KFP

[nickreal]

I don't think I'm in as much of a known financial position as I thought I was.

Do you guys have any suggestions of an efficient way to get to the bottom of all this. I use quickbooks for statements but I haven't been using it for my expenses (haven't been entering the checks). I also have several different businesses and was trying to keep things separate.

Where did you start? Where should I start?

 

[Bruce Humphrey]

One way to keep things seperate in one checking account is to use a simple spread sheet like this one. viewtopic.php?f=35&t=15953

not really sure what you are looking for .

 

[Scott]

I don't think I'm in as much of a known financial position as I thought I was.

Do you guys have any suggestions of an efficient way to get to the bottom of all this. I use quickbooks for statements but I haven't been using it for my expenses (haven't been entering the checks). I also have several different businesses and was trying to keep things separate.

Where did you start? Where should I start?

1) Use separate checking/savings accounts with each company
2) Set up each company within QB as its own company
3) Enter revenues and expenses in each company for crying out loud!



Scott

 

[Brian R]

Definetly get a Quickbooks certified accountant.
They will set you up and teach you how to maintain.
Dont' try to figure out everything yourself

Like most accounting practices, not all are logical.

 

[rhyde]

Get an accountant ?

Yep.... better yet marry one like I did :wink:

 

[WISE]

When I switched over to QB a few years ago, I went back to Jan 1 (or the start of your fiscal year if different) and input EVERYTHING!

Luckily, I did it in like March, so it was only a few months of transactions.

Posting transactions is something I do daily. Keeping up with it all has been easier by using clearcheckbook.com--keeps me in line with my debit card transactions that used to fall by the wayside til they posted to the bank.

WISE

 

[nickreal]

Just an update on my Known Financial Position.

So, I've entered all my expenses, separated the businesses for the most part, and I now have a Plumbing Company QB file,
a Investment Property QB file
and a Cleaning Company QB file.

I have a new checking account for the cleaning company and have been keeping plumbing and cleaning expenses separate. It's kinda hard to look back and separate all my past expenses but from here on out I should have a good idea where I am financially, in each business.

I would highly recommend doing this to anyone with multiple irons in the fire....

Thanks everyone for your help.

 

[Jeff Madsen]

Rick,

It sounds like you have things headed in the right direction. I just want to throw my two cents in - hire a CPA! There are adjustments, judgement calls, etc. for which a professional opinion is invaluable.

 

[Wayne Miller]

Dittos on hiring an accountant. It's money well spent.

 

[Brian R]

Most major banks work with Quick Books as well. You can download all your transactions and just catagorize them. The system remembers alot of them and guesses so that makes it easier.

With that said, I just manually input everything because it keeps me honest and I review everything...but I am not running a multy million dollar company yet either. When I am, I will have a CPA on board full time of course.

 

[Brian R]

Not to mention if you have an accountant and get audited by the IRS, the company will usually represent you and the IRS will trust your numbers a hell of a lot more.