Bookkeeping can be a chore – but it doesn’t need to be overwhelming. Use this article to help keep you on track and give you more time to focus on your customers.
And if you ever need a hand, the Ascend Bookkeeping Team is here to help – even if you aren’t using our bookkeeping services! Just call our support line (877-875-8663) and select our Bookkeeping line or send us an email at bookkeeping@ascendrms.com.
Interested in exploring Ascend’s full-service bookkeeping services? Learn more today!
Daily Tasks
Ascend Tasks
Review the Activity Summary report for the current date.
From the Ascend Desktop, click the Reports tile. The Activity Summary (in the End of Day section) is selected by default. You can change the date(s) included in the upper left. Then select Refresh to rerun the report.
Keep a close watch for:
- Margin values which seem incorrect
- Balance value that is not zero ($0.00)
- Discrepancies in the Cash Reconciliation values (computed vs actual)
- Errors displayed on the last page of the report.
Many transaction errors can be easily fixed on the same day that they occur. Contact the Ascend Team for assistance, if needed.
See Set up reports to deliver automatically to learn how to have this report and others mentioned in this article sent directly to you (or others) every day.
Review the Products Sold with No Category report.
From the Ascend Desktop, click the Reports tile. Double-click the Products Sold with No Category report (in the In-Store Products section) to run it.
No date range can be selected for this report. However, once a product is assigned to a category, it no longer displays on the report. Categorization is retroactive and applies to all previous sales for the product.
- Sort or filter results by the Finish Date column to ensure all products on completed (closed) sales are categorized.
- Double-click a sale item in the results to open the Product Editor and assign a category,.
Run the End-of-Day Wizard.
From the Ascend Desktop, click the End of Day tile. Check the Tasks you wish to run, then click the OK button.
Be sure to export the General Ledger Summary for QuickBooks® and back up your system to an external drive.
QuickBooks® Tasks
Import your General Ledger Summary from Ascend.
See Move files from Ascend into Quickbooks to learn how to use this process.
To determine whether or not an import was completed for a date: In QuickBooks®, select the Edit menu > Find (keyboard Ctrl + F), choose Simple > Journal, and enter a date range (typically the first of the month to the current day).
Reconcile your bank and credit card accounts
Select the Banking menu > Reconcile.
Reconcile through yesterday’s bank balance.
- When finished, click Leave.
- Click Reconcile Now only when reconciling to the bank statement.
Update your Cash Flow Spreadsheet(if managing cash this way).
Be sure to update any Accounts Payables in QuickBooks® first!
Import your Trek invoices from TermSync.
If you are not using this service, contact Trek Financial Services.
Enter Accounts Payable invoices for all other vendors.
See page 7 in the Ascend to QuickBooks® Integration Guide.
Match Ascend purchase orders to vendor invoices.
From the Ascend Desktop, click the Reports tile. Double-click the Orders Received by Session report (in the Inventory section) to run it.
See Using the Orders Received by Session report to learn how to use this report.
Note: You may choose to use one of the following possible methods:
- Prepaid Inventory
- Inventory Clearing/PO Reconciliation
Back up your QuickBooks® data.
Select the File menu > Create Backup.
Weekly Tasks
Ascend Tasks
Review the Negative Inventory report.
From the Ascend Desktop, click the Reports tile. Double-click the Negative Inventory report (in the Inventory section) to run it.
Fix negative quantities for products which are not associated with a Special Order.
No date range can be selected for this report. However, once a product's quantity on hand is zero or positive, it no longer displays on the report.
Review the Hidden Inventory report.
From the Ascend Desktop, click the Reports tile. Double-click the Hidden Inventory report (in the Inventory section) to run it.
Create inventory adjustments for any products which are not in stock, and/or restore any products which should be active.
Note: Before restoring a hidden product, ensure it is not a duplicate of another active product.
No date range can be selected for this report. However, once a product is restored to the database or the quantity is zero, it no longer displays on the report.
Run the Products with Cost Greater than MSRP and Products with Cost Equal to MSRP reports.
From the Ascend Desktop, click the Reports tile. Double-click the appropriate report (in the In-Store Products section) to run it.
No date range can be selected for these reports. However, once the product’s cost is greater than its MSRP, it no longer displays on the report.
Many errors may be caused by an incorrectly configured Case Quantity. See Selling products that come in bulk (case quantity) to learn how to configure these items. If the product has been received with an incorrect cost, see Recalculate the Average Cost for a product to learn how to correct the cost.
See Set up reports to deliver automatically to learn how to have these reports sent directly to you (or others) every week.
Run the Non-Inventory Products with Cost query.
Ensure both the Estimated Cost and Average Cost fields on the product are $0.00. If the Average Cost must be corrected, see the Recalculate the Average Cost for a product article.
See Run a custom query to learn how to run this query.
Run the Category Mapper utility.
From the Ascend Desktop, select Tools > Category Mapper.
See Use the Category Mapper to learn how to use this feature.
Review outstanding Work Orders, Layaways, and Special Orders.
From the Ascend Desktop, select the View menu > Work Orders, Layaways, or Special Ordered Items.
Review your Cycle Count schedule.
See Prepare for cycle counts to learn more.
Monthly Tasks
Ascend Tasks
Save the Inventory by Category Summary report.
From the Ascend Desktop, click the Reports tile. Double-click the Inventory by Category Summary report (in the Inventory section) to run it.
Run this report after close of business on the last day of the month. Be sure to file this report for future reference. Ascend does not track historical inventory values.
Reconcile the Gross Inventory value on this report to your inventory asset account in QuickBooks®.
See Set up reports to deliver automatically to learn how to have this report sent directly to you (or others) every month.
Save the Customer Liability Details and Customer Liability Summary reports.
From the Ascend Desktop, click the Reports tile. Double-click the appropriate report (in the Customers section) to run it.
Run these reports after close of business on the last day of the month. Be sure to file these reports for future reference. Ascend does not track historical liability values.
Reconcile the values on the Customer Liability Summary report to your customer liabilities accounts in QuickBooks®.
See Set up reports to deliver automatically to learn how to have these reports sent directly to you (or others) every month.
Save the Activity Summary report for the previous month.
From the Ascend Desktop, click the Reports tile. The Activity Summary (in the End of Day section) is selected by default. You can change the date(s) included in the upper left. Then select Refresh to rerun the report.
Keep a close watch for:
- Margin values which seem incorrect
- Balance value that is not zero ($0.00)
- Discrepancies in the Cash Reconciliation values (computed vs actual)
- Errors displayed on the last page of the report.
See Set up reports to deliver automatically to learn how to have this report sent directly to you (or others) every month.
Print customer account statements.
From the Ascend Desktop, select the Tools menu > Purchase on Account > Statements.
See Send invoices for Purchase on Account (accounts receivable) to learn how to send account statements.
Review open vendor orders.
From the Ascend Desktop, click the Receive tile.
Run the Aged Inventory report for the beginning of the previous year (e.g. January 1, 2017).
From the Ascend Desktop, click the Reports tile. Double-click the Aged Inventory report (in the Inventory section) to run it.
Enter your financial results for the previous month into Ascend Analytics.
Use your QuickBooks® Profit and Loss Statement to update these values.
QuickBooks® Tasks
Compare your Ascend and QuickBooks® values for discrepancies.
Keep a close watch for sales which are not associated with a category, significant discrepancies, and/or significant inventory adjustment values.
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Run your Profit & Loss report for the previous month
Select the Reports menu > Company & Financial > Profit & Loss.
Pay close attention to the following items:
a. Suspense/Ask Accountant items (e.g. Payouts)
b. Inventory adjustments with a Type of Sales/Display Use, Shop-Use, or Other.
c. Cash Over/Short values - Compare your Sales and COGS values for top-level parent categories to the Ascend Activity Summary report for the previous month.
Run your Balance Sheet report.
Select the Reports menu > Company & Financial > Balance Sheet Standard.
- Compare your liability and gross inventory values to the Ascend Customer Liability Details and Inventory by Category Summary reports.
- Pay special attention to your Sales Tax and Purchase on Account values.
- Keep an eye on Bicycle Blue Book values.
Reconcile your bank and credit card statements.
Select the Banking menu > Reconcile > Reconcile Now..
Save each month's Reconciliation Summary and Reconciliation Detail reports for future reference.
Yearly Tasks
Ascend Tasks
Perform a Physical Inventory Count.
Be sure to save the Inventory Category Summary report immediately after you've reconciled your count.
Save the Activity Summary report for the previous year.
From the Ascend Desktop, click the Reports tile. The Activity Summary (in the End of Day section) is selected by default. You can change the date(s) included in the upper left. Then select Refresh to rerun the report.
Keep a close watch for:
- Margin values which seem incorrect
- Balance value that is not zero ($0.00)
- Discrepancies in the Cash Reconciliation values (computed vs actual)
- Errors displayed on the last page of the report.
See Set up reports to deliver automatically to learn how to have this report sent directly to you (or others) every year.
QuickBooks® Tasks
Run your Profit & Loss report for the previous year.
Select the Reports menu > Company & Financial > Profit & Loss.
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