activity within your books on a monthly basis. While the Banking Feed is a great feature within QuickBooks, it is not always perfect and reconciling statements ensures nothing is missed.
We have several methods available to securely share your monthly statements with us so that we can reconcile your accounts. During your onboarding process we will review these options including ShareFile, HubDoc, direct upload to QBO, or establishing an accountant bank login, to determine the best fit. If you are already working with XYBC and have questions about uploading your documents, please reach out directly to your bookkeeper.
First, we’ll utilize the tools available to us to attempt to determine the most appropriate category for each transaction. If we are unable to determine the most appropriate categorization for any transactions, we will reach out via email to confirm categorization and/or vendor names.
In Quickbooks, the Tags function exists to allow a user to group together specific expenses and invoices as a method of organization, in theory. We do not recommend utilizing the Tags function. Because we ensure these items are already grouped together appropriately within your Profit and Loss report, the Tags function can result in unnecessary complexity within your books.
If there is a previously recorded transaction that you would like to update, the best way to do so is by reaching out directly to your bookkeeper to make the change. This provides for consistency with like transactions in the future.
While we highly recommend avoiding these mix-ups, we are able to record them on the books if they accidentally occur. We will need the vendor name, amount, and date of the expense to record the item as an owner distribution or contribution accordingly.
The number of bank-type accounts are one of the factors we look at when determining cost of services. These include all accounts that have statements on a regular basis and are reconciled monthly including but not limited to checking and savings accounts, credit cards and lines of credit, and TAMP accounts, when applicable.
All transactions need Vendor names. While working on your books, if a Vendor name is not clear, we will reach out to you for clarification to ensure this important detail is recorded. Check out our blog post all about Vendors here.
We like to create bank rules for all applicable, consistent transactions. To view existing bank rules, navigate to the “Banking” feed within QBO and then select the “Rules” tab at the top of the screen. To create a new rule, click the green “New Rule” button at the top right. Keep in mind, deselect the “Autoadd” function when adding rules so that all transactions are still reviewable within the Banking feed. Check out our blog post about bank rules here.
There are several options for payroll, but we highly recommend Gusto. So much so that we’ve arranged a discount agreement with them!
1099s are utilized to report miscellaneous payments to non-employees for services provided to your business. Review our blog post for all of the juicy 1099 details.
Cash basis accounting reflects income and expenses on your books as they occur, while accrual basis accounting reflects income and expenses when they were earned. Several states have requirements around accrual accounting, so be sure to check your state’s requirements. Also, check out our blog on the subject.
To view reports in QuickBooks, log in and navigate to the “Reports” tab along the left hand side of the screen. Select “Reports” again from the options listed, and from there you’ll be able to see a wide range of report options. Select the report you need to view, and be sure to enter in the desired date range at the top of the report screen. Then click “View Report” to pull the appropriate data. Check out this video for additional details.
To grant your CPA access to your books, you’ll need to add them as a user. To do so, log in to QuickBooks and select the gear icon in the top right corner of the screen. Then, select the green “Add User” button on the right-hand side. Follow the prompts to finish adding your CPA, and then they will have the access they need.