BOOKKEEPING (FAQ)

You will receive a message from your bookkeeper who will assist with setting up everything and scheduling an onboarding bookkeeping session.

We suggest linking your business accounts and completing your business profile prior to the appointment.

If you're unable to link your business accounts beforehand, your bookkeeper will help you during the onboarding session.

Assets represent what a business owns, including cash, accounts receivable, inventory, and fixed assets.

Liabilities are what the business owes, encompassing both short-term and long-term obligations like accounts payable and loans.

Equity shows the net worth of the business, calculated as the total assets minus total liabilities. This account also details the owner's investments and distributions.

Revenue is the income a business earns from selling products and services.

Cost of Goods Sold (COGS) is the expense related to producing or purchasing products or services that have been sold. For instance, if $100 was spent on wood and $50 on metal to manufacture a table, once sold, the COGS would amount to $150.

Expenses cover all other costs involved in operating the business, excluding COGS.

Log in to your SmartCloud Tax Client Portal, and navigate to the Messages section in the left menu.

Here, you can send your desired Journal Entries to your bookkeeping team in your secure Client Portal.

If you encounter any issues, consult your bookkeeper for assistance.

If you do not have full-service bookkeeping with SmartCloud Tax, please contact your SmartCloud Team for guidance on adding journal entries.

We reconcile the account monthly/quarterly to ensure the balance displayed is accurate.

This practice is crucial for identifying transactions that may not have been imported while your account was linked to your bookkeeping software with SmartCloud Tax.

Log in to your SmartCloud Tax Client Portal, and access the Files section from the left navigation menu.

There, you can select 'Reports' folder to view various types of reports. You have the option to have custom reports made as needed, just message your SmartCloud Team from the portal.

Log in to your SmartCloud Tax Client Portal, and you can either send a message to or schedule an appointment with your bookkeeper to review your books.

If you do not have full-service bookkeeping with SmartCloud Tax, please arrange a meeting with your SmartCloud Team by sending a message through the portal.

After setting up your business details for your account, log in to your SmartCloud Tax Client Portal and navigate to the "QuickBooks Online" link.

Here, select your account and click on the "Connect my bank" button, and follow the prompts to search for, log into, and connect your bank.

Duplicate transactions occur when a bank account has been connected multiple times or the bank has provided transaction data with duplicates.

Reach out to your SmartCloud Team if you ever have questions about your transactions.

2-3 business days

Once you've signed up for and been approved for online invoicing, payments usually process within 2-3 business days.

However, the first payment may take longer as additional validations are required by the merchant for the initial transaction.