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Posted by Mike DeBerry on April 23, 2006, 11:35 am
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Sorry it took so long to reply, I was out of town. The wifes business has no
employees. She is a Copywriter so she has low costs also. Mostly paper and
ink. We use a common credit card and checkbook for her supplies and the home
stuff. So I guess one file would be best. Thanks for the replies, I guess I
will stick with the help files, doesn't seem to be a good printed reference
out there.
Thanks
Mike
> Hi, Mike.
>
> I'm not sure what books or websites might help answer your questions.
>
> "A small business" is extremely vague. It could be anything from
> babysitting to manufacturing - and beyond. We can't really give much
> intelligent advice without at least a little information about the
business
> itself.
>
> A small personal service business with no employees can probably be
handled
> in your family Quicken file(set), using Classes and other such Quicken
> tools. A larger business with employees will probably need the
more-capable
> H&B or QuickBooks, especially if she must also collect and remit sales
> taxes.
>
> One reason to keep a completely separate set of books (or Quicken file) is
> to let third parties examine the business accounting without plowing
through
> personal transactions. Those third parties might include your bank or
other
> lender, or tax or license examiners who want to be sure that you've
reported
> properly. Having a separate set of books will require you to make mirror
> entries in both sets for money or other assets transferred to or from the
> business. With a single Quicken account, you can simply use business
> expense Categories when you pay business bills from your family checking
> account, for example.
>
> If you tell us more about the nature of the business, we can probably give
> you better advice.
>
> RC
> --
> R. C. White, CPA
> (Retired - no longer licensed to practice)
> San Marcos, TX
> rc@grandecom.net
>
> > My wife has a small business. I am looking to set it up in Quicken along
> > with our home accounts. What book(s) or websites would be recommended to
> > enlighten me on how to do this?
> >
> > Thanks
> > Mike
>
>
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