accounting

[Clear-Cut]

i am a small business (less than 30 weekly accounts)

i am taking an accounting class in school now and i was wondering...do i have to keep books like all that? balance sheets and income statements and cash flow and retained earnings, ledgers etc.

all of that seems like its based towards a larger company...i know it can help me out, but im still small and dont really think i need all of that to keep track of everything

i have lawnpro right now..is that sufficient enough to take care of all of that (especially come tax time)?

does quickbooks track all of the stuff that was mentioned above this way i dont have to put it in myself..i just put in the invoice or expense and quickbooks will sort it into the journal it needs to me in? (balance sheets and income statements and cash flow and retained earnings, ledgers etc.)

sorry if it sounds confusing lol
justin

[echeandia]

If you use QuickBooks it is much simpler. You create invoices, log payment receipts, log bills, and write checks. It does all the double entries for you.

[JFGLN]

It takes awhile to get the hang of Quickbooks, but once you do it makes accounting easy. It will do the reports you mentioned.

[Duekster]

i am a small business (less than 30 weekly accounts)

i am taking an accounting class in school now and i was wondering...do i have to keep books like all that? balance sheets and income statements and cash flow and retained earnings, ledgers etc.

all of that seems like its based towards a larger company...i know it can help me out, but im still small and dont really think i need all of that to keep track of everything

i have lawnpro right now..is that sufficient enough to take care of all of that (especially come tax time)?

does quickbooks track all of the stuff that was mentioned above this way i dont have to put it in myself..i just put in the invoice or expense and quickbooks will sort it into the journal it needs to me in? (balance sheets and income statements and cash flow and retained earnings, ledgers etc.)

sorry if it sounds confusing lol
justin

Quickbooks pretty much does it the way you are learning. This is why QB is confusing to so many people.

It does make it easier.

[Clear-Cut]

good stuff...i know the basics of accounting i just dont feel like dealing with all that book work if i can get a computer program to do it for me.

thanks

btw i just downloaded that free microsoft accounting 2007 software...it seems like it is almost the same as quickbooks...anyone know of the differences?

[Duekster]

good stuff...i know the basics of accounting i just dont feel like dealing with all that book work if i can get a computer program to do it for me.

thanks

btw i just downloaded that free Microsoft accounting 2007 software...it seems like it is almost the same as quickbooks...anyone know of the differences?

No but if it is free then it is likely a case of MS trying to put Quicken and Peachtree out of work.

It is unlikely.

With Quick books, you can also do what is called an accountant's copy. You can set up the books, then send to a CPA to review. Gives a certified set of books much cheaper. You might want a certified set one day if you ever go to sell or look for a loan.

[echeandia]

You can set up the books, then send to a CPA to review.

A lot of accountants are set up to use Quicken. Check with yours to see if they can accept the Microsoft data.

[Duekster]

A lot of accountants are set up to use Quicken. Check with yours to see if they can accept the Microsoft data.


Why?

I have QB not Quicken.

[Clear-Cut]

so im probably better off just going with the quickbooks huh?

[Duekster]

so im probably better off just going with the quickbooks huh?

Do you have sales tax to track? I paid over 300.00 to get sales tax set up on QB.

It was worth it. My bookeeper/ CPA wants nothing to do with sales tax. Too many risk.

QB Helps a bunch.

[echeandia]

Why?

I have QB not Quicken.

I meant QuickBooks.:hammerhead:

[Duekster]

I meant QuickBooks.:hammerhead:

I think you responded to the wrong guy.

My accountant does not, he is old school. I did go to a new age accountant to set up my QB's. She is more expensive than my old school guy.

None the less, I use QB for invoices, Sales tax, payroll as well as AR.

[Clear-Cut]

Do you have sales tax to track? I paid over 300.00 to get sales tax set up on QB.

It was worth it. My bookeeper/ CPA wants nothing to do with sales tax. Too many risk.

QB Helps a bunch.

yes i have to track sales tax.what do you mean you paid over $300 to get sales tax set up on QB? dont you just type in that you charge x% sales tax and it adds it onto the invoices?

[Duekster]

yes i have to track sales tax.what do you mean you paid over $300 to get sales tax set up on QB? dont you just type in that you charge x% sales tax and it adds it onto the invoices?

Well, in Texas, We have State tax and City Tax. Some of the cities have one rate and others another, Some cities have Mass Transit. All of this has to be tracked and reported.

The State wants total sales, Total Taxible sales, then each tax type reported by city. It is a PITA. Some City's are in two counties.

So now I select the city I am in and it tracks the invoices by city for the sales tax reports.

[Clear-Cut]

o ok..we hav that in jersey too..most of the state is 7% and there are less wealthy towns that have 3.5%

and you said your accountant set that up for you

[Duekster]

o ok..we hav that in jersey too..most of the state is 7% and there are less wealthy towns that have 3.5%

and you said your accountant set that up for you

Yes, it is not too hard but knowledge is a powerful thing.

You can find a QB advisor on their website. Find one near you.

She set that up, some of my basic accounts, showed me around the program and how to really do the 3 things I needed the most in about 3 hours.

I will likely go back in about 3 months, let her clean up what I did and show me some more advanced stuff after I get my feet wet. That should do it.


Actually, I found her, discussed it, then order the software from her link. She made a little cash so was a little more helpful as well.

http://intuitmarket.intuit.com/QBA/ReferralDB/ReferralDataBaseMemberSearch.asp

That is the advisor search engine link

[Clear-Cut]

thanks for the info