Category: Accounting

Use automatic settings in QB if you want a big mess

6/8/2023

Always fun to mess with AI, but not when you’re trying to straighten out your mess in Quickbooks! 🙂

Probably the #1 reason people come to me for accounting work is because their accounting software becomes incomprehensible.

Most commonly:

Haven't reconciled in months, if ever
Double entry because they set their software to automatic yet continue to enter transactions
Mystery money - because either they didn't create an invoice to be paid or indicate any sale
Missing money - because they made sales in a different account that isn't connected with their software at all.

Most people don't really know about or care about actual vs accrual methods of keeping track of money. Back in the day, we had a nice paper checkbook (cash or actual method) or accountants had a nice paper ledger book tracking all the incoming, outgoing, planned incoming (receivables - as used in accrual), and planned outgoing (payables - as used in accrual).

We don't think much about fiscal year vs calendar year either - I mean for ourselves. Most of us just operate on a calendar year. End of story.

Until we get a business going.

Many people think one day all of the accounting tasks will be done by computers. And, they're probably right.

Until then, I will be here to clean up all the messes created by the automatic settings laymen set their accounting software to thinking it's more AI than it is.

Currently, our reality is that there's a lot of humanness still needed when it comes to interpreting tax code or FASB (Financial Accounting Standards) or GAAP (Generally Accepted Accounting Principles). There is still precedent to be considered in more complex cases as well.

Also, when you have the human around, you'll find the answers to be more succinct with your specific questions.

So, yep, it may be coming, but it's not here yet.

link to mashable article on OpenAI

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Use automatic settings in QB if you want a big mess

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