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Posted by slb on August 25, 2007, 7:47 pm
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Good luck, dude.
You whined that you didn't want to spend money. Wandered all over the
neighborhood about your cheap server and illegal copy of Office. Trashed
R.C. when he clearly explained how to properly record the transactions.
Finally asked how other owners did it.
I just told you --- I used basic Quicken, nothing fancy (answered
question about cheap). Also used Excel at one time (even cheaper - you
only paid $5 for that one).
There was no reason for me to reiterate R.C.'s description but thought
I'd offer a few "things I've learned" doing small and large scale
financial systems implementations for 30+ years.
Hope you figure out how to solve your problem.
sb
Andrew DeFaria wrote:
> slb wrote:
>
>> Andrew,
>>
>> R.C. explained it very clearly. It doesn't matter what product you
>> use (I once used Excel),
>
> Sir, it matters to me what product I use. Some products are better
> than others. Some products are more expensive than others. Some
> products contain lots of functionality for things I don't need. Yes it
> may not matter to you what product you use but is surely does matter
> to me.
>
>> but when you start to track business finances you better have a
>> basic understanding of accounting principles and rules or you will
>> be receiving visitors from government agencies.
>
> I actually do understand basic accounting principles. What I lack is
> how to properly apply those principals to my situation and how that
> looks and is properly done in Quicken, in particular Quicken Home &
> Business. Isn't that one of the reasons this group exists? To ask
> questions about how to apply real world situations, accounting
> principals and make them work under Quicken & Quicken Home & Business?
> Why you seem to have a problem with that is beyond me. My question was
> simple. I was not asking for the answers to whether to file S
> corporation or a C corporation. I was not asking for how to pay
> quarterly taxes with an S corporation. I was merely asking how to
> properly categorize the S-Corp taxes that are paid. I have yet to
> receive a straight and direct answer to that question.
>
>> Before you get testy,
>
> I'm not getting testy. I'm asking questions. When and if I decide to
> get testy I can assure you - you'll know it!
>
>> check the local school district, community college or university for
>> a basic accounting class. Otherwise, pay a bookkeeper to keep you
>> out of trouble.
>
> Again, I understand basic accounting principals. My questions were
> simple: How do I properly record this in Quicken. So far nobody has
> given me practical "You do this, then that, then this" kinda
> direction. People have talked about lofty accounting principals and
> goals. Granted, I know they are the backbone of what's going on here.
> But please, if you can't tell me exactly what is done in Quicken in a
> step by step fashion then refrain from telling me to take some classes
> at a college about accounting. I'm not that stupid. And such classes
> are not gonna tell me the specifics I seek either.
>
>> That said, several years ago I set up a C Corp to handle my
>> consulting practice. I won't get into why C over S here but I had
>> valid reasons. Nevertheless the accounting principles are the same.
>> Only the acounts and tax returns are different.
>>
>> I handled it all in Quicken. I created a new Quicken file for the
>> company with it's own set of asset, liability, equity, revenue and
>> expense accounts. When I cut a paycheck for myself, I recorded it
>> from a business (employer) standpoint per R.C.'s direction in the
>> business file. I had to manually calculate withholding amounts based
>> on IRS, state, and SSA tax table publications. The liabilities
>> accrued until I made the monthly/quarterly tax payments at which
>> time they were debited when cash was credited.
>
> This is all wonderfully... irrelevant! As I have said several times
> now, WF has already done all of that accounting. I am merely trying to
> reflect that in Quicken. It's the how that I'm trying to understand
> and that was my question. How does you telling me that you calculated
> your withholding amounts based on IRS, state, and SSA tax table
> publications relevant or helpful to the question that I posed? I asked
> for the details, the particulars, the manual steps involved. You
> answered "Yeah I took steps". WTF?
>
>> I "received" my paycheck from my employer (me) in my personal
>> Quicken file. Kept track of deductions the same as any other
>> employer paycheck.
>
> I'm doing that too. Again, this was not my question, not my question
> at all.
>
>> If you have separate Quicken files, you'll maintain somewhat of an
>> arm's length relation. You're also a lot less likely to accidently
>> code something incorrectly.
>
> I'm not sure how to "code" anything WRT this! That was my question!!!
>
>> Also remember, you have to send quarterly reports, create W-2's etc.
>
> I'm assuming WF will be doing that for me. I will ask them next week
> about that.
>
>> I used Excel and it was time consuming. Never used Quicken H&B and
>> haven't seen Quickbooks in a while.
>
> Gotta love people who have not used the products in question who chime
> in attempting to answer a specific question about said product. And
> yes, that was slightly testy (I can do a lot more than that too!)
>
>> The advantages of a business program like Quickbooks - automatic tax
>> calculations (I believe) and electronic government reporting, W-2
>> production, etc.
>
> And the disadvantages are that it covers all kinds of things that
> don't pertain to my business, is expensive and time consuming to
> learn.
>
>> You decide whether your time or money is more important to you.
>
> I have time to dedicate to this. The question was how to record S-Corp
> taxes. Another question brought up here is "Is Quicken H&B good enough
> for the task?".
> --
> Andrew DeFaria
> If electricity comes from electrons, where does morality come from?
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Good luck, dude.
<p>You whined that you didn't want to spend money. Wandered all over the
neighborhood about your cheap server and illegal copy of Office. Trashed
R.C. when he clearly explained how to properly record the transactions.
Finally asked how other owners did it.
<p>I just told you --- I used basic Quicken, nothing fancy (answered question
about cheap). Also used Excel at one time (even cheaper - you only paid
$5 for that one).
<p>There was no reason for me to reiterate R.C.'s description but thought
I'd offer a few "things I've learned" doing small and large scale financial
systems implementations for 30+ years.
<p>Hope you figure out how to solve your problem.
<p>sb
<br>
<br>
<p>Andrew DeFaria wrote:
<blockquote TYPE=CITE>slb wrote:
<p>R.C. explained it very clearly. It doesn't matter what product you use
(I once used Excel),</blockquote>
Sir, it matters to <b>me </b>what product I use. Some products are better
than others. Some products are more expensive than others. Some products
contain lots of functionality for things I don't need. Yes it may not matter
to <b>you</b> what product you use but is surely does matter to <b>me</b>.
you start to track business finances you better have a basic understanding
of accounting principles and rules or you will be receiving visitors from
government agencies.</blockquote>
I actually do understand basic accounting principles. What I lack is how
to properly apply those principals to my situation and how that looks and
is properly done in Quicken, in particular Quicken Home & Business.
Isn't that one of the reasons this group exists? To ask questions about
how to apply real world situations, accounting principals and make them
work under Quicken & Quicken Home & Business? Why you seem to have
a problem with that is beyond me. My question was simple. I was not asking
for the answers to whether to file S corporation or a C corporation. I
was not asking for how to pay quarterly taxes with an S corporation. I
was merely asking how to properly categorize the S-Corp taxes that are
paid. I have yet to receive a straight and direct answer to that question.
you get testy,</blockquote>
I'm not getting testy. I'm asking questions. When and if I decide to get
testy I can assure you - you'll know it!
local school district, community college or university for a basic accounting
class. Otherwise, pay a bookkeeper to keep you out of trouble.</blockquote>
Again, I understand basic accounting principals. My questions were simple:
How do I properly record this in Quicken. So far nobody has given me practical
"You do this, then that, then this" kinda direction. People have talked
about lofty accounting principals and goals. Granted, I <b>know</b> they
are the backbone of what's going on here. But please, if you can't
tell me exactly <b>what</b> is done in Quicken in a step by step fashion
then refrain from telling me to take some classes at a college about accounting.
I'm not that stupid. And such classes are not gonna tell me the specifics
I seek either.
several years ago I set up a C Corp to handle my consulting practice. I
won't get into why C over S here but I had valid reasons. Nevertheless
the accounting principles are the same. Only the acounts and tax returns
are different.
<p>I handled it all in Quicken. I created a new Quicken file for the company
with it's own set of asset, liability, equity, revenue and expense accounts.
When I cut a paycheck for myself, I recorded it from a business (employer)
standpoint per R.C.'s direction in the business file. I had to manually
calculate withholding amounts based on IRS, state, and SSA tax table
publications.
The liabilities accrued until I made the monthly/quarterly tax payments
at which time they were debited when cash was credited.</blockquote>
This is all wonderfully... irrelevant! As I have said several times now,
WF has already done all of that accounting. I am merely trying to reflect
that in Quicken. It's the <b>how</b> that I'm trying to understand and
that was my question. How does you telling me that you calculated your
withholding amounts based on IRS, state, and SSA tax table publications
relevant or helpful to the question that I posed? I asked for the details,
the particulars, the manual steps involved. You answered "Yeah I took steps".
WTF?
my paycheck from my employer (me) in my personal Quicken file. Kept track
of deductions the same as any other employer paycheck.</blockquote>
I'm doing that too. Again, this was not my question, not my question at
all.
have separate Quicken files, you'll maintain somewhat of an arm's length
relation. You're also a lot less likely to accidently code something
incorrectly.</blockquote>
I'm not sure how to "code" anything WRT this! That was my question!!!
you have to send quarterly reports, create W-2's etc.</blockquote>
I'm assuming WF will be doing that for me. I will ask them next week about
that.
Excel and it was time consuming. Never used Quicken H&B and haven't
seen Quickbooks in a while.</blockquote>
Gotta love people who have not used the products in question who chime
in attempting to answer a specific question about said product. And yes,
that was slightly testy (I can do a lot more than that too!)
of a business program like Quickbooks - automatic tax calculations (I believe)
and electronic government reporting, W-2 production, etc.</blockquote>
And the disadvantages are that it covers all kinds of things that don't
pertain to my business, is expensive and time consuming to learn.
whether your time or money is more important to you.</blockquote>
I have time to dedicate to this. The question was how to record S-Corp
taxes. Another question brought up here is "Is Quicken H&B good enough
for the task?".
<br>--
<br><a href="http://defaria.com" moz-do-not-send="true">Andrew DeFaria</a>
<br><font color="#999999"><font size=-1>If electricity comes from electrons,
where does morality come from?</font></font></blockquote>
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