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Sound Reinforcement - Forums for Live Sound Professionals - Your Displayed Name Must Be Your Real Full Name To Post In The Live Sound Forums => The Basement => Topic started by: Tim Weaver on March 04, 2014, 12:47:30 AM
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Has anyone hired a bookeeper to setup a new company file in Quickbooks? How much does something like that cost?
just can't wrap my noggin' around this stuff....
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Just one thing to remember.
Debit is credit.
Credit is debit.
:)
J
Sent from some device, using some software, probably inconveniently. Apologies for any mistakes of grammar, spelling, or meaning.
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Has anyone hired a bookeeper to setup a new company file in Quickbooks? How much does something like that cost?
just can't wrap my noggin' around this stuff....
Between high school and college I had 3 semesters of accounting and found myself in over my head on some of the stuff.
Chances are good that your current accountant will be happy to help you on an hourly basis.... after April 15.
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Has anyone hired a bookeeper to setup a new company file in Quickbooks? How much does something like that cost?
just can't wrap my noggin' around this stuff....
It's actually pretty easy. I would go in and play a bit before doing your "REAL" file. Asking your accountant what settings you should use is the safest way. If you don't have an accountant, then you get to make a lot of the decisions yourself. Consider:
[and obligatory disclaimer: I AM NOT AN ACCOUNTANT OR TAX EXPERT!!]
- Cash or Accrual Accounting. Most people use Cash accounting, as that posts income to your books when you actually get the check/credit card. Accrual posts it when you invoice it out/the event has happened-- if you find yourself needing a more "Real-time" snapshot of how much money you have in the bank, then Cash is the way to go.
- Setting up "fixed assets" for things in your company. It's a bit of a challenge going back and putting everything in now, so you may want to have one "lump" of "current assets" and then add new items as you get them. You'll find the purchase transaction consisting of three entries: Purchase of asset (+, as it's an expense then shown on your P&L), Opening Balance Equity (-, as the new gear increases your company's equity) and whatever your fixed asset account is (+, as the purchase is increasing your value of assets)
- Setting up accounts for the bank (your main checking/savings account you use for running the business), Petty Cash, and any other liquid assets you may be using on a day to day basis. If you are a smaller business and find yourself investing your "personal" money into the business, you can choose to set up some sort of "Personal Loan" account that funds cash into the business. Tracking your investment is good, especially when you're making lots of money and need to pay this back-- since it's money you already personally paid taxes on, taking the money back from the business isn't going to be subjected to federal income taxes again. However, if you've also charged your business interest on that loan, the interest IS income to yourself, and that would need to be reported/taxed.
Most of your expense categories will be "Defaults" set by QuickBooks, but there's other things you may need including Credit Card Processing, Assets, Contract Labor (1099 people), Equipment Rental (from other companies), Marketing, Misc, Office Supplies (things you use at the office, paper, envelopes, ink and toner), Postage and Delivery (Shipping, stamps, etc, for things that aren't reimbursed by others), Production Expense (this is where I put things like batteries, gaff, tie lie, the multiple cases of RedBull my guys go through over the summer, tarps, pretty much anything I buy for events that are not specifically paid for by a client), Repairs, Travel (meals, only deductible at 50%), trucking/fuel/licensing/parking/tolls/anything else you pay for in getting you and your gear to an event) -- you will find other things you need to keep separate as well, but these should reflect what expenses you need to report on your federal return.
QuickBooks will handle basic payroll stuff, including taxes and withholdings, so if you don't want to pay an external company to do this (and up to about 8-10 people you should be OK doing it yourself) then it's a great way to handle that aspect of things.
Pick and choose regular days for accounting stuff. "Checks are cut twice a month, on the 5th and 20th" or whatever-- consistency is important. Don't let it back up!!! Getting caught up on both entering credit card and bank statements, receipts is a pain in the ass when you have the papers in front of you... if you don't have the exact transaction details, going back and trying to forensically figure out your books and develop the missing information is even worse!
I am always happy to answer any questions I can, based on my experiences using it---- but again, I am not an accountant or tax advisor, and none of these comments should be construed as financial or tax advice. :)
-Ray
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Has anyone hired a bookeeper to setup a new company file in Quickbooks? How much does something like that cost?
just can't wrap my noggin' around this stuff....
Tim, are you using Quickbooks Online or a Quickbooks version loaded on a laptop/computer? I have found Quickbooks Online has a significant learning curve if you have already been using Quickbooks Pro standalone. To answer your question my accountant handles all of my stuff, with the exception of entry of transactions, in Quickbooks and it cost me $400 per year. That includes doing all of my taxes and printing all of my forms. Basically, she sends me a PDF and tells me who to write the checks to and the IRS leaves me alone. I know, I'm just lazy.... :o
Bill ;)
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Tim, are you using Quickbooks Online or a Quickbooks version loaded on a laptop/computer? I have found Quickbooks Online has a significant learning curve if you have already been using Quickbooks Pro standalone. To answer your question my accountant handles all of my stuff, with the exception of entry of transactions, in Quickbooks and it cost me $400 per year. That includes doing all of my taxes and printing all of my forms. Basically, she sends me a PDF and tells me who to write the checks to and the IRS leaves me alone. I know, I'm just lazy.... :o
Bill ;)
By far the best way to stay out of trouble with the IRS, employees, etc. $400 is a bargain. She must be old.
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By far the best way to stay out of trouble with the IRS, employees, etc. $400 is a bargain. She must be old.
$400??????
My accountant gets us for about $1400 per year! We have 6 businesses though so it's a lot of work.
I do all the data entry, pay monthly taxes, quarterly taxes etc. Then I run the reports for the accountant to do the rest.
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By far the best way to stay out of trouble with the IRS, employees, etc. $400 is a bargain. She must be old.
Bob, I'm going to pass that along to her next week when I see her. When exactly did 45 become 'old'?
Have a great day.
Bill 8)
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Has anyone hired a bookeeper to setup a new company file in Quickbooks? How much does something like that cost?
just can't wrap my noggin' around this stuff....
Tim, I use Quickbooks for my store front business. I did it myself. Plus about a hour on the phone with support. I gave them remote access to my computer and they pretty much got it going for me.