Botkeeper’s Rapid Write-Up service provides your firm with a secure location for your clients to automatically pull from or manually upload financial statements to the platform.
Botkeeper’s Rapid Write-Up service provides your firm with a secure location for your clients to automatically pull from or manually upload financial statements to the platform. We offer both a quarterly, and annual option.
Botkeeper analyzes and codes the client’s financial institution statements producing a Balance Sheet, Profit & Loss Statement, Trial Balance, Retained Earnings Report, and potentially an uncategorized Transaction Report.
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Who is Rapid Write-Up suited for?
Tax write-up clients who need financial statements as a prerequisite for completing a business tax return.
Please note, this service is for business accounts and Schedule C Sole Proprietor clients only. It does not include generating financials for personal accounts for the output of a personal tax return.
Does this service include our clients’ personal books?
No, the RWUs are for business accounts and Schedule C Sole Proprietor clients only.
This service does not include generating financials for personal accounts for the output of a personal tax return.
What happens if I already have a client on a general ledger system with existing data already in it; are they eligible for either of the RWU service offerings?
Your client may still qualify for our RWU services. Please keep reading to learn more about how we might help them.
- ARWU includes a Xero subscription that will be owned by Botkeeper and therefore the firm will not need to provide a general ledger system for this client.
- QRWU clients on a QBO or Xero GL owned by the firm - Botkeeper will overwrite all existing data in the period Botkeeper is contracted to service. If the firm requires Botkeeper work with the existing data already in the GL, then this client will not qualify for the QRWU service. They would be eligible for our ongoing Monthly bookkeeping service which they can then contract for clean-up services.
If my client has loans, will Botkeeper split the interest & principle and then reconcile back to the loan statement/amortization table?
Splitting of transactions into separate categories/accounts is not included in the ARWU nor QRWU service offerings.
If this is a requirement for your client, you may consider booking an adjusting entry at year end or consider using Botkeeper’s Bookkeeping service to support this client’s needs.
What happens if I only have access to photocopies or scanned images of my clients bank and credit card statements?
Firms that only have access to entity’s photocopies/scanned financial institution statements should speak with Botkeeper in advance of scoping to be considered for exception approval.
If a client writes handwritten checks and the check images are not included on the bank statement, can we provide them to Botkeeper to complete the Rapid Write-Up service?
For clients with handwritten checks, Botkeeper will follow this process:
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If the firm provides bank statements or legible check remittance details, Botkeeper will categorize these transactions with respect to the details provided.
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If Botkeeper receives illegible details regarding handwritten checks, these transactions will be categorized to the uncategorized account and the firm will receive a copy of the Uncategorized Transaction Report as part of the RWU output documents.
How long will the firm have access to the RWU general ledger?
Both ARWU and QWRU include a 12 month subscription to Xero.
Alternatively the firm can choose to invite Botkeeper into a firm owned QBO/Xero subscription.
How will the initial balances for my client accounts be set up to ensure the production of accurate financials?
Initial balances are pulled directly from the statements provided.
For example, if Botkeeper receives statements for January through December, then the January balance will be the beginning balance for RWU purposes. The initial month’s statement is Botkeeper’s source of truth.
If there is a discrepancy in the beginning balance, the firm should make an adjusting entry to account for the variance. For example, if Botkeeper is contracted to provide an ARWU where the opening balances from the bank statement have not accounted for outstanding checks, then the firm should make an adjustment to ensure they are included in the beginning balance.
Is Xero training included in this offering?
Hands-on training of the Xero system is not included with the RWU offering.
Once contracted for a RWU services, Botkeeper will provide your firm with a Botkeeper & Xero Quick Reference Guide for RWU* to help prepare your team with a basic understanding of Xero. This includes areas such as, but not limited to: navigation, how to re-code transactions, find and match transactions, where to go for official Xero training and how to become Xero certified.
* The Botkeeper & Xero Quick Reference Guide for RWU will be provided if/and when your firm has contracted for a RWU service offering