VERIFYiQ – Practice Management begins with Quality’s Post

Transcript

Hi, I'm Dumac with Verify Q. Verify Q is the premier practice management solution for the modern accounting firm using QuickBooks Online or 0. Welcome to our setup series. Here we will be discussing your frequently asked questions in today's video. I would like to show you how to update the test rules within Verify queue. Just as a reminder, the test rules are client specific, so to change an individual. Clients test rules. You will have to go into the individual clients account or review at verify queue. So from the clients page, search for the client's name. Once you have found the client, click into the client. And before we get to the test rules, I just want to mention that the test rules correspond to the tabs here. So there's a test rule for Reconciliation, General, Ledger, Income Statement, Balance Sheet, AR, and AP. Now let's go look at the test rules. So come here to the top right and click on Test Rules. Again. The test rules match the tabs, so they're easy to find. Now. The first one is the reconciliation rule, and it's looking for anything that's not reconciled that is more than five days old and marking it as a warning. And anything not reconciled more than 30 days old marking it as an error. Now a great example I like to use for the the reconciliation rules are the the bill.com clearing accounts. We have found that most of our clients don't reconcile the clearing accounts. Therefore you get a lot of false error messages since that account is not reconciled. Therefore if you wish to exclude that account, come over here to the drop down error. And then you can exclude any accounts from the reconciliation test rules. Next is the General Ledger and it's using keywords here. So it's looking for any repair account, maintenance, office admin supplies, tools, general and making and looking at the transactions within these accounts to see if they are greater than your capitalization policy. The amount right here. So depending upon your client you can adjust this to the correct amount and we'll make it $2000. Next up is the income statement, again using keywords. So it's looking for Ask, clearing, Suspense, Miscellaneous, Uncategorized, and making sure the balance is 0. All other balances should be positive except for net income and the software is smart enough to recognize that your ecommerce. Clients might be using a discount and it's making sure. That balance is 0 or negative so it can differentiate between positive and negative. But if you do have any accounts that you need to exclude from the income statement, here's a drop down of all your income statement accounts. And again all these drop downs are straight pull from your chart of accounts and either QuickBooks Online or 0. Next up is the balance sheet. Again, keywords ask, clearing, suspense, Miscellaneous, Uncategorized, Undeposited, or trying to make sure that balance is 0. The software is smart enough to recognize that depreciation or amortization balances should be negative. But if you do need to exclude any accounts from the balance sheet, again, chart of accounts is right here and you can select any ones that you might want to exclude. Next up is Accounts receivable and Accounts Payable. And this is based upon the number of days outstanding. So the default is 30 days marked with a warning, 45 days is marked with an air, but you can change this to any number of days that you would like. So we'll make this 60 days. And justice. Remember when you're done adjusting the test rules to come up here to the top and click Save. Once you've done that, you have updated the test rules. I hope you have enjoyed the video. Please Click to subscribe to be notified of any updates, and if you have any questions, please drop them in the comment section down below and we will do our best to answer them as quickly as possible. Thank you. I'm dumag from Verify Q.