One of the challenges facing small businesses is exchanging information with their accountant.
Accountants often need not only the information in small business accounting systems, but access to the detail of transactions as well. Governmental reporting, income tax returns, sales tax returns, payroll tax returns, trigger the accountants need for the data. Also events like the requirement to produce a financial statement will require the exchange of accounting information.
There are a number of ways to accomplish this. One way is QuickBooks’ Accountant’s Copy feature.
There are two options when creating an accountant’s copy. One option is to Save the file, the other to Send.
You should consult with your accountant first. The “Send” option only works if the accountant has a paid subscription allowing them access to this resource.
Once the menu choice is made, the process is much like making a backup. In the case of Save Copy, a copy is made wherever you tell QuickBooks to save it. Often a flash drive or something similar is used to share with the accountant office.
If using the Send option, the file will upload to secure Intuit servers. An email will be sent to your accountant with a link to download the file.
A dividing sate is set as part of the creation of the accountant’s copy file. Forward of that date, you can operate in your QuickBooks file as normal. There are few restrictions.
In the time period before the dividing date, there is little you, the QuickBooks user can do. That part of the file is opened to the accountant to make the changes and entries necessary for completing their work.
When the accountant has completed their work, a small ‘Accountants Change File’ is created. You should receive this on some media like a flash drive, or as an email attachment.
At this point, it is time to import the changes.
Pick the menu options as shown in the graphic.
This window lists all the change the accountant made. These can be examined in detail. A PDF copy of the report can be saved.
Once you are satisfied, click the Incorporate Account’s Changes button.
The changes from the accountant are imported into QuickBooks. The restrictions are removed and there is no more dividing date. The file is fully functioning again.
Now, however, the changes for the time period affected are in your QuickBooks file. The next time you send a copy to the accountant, those changes will still be there. That will save the accountant time and you money.
Hector Garcia, CPA
Certified Advanced QuickBooks ProAdvisor
12401 Orange Drive #136
Davie, FL 33330
954-414-1524
hector@garciacpa.com
