set up advice

Posted by scottvlaw on March 1, 2008, 3:21 pm

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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.

Posted by L on March 3, 2008, 8:35 am

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>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.

First advice....
Get local help.

Your post is problematic because it is missing vital information including
(but not limited to)
--Your country
--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
educate yourself.

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.

Posted by QBConsultant on March 3, 2008, 11:27 am

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> >I need some advice. =A0I started my own business and to date have only

> > invested into the monster to get it up and going. =A0We 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. =A0 I have, of course, several bills

> > (vendors) that I've been billed for and since paid. =A0How do I

> > calculate all this? =A0Can 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? =A0Thank you for your help. =A0Any other

> > advice would be extremely welcome.

> First advice....

> Get local help.

> Your post is problematic because it is missing vital information including=

> (but not limited to)

> --Your country

> --Your business tax structure. (S-Corp? C-Corp? LLC? Sole Proprietorship)

> --The nature of the invested funds and the accounts from which you paid yo=

> 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 t=

> educate yourself.

> Many local colleges have courses for folks starting their own business. Th=

> community college near me also had a small business advisory office

> (partially funded by the state) where new business owners could come and b=

> 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 an=

> 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.

Good luck!

Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting: The Complete Guide to
Starting and Growing a QuickBooks Consulting Business
http://www.SuccessfulQuickBooksConsulting.com
http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Startin=
g/dp/1434810690