Diagnostic Review
Your accounting records need to be correct, otherwise you lack the proper tools to successfully run your business. In many cases, you could be under-reporting or over-reporting your income on your tax returns. Perhaps your attorney with an IOLTA account and you are not sure if it is accurate. Our comprehensive Diagnostic Review will identify and outline any issues that exist. We will review and identify the following:
- Review operating bank accounts
- Identify any uncleared transactions from prior periods
- Review A/R Aging Report
- Review A/P Aging Report
- Review Fixed Asset accounts for proper classification
- Review Prepaid, Accrual and Deferral accounts
- Review Payroll Liability Accounts
- Review Loan Accounts
- Verify Opening Balance Equity is zero
- Review Equity accounts
- Review Distribution/Draw Accounts
- Review revenue accounts for possible double-entry, negative entries, etc.
- Identify Missing Payee
- Review Chart of Accounts for optimization
- Compare IOLTA bank balance to client trust liability balance and identify issues
- Confirm whether all trust transactions are linked to a client
- Confirm there are no negative trust balances
