Years behind in Accounting Records?

Question

My husband wanted to take over the books. My husband did not keep any records. Finally, I got the acounting back. I use quickbooks. I got this year together, but from 2002 to 2007 nothing is logged. I am feeling very overwhelmed as you can image (and like strangling him). Here is my question, do you think I should hire a college student to do the a/r; the invoices, payments, and apply to correct deposit, and I will do the rest. If so, how much should I pay for this service? Or, what? I can't think past this mountain. Any help would be great. Signed, Cleaning up his mess again in NC.

Answer 1

How did he keep track of things?  He had to have some kind of system, even if you don't approve of it.  You talk about A/R and invoices for a five year period.  Perhaps he didn't keep copies, but he must have kept track of the amounts owed and paid.

Also check the tax filings for both federal and state income tax.  

Finally if you can't piece together the records for 2002 to 2007 just chalk it off to experience and go forward keeping sound detailed records.

Hope this helps

Jerry-the-bookkeeper

Answer 2

I think hiring a college student to help you is a great idea.  It will hopefully alleviate some of the stress that you are feeling.  You are asking for basic book keeping work, so maybe pay $10 to $15 per hour depending on your local market.

Answer 3

It's a bit suspicious that you never checked even one time in 6 years.  And now it's all his "mess".  

Anyway, i would be slow to hire a stranger to do this work.  Do you remember when comedian Jerry Seinfeld made his first $Million.  He hired an accountant who promptly absconded with the entire $Million.  Jerry would have done better putting it in a drawer.

Get to work and find whatever you can from 2002-2007.  Many of my accounts are recurring.  THey remain the same every year.  Phone, rent, supplies, ads, car mileage.   You can do the same with the info you've got./