Virtual Bookkeeping Services

Banking / Financial Institutions

· Bank Feeds: Regularly synchronize, review, categorize, class, and reconcile financial transactions via an automated data import feed supported by the QuickBooks application.

Accounts Payable

· Ledger Management: Enter, update, and maintain the general ledger to ensure accuracy and follow current Generally Accepted Accounting Principles. Review, verify, and audit the general ledger accounts and transactions to confirm accurate data entry and reconciliation.

· Process Bills: Enter, review, categorize, class, and reconcile company bills and invoices into QuickBooks.

· Reporting/Analysis: Basic period reporting is included using existing and generally accepted standard reports from the QuickBooks and ConnectWise PSA interface.

· Vendor Management / Review: Review, update, and manage vendor accounts in QuickBooks, including collection of W-9, contracts and pertinent details.

· Review / Process Purchase Orders: Review, create, and reconcile purchase orders from ConnectWise PSA with QuickBooks.

Accounts Receivable

· Credit Memos/Invoice Corrections: Issue credits, corrections, and adjustments to existing invoices as necessary.

· Inventory Update: Enter, update, and maintain inventory information in QuickBooks and/or ConnectWise PSA.

· Invoicing: Create, review, adjust, and manage invoices from ConnectWise PSA and/or QuickBooks.

· Ledger Management: Enter, update, and maintain the general ledger to ensure accuracy and follow current Generally Accepted Accounting Principles. Review, verify, and audit the general ledger accounts and transactions to confirm accurate data entry and reconciliation.

· Reporting/Analysis: Basic period reporting is included using existing and generally accepted standard reports from the QuickBooks and ConnectWise PSA interface.

· Review/Convert Sales Orders: Regularly review and convert ConnectWise PSA Sales Orders into their appropriate service.

· Invoice Review/Send/Sync: Send directly to and/or synchronize invoices to 3rd party payment portal platform.

· Payment Review/Record/Sync: Review and record invoice payments and/or synchronize and reconcile payments from 3rd party payment platform.

· PSA Timesheet Review for Invoicing: Review for data completion, basic compliance standards, and proper submission in ConnectWise PSA for inclusion in invoicing.

· PSA Expense Review for Invoicing: Review for data completion, basic compliance standards, and proper submission in ConnectWise PSA for inclusion in invoicing.

Payroll Processing and Reconciliation

· 401k/IRA/HSA Contributions: Update, adjust, and reconcile retirement/savings contributions by employee and Client per pay period or provider period.

· Commissions/Bonuses/Draws Calculation: Enter, update, and reconcile commissions, bonuses, and draws with the available information.

· Health Insurance Reconciliation: Reconcile benefit contributions/payments with active and eligible employee records per pay period or benefit period.

· Payroll Updates: Review, enter, and adjust employee profile information into payroll system.

· Reporting/Analysis: Basic period reporting is included using existing and generally accepted standard reports from the QuickBooks and ConnectWise PSA interface.

· Review/Process Payroll: Review, enter, and adjust payroll for processing with client payroll processor.

· Timesheet Review: Review, enter, and adjust time-clock timesheets and/or PSA timesheet for entry into payroll for processing.

· Expense Review: Review, enter, and adjust expense reports and/or PSA expense reports for entry into payroll for reimbursement processing.

Compliance

· State Sales Tax Filing: Review, prepare, and file regular State sales tax documentation and supporting reports.

· State Franchise Tax Filing: Review, prepare, and file regular State franchise tax documentation and supporting reports.

· Federal 1099 Filing: Review, prepare, and file standard IRS 1099-NEC and 1099-MISC forms. IRS 1099 form filing service costs apply.

· E-Waste Tax Filing: Review, prepare, and file California E-Waste tax forms.

Month End Close

· Accruals: Review, update, and adjust accruals in QuickBooks.

· Depreciation/Fixed Assets: Review, update, and adjust depreciation and/or fixed assets in QuickBooks.

· Documentation/File Mgmt: Prepare month-end reports along with supporting documentation and notes and file for record keeping purposes.

· Inventory Reconciliation: Review, update, and reconcile inventory transactions.

· Ledger Management: Enter, update, and maintain the general ledger to ensure accuracy and follow current Generally Accepted Accounting Principles. Review, verify, and audit the general ledger accounts and transactions to confirm accurate data entry and reconciliation.

· Prepaids: Review, update, and adjust prepaid and/or deferred revenue general ledger accounts.

· Reconciliations - Other Balance Sheet: Review, compare, and adjust all balance sheet legers in QuickBooks matches expected totals from financial institutions or other statement of transactions.

· Reporting/Analysis: Basic period reporting is included using existing and generally accepted standard reports from the QuickBooks and ConnectWise PSA interface.

· Category/Class/Uncategorized Review: Review transaction data, including class and categories for misclassified or uncategorized transactions to ensure accuracy.

Audit / Review Support

· Tax Prep/CPA Support: Provide reports, documentation, and information for tax preparation purposes and coordinate with the Client's CPA/Accountant to ensure they have all appropriate data, reports, and documentation.

· Audit Support: Provide reports, documentation, and information pertaining to data, transactions, and other details in QuickBooks.

Cash Management

· Basic Cash Flow Reporting: Basic cash flow reporting is limited to using existing and generally accepted standard reports available in QuickBooks.

· Bill Payment: Remit payment for approved bills and invoices by online payment or financial institution payment services.

· Collections: Send standard past due notices at 30, 60, and 90 day intervals, contact vendor or Client for payment, and report/record any payments or information received.

Year End Close

· Adjusting Entries: Review, update, and adjust general ledger transactions to meet GAAP standards and accuracy for year-end close.

· Reporting/Analysis: Basic period reporting is included using existing and generally accepted standard reports from the QuickBooks and ConnectWise PSA interface.

Systems Management

· ConnectWise PSA: Basic configuration and setting changes as necessary for invoicing, integration, and other accounting/finance related matters.

· Invoice Routing Management: Basic configuration and setting changes as necessary to ensure proper function of the feature in ConnectWise PSA.

· Product Catalog: Basic configuration and setting changes as necessary to ensure proper product catalog codes, categories, rates, etc.

· Work Role Rate Changes: Basic configuration and setting changes to existing work roles as necessary for hour rate changes.

· General Ledger Mapping Adjustments: Basic and minor changes to General Ledger mapping between ConnectWise PSA and QuickBooks to ensure proper data integration.

· Email Template Adjustments for Invoicing: Basic configuration and setting changes as necessary for invoice and past due notification email templates in ConnectWise PSA.

· Basic Company Finance Management: Basic company finance management includes updating company billing contact information, status and vital settings, integration into 3rd parties and other essential tasks to complete invoicing or billing.

· Basic Company Management: Basic company management includes updating contacts, status, and vital settings, integration into 3rd parties and other essential tasks to complete invoice or billing.

· Basic Agreement Setup: Basic new agreement setup is included, but is limited to the functions of ensuring new agreements are properly created and associated in ConnectWise PSA for billing purposes.

· Sales Tax Code Management: Basic configuration and setting changes to sales tax codes in ConnectWise PSA.

· 3rd Party Integrations: Basic configuration and setting changes for third-party finance/accounting related integrations that provide payment or invoice presentation.

· Basic ConnectBooster Management: Basic management of the 3rd party system is included for items such as company client setup, access, and ability to use the platform.

· Basic Wise-Sync Management: Basic management of the 3rd party system is included for items such as company client setup, access, and ability to use the platform.

· QuickBooks: Basic configuration and setting changes as necessary to ensure QuickBooks is functioning properly.

· GL/Class/Location Basic Management: Basic management of the general ledger, class, and locations in QuickBooks.

Industry Specific

· SLI Reporting: Prepare and submit Service Leadership, Inc. (SLI) mandatory reports.

· Telecommunications Filings: Prepare and submit state and federal required telecommunications fee and tax filings.

Additional Details and Exclusions

Sierra Pacific Group provides consulting and services based on Generally Accepted Accounting Practices (GAAP) and proven industry standards. Services do not provide financial, speculative, or investment advice, guidance, or recommendations. While our team can provide guidance on how and where to record certain types of financial data within our supported platforms; we do not provide tax or regulatory advice or guidance beyond transaction recording.

In order to provide full bookkeeping services, Sierra Pacific Group must have access to the various services the Client has engaged with. This includes, but is not limited to:

· Bank, credit card, or other financial institutions.

· Vendor portals or account management websites.

· Payroll processing services (if applicable).

· QuickBooks

· ConnectWise Manage

· Payment portal services and/or payment merchants.

· State tax and/or regulatory portal acce