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Do Sub-Accounts need their own tax line asssignemts?

Hi All:

I've done my consulting biz's books in Excel since 1990 and am just now setting up Quickbooks; i.e., I'm a total newbie.

Typically I send my accountant basic Scedule C-like summs.

I'm now set up as an LLC thus most of my Schedule C-like categores are in Other Deductions on Form 1065.

My question, per the Subject line, is do I have to make individual tax line assignments for each Sub Account or will their numbers roll-up to the parent Account where I do have tax line assignments appropriate to the Form 1065.

I ask, b/c I plan on printing out only (parent) Account level detail for my accountant; i.e., the sub-accounts are just for my personal info & use.

Thanks in advance for any help/answers.

Out

Reply to
List Lurker
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Technically you don't have to assign any tax accounts as your accountant will know exactly where things go on the return. I don't think I have a single client company who has tax lines assigned, or more than a handful assigned, because the books weren't originally setup by anyone overly knowledgable.

Your accountant will likely ask you for a P&L, Trial Balance and Balance Sheet. He/She may ask you for detailed reports after reviewing the summaries or, easiest for all involved, just give your accountant your QB file on a disc and let them have access to all the info.

Reply to
Tee

As a CPA I can't imagine not receiving or having access to a printout of the general ledger.

Reply to
Allan Martin

if you run a report under accountant and tax you will see where things end up assigned.

List Lurker wrote:

Reply to
tina

Tara & Allan:

Thanks for the replies.

And I see both your points; was just trying to be parsimonious w/ what I sent my CPA, but agree, giving him the sub (& sub-sub) accounts is no big deal.

Also, re-read some of Allan's replies to other "tax line" queries and realize that this is not feeding some other tax program that I have (my CPA has some professional software of his own obviously) so it's probably no big deal.

Even though nothing's entered yet (i.e., Im just setting up QB right now), I have setup a report that shows all the ledger info, and see what you two mean.

P.S. In case you're wondering, as I was in Philly over the 4/15 T-Day, I had my CPA file extensions for my two businesses, but have to have them all done by 5/5 for a USC financial aid renewal for my middle kid.

Again, thanks for you prompt replies & help.

Regards

Reply to
List Lurker

Since you are working with a CPA why not ask him if he wants you to map the accounts/subaccounts to the various tax lines. He/She may say "don't bother". If he/she wants you to map them then let him/her provide guidence on the mapping based on your line of business.

Reply to
Laura

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