Skip to main content Skip to search

Posts by Michael O'Hanlan

RMOHC & GDPR Compliance

As an accounting firm, R. Michael O’Hanlan Consulting (RMOHC) collects sensitive information on its clients that could make it subject to EU General Data Protection Regulations (GDPR).  In proactive response to this, RMOHC is adding GDPR Questionnaire to its Non-Disclosure Agreement.

Sources of information – This is the client, and it is freely given to RMOHC so it can provide services

Personal Data:
Client data is stored on DropBox.  Each client has a box created exclusively for them, and they are given access to the documents 24/7/365.  The client can see all agreement data, spreadsheets, documents, etc. and can edit them as they see fit

Reason for Holding Data:
Client data is essential to providing accounting and bookkeeping services.

Marketing:
Emails used in marketing come from networking events, not clients

Handling:
RMOHC has exclusive control over its DropBox account.  Clients are invited via email to gain access to their information.  Clients cannot see other clients’ boxes or gain access to them.

Data Disposal:
When services end between a client and RMOHC, it provides the client 5 days to pull all files from the dropbox before 1) client access to the box is ended, and 2) the box is deleted.

RMOHC created a new form to attach to its NDA, and having this form filled out with the NDA will be the standard operating procedure from May 21, 2018 forward.

Read more

SAVE TIME & MONEY WITH BANK FEEDS

SITUATION:  The Bank Feeds in both QBO and QBD (Desktop) download the same information you get on your bank statement.  These generally are:
Date
Number
Description
Amount

QuickBooks will assign these to:
Date
Number
MEMO (not name)
Amount

PROBLEM:
QBO and QBD relies on NAMES, not MEMOS to organize Vendor, Customer, Employee, and Other (as you have created) transactions.

When you accept a transaction without filling in/populating the PAYEE field, you are leaving out a NAME.  If you go back to verify you paid Vendor X  for an invoice based on accepting the bank feed, you may not see it.

SOLUTION:
With every payment transaction, ALWAYS fill in the PAYEE  field before accepting the transaction.

  1. You usually see the Payee Name in the Memo Line.  Type that in the PAYEE  field.
  2. Click on the Rules Tab, and make a rule to make accepting bank fees more smoothly.

QBO & QBD will gradually develop a set of Rules  for how to auto-fill the payee field.  If you don’t monitor it, you might find all your transactions going to Payee: Wendy’s  Account:  Pool Supplies.  Make rules such as:
If Memo Contains “Sunoco”
Set Payee to “Sunoco”
…you will not have 40 Sunoco Vendors (Sunoco 4567, Sunoco 4609, Sunoco 1590, etc.).  Rules, that is another blog post to come.

SAVINGS AND BENEFITS:
Savings – you will not have to pay ABC hourly rates (ABC = Accountants, Bookkeepers, and CPAs) to enter in all the names so they can do any type of research or analysis.
Benefits – you will develop a system of rules so that your bank feeds will be properly accounted for in QB.

PREVENTION:
QBD
-Go into Reports/ Custom/ Transaction and run a report for ALL dates
-Look in all Bank and Credit Card accounts
-If the NAME field is blank, open the transaction and choose a name of a vendor, customer, employee, or other.
-Save and Close the transaction

QBO
-Run a “Transaction by Date” report for ALL dates.
-Look in all Bank and Credit Card accounts.
-If the NAME field is blank, open the transaction and choose a name of a vendor, customer, employee, or other.
-Save and Close the transaction

Read more