FUN Stuff! Reconciling Transactions in QuickBooks

Welcome to: Fun Stuff: Reconciling transactions in QuickBooks...zzz Wake up!

"If you have knowledge, passion, and some give a damn, you're an unstoppable force. Now, go out there and make your dreams come true."

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Katrina Keller

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

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Ready for some Fun Stuff—Reconciling Transactions in QuickBooks (Zzzzz… Wake Up!)

Welcome back to another Take Your Podcast to Work episode of LEARN WTF—and this time, we’re tackling a major QuickBooks headache: reconciling intercompany transactions.

If you own multiple businesses, you’ve probably transferred money between them, paid bills for one from the other, or just “borrowed” cash between accounts. It seems simple—until it isn’t. And let me tell you, 97% of businesses I work with have errors in their intercompany accounts.

In this episode, I walk you through a real-life intercompany reconciliation step by step. From exporting QuickBooks reports to Excel, formatting data, matching transactions, and uncovering missing deductions—I take you behind the scenes of how CPAs find (and fix) these errors.

And in just 20 minutes, I found $24,000 in missing deductions—aka, money my client almost gave away to Uncle Sam for no reason.

This episode is part crash course, part coffee-fueled accounting therapy. So grab your spreadsheets, your patience, and maybe a stiff drink—because it’s time to get your intercompany accounts in order.

Key Takeaways from This Episode

1. 97% of Businesses Are Messing This Up

“I’d say 97% of the businesses I look at have errors in their intercompany accounts. And it’s not because they’re dumb—it’s because this stuff gets overlooked, and then it spirals into a nightmare.”

2. Intercompany Transactions Must Be Balanced

“If Company A sends money to Company B, it’s a receivable on one side and a payable on the other. If those numbers don’t match, congratulations—you have a reconciliation mess on your hands.”

3. Always Export to Excel for Better Visibility

“I don’t care how fancy your software is—nothing beats exporting to Excel. It lets you see what’s really going on, filter out the noise, and get to the truth of your transactions.”

4. Pivot Tables Are a CPA’s Secret Weapon

“If you have tons of transactions, you need to learn how to use pivot tables. Otherwise, you’ll be stuck scrolling endlessly through QuickBooks wondering where it all went wrong.”

5. Finding Missing Deductions Is Like Finding Free Money

“I was just trying to reconcile cash accounts, and instead, I found $24,000 in missing deductions. That’s $7,200 in tax savings. Found money, people!”

6. Don’t Assume Your Tax Preparer Got It Right

“This guy was about to pay $600,000 in taxes—all of it wrong. Why? Because his tax preparer wasn’t actually reviewing anything. They were just plugging numbers into software and calling it a day.”

7. Accounting Can Be Boring—But It’s Expensive to Ignore

“Yeah, this isn’t the most thrilling part of business. But you know what’s worse? Paying tens of thousands in unnecessary taxes just because you didn’t take the time to double-check your numbers.”

Standout Quotes from This Episode

“I know, I know—reconciling intercompany accounts sounds like the absolute thrill of your life, right? But guess what? In 20 minutes, I found $24,000 in deductions. That’s $7,200 in tax savings. If that doesn’t wake you up, I don’t know what will.”

“Listen, I love that my clients trust me. But I don’t want access to your bank accounts. Nobody should have full access without oversight. That’s how fraud happens. That’s how businesses get screwed.”

Why This Episode Matters

If you own multiple businesses or manage finances for one that does, this episode is required listening. Intercompany transactions are one of the most common (and expensive) mistakes I see. And fixing them isn’t complicated—it’s just about knowing where to look.

In this episode, I show you exactly how I go through the process, step by step, so you can fix this in your own books and keep more of your hard-earned money.

Listen Now & Get Your Books Right

Want to make sure you’re not leaving thousands on the table? Listen to the full episode now on LEARN WTF!

And if you want an easy way to understand your business finances without the headache, check out my bookkeeping course. It’s fast, easy, and could save you thousands in tax savings.

See you in the next episode—where we’ll dive even deeper into intercompany reconciliations and more QuickBooks madness.

Dive deeper

• How to reconcile intercompany transactions in QuickBooks

• Common accounting mistakes in small business

• CPA advice for multiple business owners

• QuickBooks reconciliation best practices

• How to find missing deductions in QuickBooks

• Small business tax savings strategies

• Why intercompany transactions matter

• Bookkeeping tips for business owners

Key Takeaways: Building the Habit of Hard Work

Check out earlier episodes

Drive Beyond Knowledge:
It’s not enough to simply learn financial concepts; you must cultivate the drive and self-motivation to put that knowledge into action.
“I can teach you everything in the world about finance, but I can’t make you get out of bed.”
Hard Work Creates Momentum:
The host’s personal journey—from a challenging, humble background to financial independence—illustrates that relentless hard work and determination are the keys to success.
“That habit of working hard created a momentum that propelled me forward.”
Empowerment is Personal:
Real change comes when you take ownership of your life, create actionable steps, and harness your inner drive to succeed.
“You have to drive yourself. I empower you to pick up your paintbrush and paint your life however you want.”
Actionable Steps Matter:
Transforming a wish into a reality requires planning, discipline, and executing specific actions.
“We need a list. We need an action. We need to take the steps.”
Inspired by Greats:
Drawing inspiration from resources like David Duchovny’s “Fail Better” podcast reinforces that even on the toughest days, failure is just a step toward growth.
“I love my David Duchovny podcast ‘Fail Better’—it reminds me that even on my worst days, there’s a lesson and inspiration waiting to be found.”
Self-Empowerment is Unstoppable:
If you combine passion, knowledge, and the willingness to work relentlessly, you become an unstoppable force capable of achieving your dreams.
“If you have knowledge, passion, and give-a-damn, you are an unstoppable force.”