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Run QuickBooks reports at the same time when a bank requests financials

April 24, 2015

I learned a simple lesson today dealing with a client’s bank:

In this situation, I am the new online bookkeeper and there is another outside CPA involved. The bank needed unaudited financial statements. I am not allowed to prepare them for this purpose under the online bookkeeping agreement.The client produced them and sent them to the bank.

The banker complained that the income and equity sections of the statements did not match up. I re-ran the reports for my own purpose and they looked fine. Then I realized that the bank asked the client for an income statement first on one day  and then followed up with a request for a balance sheet on a later  date. Transactions occurred in their interim, so the income and equity sections did not match.

I asked the client to rerun them on the same day/time and they looked fine. I just had to explain why I am not allowed to send the statement directly to the bank.

In the end it was a little embarrassing (to me because it first seemed like I might have caused the error, to the banker because she did not recognize the source of the problem) but no harm done and it is now corrected.

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