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  #11  
Old 01-03-2010, 07:52 PM
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Good thread.

Fvstringpicker good idea to use the schedule c expense categories.
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  #12  
Old 01-03-2010, 08:01 PM
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Quote:
Originally Posted by Fvstringpicker View Post
Regardless of the program, you will have to code the expense category. For a small shop, I recommend you look at a IRS schedule C and fit your expenses into the categories listed. It will make it easier to "crosswalk" your expenses to the tax form. In the final analysis, it doesn't really matter if you code gloves as operating supplies or safety equipment but try to code it to a logical category.
Is the IRS schedule C in the Quick Book program or are you just talking about an IRS paper form?

Oh, thanks, by the way....
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  #13  
Old 01-03-2010, 08:14 PM
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Quote:
Originally Posted by JayD View Post
Is the IRS schedule C in the Quick Book program or are you just talking about an IRS paper form?

Oh, thanks, by the way....
I don't know if it is in QB or not, I imagine it would be. You can look at it here to see the expense categories.

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
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  #14  
Old 01-03-2010, 08:24 PM
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Quote:
Originally Posted by GregByrd View Post
I don't know if it is in QB or not, I imagine it would be. You can look at it here to see the expense categories.

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
Thanks, I just printed it out and I will take a look at it....
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  #15  
Old 01-03-2010, 08:42 PM
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Quote:
Originally Posted by jwingfield2k View Post
Quickbooks can do anything you can imagine.

But say I go make a purchase at home depot...

I buy lumber for form boards, and then I also buy a drill on the same tickets.

Ideally I would want to classify the lumber as materials, or cost of goods sold. The drill I would want to place into the tools category.

I would recommend getting a basic version of quickbooks at the least. I also recommend buying the book Green Side Up. (www.amazon.com) & reading it a few times. this will help.
I looked for that book and could not find it, but i am new to that amazon thing, would it be to much trouble for you to jump on there and see if you see it......thanks
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  #16  
Old 01-03-2010, 08:50 PM
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Quote:
Originally Posted by JayD View Post
I looked for that book and could not find it, but i am new to that amazon thing, would it be to much trouble for you to jump on there and see if you see it......thanks
http://www.amazon.com/Green-Side-Ope...2569805&sr=8-1
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  #17  
Old 01-03-2010, 09:07 PM
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Originally Posted by GregByrd View Post
Thanks, I just looked at it, but what I can tell is it just for landscapers?
I really just do lawn maintenance, mowing and such, so with that being said, do you still think this would be good for me to get?
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  #18  
Old 01-03-2010, 09:27 PM
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Quote:
Originally Posted by JayD View Post
Hey thanks.....

I was thing of looking into Quick Books, just have not got around to yet...

So using them like you said above, your saying that it will ask you when you have a receipt to enter, it tells you where to to put it? What if your receipt has many items on it that may go into different files, will it let you split it up?
It won't allow unlimited entry into the description field. You abbreviate in the description field and enter the total into your debit column. Then save the paper receipt in case of audit.

Best thing about QB, in my opinion, is the ability to look at your Profit/Loss for whatever time period is important to you or for the entire year(s) you've been in business. Another important feature is seeing what your total sales are for the month for tax purposes. I also like the fact that I can see how much we've purchased from a particular vendor, and of course a running cost per on everything I purchase. Keeps me on my toes.

Worth the money!
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  #19  
Old 01-03-2010, 10:38 PM
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Well, here is the up-date guys..........
You are now chatting with a NEW Quick Books owner LOL........

Yeah, I just bought it!

Wish me luck LOL.....

Thanks guys, you really helped a lot
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  #20  
Old 01-04-2010, 12:34 AM
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My advise is to set it up so the expense categories on your books to roll up to the categories on schedule C if you're a sole proprietor. Page 2 of schedule C has an "other" category where you can customize some expenses like tools, safety equipment and a few specialized expenses unique to your business. For a service business I don't like the cost of goods sold section unless you have inventories. Your goal is to match your income statement with your schedule c form as closely as possible. You may, for example, want to break down wages between supervisors and general workers on your books for management purposes, but set up the system to subtotal all wages together for line 26 in schedule c. There will be less after the fact massaging of the data when you later want to compare your tax return to your business income statement.
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