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What you will accomplish
Set up the essential bookkeeping structure for one month and learn the difference between imported activity and approved accounting entries. This is a workflow guide, not a replacement for your accountant.
1. Set up your business profile
In Business, enter the business name, accounting basis and fiscal-year start. Choose the settings that apply to your Canadian business. If you already have QuickBooks history, read the migration guide before adding a second copy of transactions.
2. Review the Chart of Accounts
Check which accounts will represent your bank balance, credit cards, income, expenses, taxes payable and other liabilities. A purchase category is not necessarily the same thing as a ledger account; the Chart of Accounts is what determines where a posted transaction affects the books.
3. Add bank accounts and import the month
Import the month's bank transactions, selecting the correct source account and currency. Cashflow may suggest categories from reviewed history or saved rules, but imported rows still need your review. They do not become accountant-approved posted entries merely because a suggested category appears.
4. Review Pending transactions
Imagine you receive $1,500 from a customer, pay $120 for software and move $600 between two company bank accounts. Review invoice/payment associations, classify the software expense to an appropriate account, and treat the $600 as an internal transfer—not as new income or an expense.
5. Post and compare your statement
Only post entries after the description, direction, account and taxes have been checked. Compare the opening bank balance plus posted activity with the statement closing balance. If the difference is $50, check for an omitted fee, outstanding transaction, duplicate or incorrectly assigned account.
6. Review reports and save accountant records
Inspect ledger balances, income and expenses, and any outstanding invoices. Export the accountant package or relevant reports for review. If your Business records include supporting attachments, save the separate Documents ZIP as well as the main Cashflow backup.
Continue with business reconciliation and accountant exports.
Next step: Use the full monthly close checklist
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