I need some advice. I started my own business and to date have only
invested into the monster to get it up and going. We are almost ready
to launch so I thought I'd try and get organized before chaos hits.
In setting up QB Pro 2007 for Mac I put my start date as 10.01.07,
which is when I started it. I have, of course, several bills
(vendors) that I've been billed for and since paid. How do I
calculate all this? Can I sync with my bank account info or do I
enter each individual expense in by hand specifying when and where
funds were allocated to pay? Thank you for your help. Any other
advice would be extremely welcome.
Get local help.
Your post is problematic because it is missing vital information including
(but not limited to)
--Your business tax structure. (S-Corp? C-Corp? LLC? Sole Proprietorship)
--The nature of the invested funds and the accounts from which you paid your
bills. (Personal funds, bank loans? Did you open separate accounts
(checking, CC etc.) for your business? Or have you co-mingled funds?)
--The nature of your business.
--Will your business operate on a cash or accrual basis?
--Are you subject to state sales taxes? When are they due? Does your state
require you to pay sales taxes on a cash or accrual basis?
--Will you have employees?
If the questions are confusing to you, or if you don't know what they mean
or why anyone would need to know before they can give advice -- you need to
Many local colleges have courses for folks starting their own business. The
community college near me also had a small business advisory office
(partially funded by the state) where new business owners could come and be
helped in preparing legal documents and tax forms, getting registered for
business in the state, etc. The fee you pay will be small and the money and
time savings will more than cover it.
Lots of good advice! Look for a local Small Business Development
Center, SCORE, or others for help and seminars they offer. It is much
better to get advice and help now rather than 6 months or a year later
when you may have messed things up.
Yes, you should enter each expenditure and what the money was spent
for. You may be able to set up online banking and download the
activity--it depends on your bank.
Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting: The Complete Guide to
Starting and Growing a QuickBooks Consulting Business
(Amazon.com product link shortened)
BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here.
All logos and trade names are the property of their respective owners.
Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee
neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.