Welcome to: OFF Balance Sheet Sh!T

"Cash is King—If You Get It Right, Everything Else Falls Into Place!"

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Katrina Keller

CPA, CFF, CFE, MST, (Phd*coming soon:)

Podcast Episode 7

“Master QuickBooks Bank Reconciliations Fast: Real-World Tips from your favorite humble genius Forensic CPA”

In this episode of the Learn WTF Podcast, we’re bringing you right into the trenches of forensic bookkeeping and bank reconciliation. Our host, a seasoned forensic CPA, takes you step-by-step through her hands-on approach to reconciling complex bank accounts efficiently and accurately. Learn the insider tips on identifying missing transactions, correcting intercompany transfers, and the importance of accurate financial records to avoid costly errors and compliance risks.

Discover why trusting QuickBooks alone isn’t enough, why “green check marks” can be misleading, and how a forensic approach can quickly highlight hidden financial discrepancies. Whether you’re an entrepreneur, a business owner, or someone aiming to sharpen their bookkeeping skills, this episode provides practical techniques that can save you tens of thousands of dollars and countless hours of frustration.

Tune in to learn how to:

Quickly pinpoint significant errors in your financial records.
Efficiently reconcile multiple years of bank statements.
Understand the real-world importance of maintaining accurate financial data.

Key Takeaways: The Art of Forensic Bookkeeping - Off Balance Sheet Sh!T you need to look out for!

Financial Insights & Accounting Tips

Quickly pinpoint significant errors by narrowing down the problematic year or month first, instead of sifting through multiple years of data.
Understand the critical role of bank reconciliations in verifying financial data—never trust technology completely, as errors frequently occur.
Learn the importance of identifying and properly recording off-balance sheet items, like intercompany transfers, which often get overlooked, leading to costly discrepancies.

Software & Technical Guidance:

Master the technique for quickly reconciling bank accounts in QuickBooks by efficiently navigating the reconciliation screen to identify large discrepancies in seconds.
Discover a streamlined process for rapidly reconciling multiple years’ worth of bank statements—pinpoint exactly when and where errors occur to save significant time and resources.
Get insights into common QuickBooks mistakes, such as duplicated transactions, improperly matched entries, and automated matching limitations, and learn how to quickly correct them.

Motivational & Entrepreneurial Wisdom:

Realize the critical behind-the-scenes financial work that successful entrepreneurs must handle—it’s often more time-consuming and complex than expected.
Understand the high cost of cutting corners—fixing bookkeeping mistakes after the fact can cost triple the original price of doing it correctly the first time.
Learn to trust your instincts: “If advice feels bad, it probably is bad advice.” Always seek guidance from qualified professionals, especially with tax and financial matters.

Compliance & Tax Tips:

Ensure proper reporting of PPP loans and loan forgiveness, avoiding potential taxable income by using the correct IRS forms and disclosure statements.
Recognize the risk of compliance issues, penalties, and audits arising from improper financial recordkeeping, emphasizing why detailed reconciliation practices are essential.

Forensic Bookkeeping Techniques:

Learn to swiftly isolate errors through strategic narrowing of reconciliation periods, significantly reducing the time required to fix complex financial discrepancies.
Adopt a forensic mindset to uncover hidden issues by systematically tracing money flows and addressing errors immediately, ensuring financial records withstand scrutiny in audits or legal situations.