Discussion:Quickbooks - S-Corp Help
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| Revision as of 21:03, 16 May 2008 Lostintranslation (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 21:10, 16 May 2008 BEGooding (Talk | contribs) (You need profess) Next diff → |
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| My concern is that since we haven't been issuing him a paycheck and we have to rely on the Profit and Loss and Balance Sheet reports for our proof of income. I don't want the report reflecting inaccurate information. I am not even sure when someone looks at the reports, how they can tell what his actual earnings are because everything is mixed together. Because Distributions isn't reflected on the P&L, it makes our Net Income look greater? Our net income says it's somewhere around $15k but we spent about $10k in Distributions. Where is this reflected? I just want to make sure that all of our finances are accurately conveyed so that we are not going to have accounting and financing issues in the long run. I desp. need some direction here. Thanks! }} | My concern is that since we haven't been issuing him a paycheck and we have to rely on the Profit and Loss and Balance Sheet reports for our proof of income. I don't want the report reflecting inaccurate information. I am not even sure when someone looks at the reports, how they can tell what his actual earnings are because everything is mixed together. Because Distributions isn't reflected on the P&L, it makes our Net Income look greater? Our net income says it's somewhere around $15k but we spent about $10k in Distributions. Where is this reflected? I just want to make sure that all of our finances are accurately conveyed so that we are not going to have accounting and financing issues in the long run. I desp. need some direction here. Thanks! }} | ||
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| + | {{ForumReplyPost|UserID=BEGooding|Date=May 16, 2008|Text=You need professional help (with all due respect). Your questions and problems cited above are beyond the scope of this forum. Although the solutions are relatively straight forward, we are not here to guide you through what needs to be done to make everything as it should be. I suggest you look for a Quickbooks Proadvisor in your area. You may search at http://quickbooks.intuit.com/product/training/local_expert.jhtml | ||
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| + | Good luck.}} | ||
Revision as of 21:10, 16 May 2008
Discussion Forum Index --> Accounting Questions --> Quickbooks - S-Corp Help
Lostintranslation (talk|edits) said: | 16 May 2008 |
| My fiance owns an Air Conditioning company as an S-Corp. We have yet to find a decent accountant to provide thorough assistance to questions beyond filing our taxes. I feel completely lost. We use Quickbooks for our accounting and I have both our personal and business bank accounts set up in the program. I have all of our personal expenses from our personal account categorized under Other Expenses. When I pull a profit and loss, the personal account expenses appear for the business. How do I separate the two? Also, we have transfered money from the business account to the personal account, what should those transactions be categorized under? Currently they are under Bank Withdrawal for the business and then they appear under Other Income for the personal account deposit. We haven't set up payroll yet and have just been transferring funds as needed to the personal account. I was told to move all of our personal expenses that came out of the business account into a Distribution account. I did that and so should these transfers also go under that account? Also, now that everything is lumped into this distribution account, I can't tell anymore exactly what we spent on certain expenditures. Can I create Sub Accounts under Distributions to track these purchases better ie Home Goods,Personal Auto Insurance, Gas, and so forth?
My concern is that since we haven't been issuing him a paycheck and we have to rely on the Profit and Loss and Balance Sheet reports for our proof of income. I don't want the report reflecting inaccurate information. I am not even sure when someone looks at the reports, how they can tell what his actual earnings are because everything is mixed together. Because Distributions isn't reflected on the P&L, it makes our Net Income look greater? Our net income says it's somewhere around $15k but we spent about $10k in Distributions. Where is this reflected? I just want to make sure that all of our finances are accurately conveyed so that we are not going to have accounting and financing issues in the long run. I desp. need some direction here. Thanks! | |
| May 16, 2008 | |
| You need professional help (with all due respect). Your questions and problems cited above are beyond the scope of this forum. Although the solutions are relatively straight forward, we are not here to guide you through what needs to be done to make everything as it should be. I suggest you look for a Quickbooks Proadvisor in your area. You may search at http://quickbooks.intuit.com/product/training/local_expert.jhtml
Good luck. | |
