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QuickBooks is an essential part of everyday business for small- and medium-sized businesses. With limited full-time employees (FTEs), record keepers and signers are often the same person, which can create separation of duties issues. Its common practice to audit by transaction number. To do this, you will need to normalize the data in IDEA. With a few simple steps, you can easily acquire and transform your QuickBooks Enterprise data into a usable format for analysis.
Starting with a standard Journal Entry Report as an example.
The Financial App is effective for finding: duplicates, out of balance journal entries, missing entries, date-specific entries, time-specific entries, and many more points of interest like journal source and period. Benford’s Law can be applied to find absolute value.
IDEAScripts can also be used to find out of balance transactions, numbers ending in 999 or 000, key terms and credits to cash. IDEAScripts are available to all supported IDEA users. To get there from inside IDEA, click the “File” tab, then click the “IDEAScript Vault” tile.