Preventing Fraud in QuickBooks Part 3
December 1, 2011
In this final instalment of our series on preventing fraud in QuickBooks, we give you some tips and tricks to implement in the management of your business to keep your accounting secure. Take some time to implement some of these changes in your business.
+ Review employee work regularly. You can review employee work by reviewing reports or using QuickBooks registers. To create a report to review employee work go to the Report Centre, click Accountant & Taxes, then click Transaction List by Date. Click Customize report, then click Display. In the Columns box, select Entered Last Modified and Last Modified by. Then click OK. This report lists all the transactions in your QuickBooks file for the date range you select and includes who created the transactions. Review this report to view the data being entered by your staff.
+ Use the Company Snapshot in QuickBooks 2012 to keep your eye on expenses. You should not see irregularities or dramatic increase in expenses that you are not aware of. You can view your expenses by going to the Company Menu, then choose Company Snapshot. Review the Income and Expense Trend and the Expense Breakdown graphs to make sure that expenses are on track according to your expectations. If they are not you can double click on any number to view the transactions that make up the graphs.
+ Keep Track of Inventory to make sure that your totals in QuickBooks match your actual inventory count. You can create a Physical Inventory Worksheet from QuickBooks that will help you count your inventory and compare it to what is in QuickBooks. Go to the Items and Services list, click Reports, Reports on all items, Inventory, then choose Physical Inventory Worksheet.
These are just a few ideas that we have had around how to prevent fraud in QuickBooks. There are many tools, policies and procedures to help you prevent fraud in your small business. Stay tuned for more information on fraud as we create a new seminar to help you deal with this issue.