QuickBooks
Balance
Sheet
Accounts |
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Assets
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Bank Accounts:
- Business checking
- Business savings
- Payroll checking
- Petty Cash (Out of Pocket expenses)
- Barter checking
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Accounts receivable
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Current Assets
- Inventory
- Undeposited Funds
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Fixed Assets
- Equipment
- Furniture and Fixtures
- Vehicles
- zAccumulated Depreciation
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Other Assets
- Start up costs (accountants use)
- Accumulated Amortization
- Notes Receivable 1 (officer, owner, related
party)
- Notes Receivable 2
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Liabilities
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Accounts Payable
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Credit Cards used to purchase
- American Express
- Visa acct xxxx
- Visa acct zzzz
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Current Liabilities
- Accrued Expenses
- Payroll Tax Payable
- Subaccounts if self prepared payroll
941 Tax
940 Tax
Unemployment & state withholding
- Sales Tax Payable
- Deposits from Customers
- Current portion of long term liabilities
(for accountants use)
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Long Term Liabilities
- Loans
- Subaccounts
Bank/Car loan 1
Bank/Car loan 2
- Notes payable 1 to Officer, Owner, related
party
- Notes payable 2 to Officer, Owner, related
party
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Equity
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For
an S corporation
- Capital Stock
- Retained Earnings
- Opening Balance Equity
- Distributions Shareholder 1
- Distributions Shareholder 2
For a partnership
- Capital Partner 1
- Capital Partner 2
- Additional Capital Contributed partner 1
- Additional Capital Contributed partner 2
- Draw Partner 1
- Draw1- Medical
- Draw 1-Personal Taxes
- Draw 1- Other
- Draw Partner 2
- Draw 2- Medical
- Draw 2-Personal Taxes
- Draw 2- Other
For a Sole Proprietorship
- Capital
- Additional Capital Contributed
- Draw
- Draw1- Medical
- Draw 1-Personal Taxes
- Draw 1- Other
For a C Corporation
- Capital Stock
- Retained Earnings
- Opening Balance Equity
- Dividends
- Additional Paid in Capital
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QuickBooks
Income
Statement
(Profit & Loss) |
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Income
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- Services
- Parts / products sold
- Sales write offs
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Cost of Goods Sold
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- Materials
- Labor
- Outside services/Subcontractors
- Supplies
- Small tools
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Expenses
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Tip:
Using
subaccounts, you can produce reports that provide subtotals for
related accounts.
But try to keep your list of income & expense accounts to a single
page. Use items to collect further detail.
Remember, the profit and loss report is a key indicator of how your
business is doing. If it is more than 1 page long, you may
fail to see the "red-flags" as it will be buried among the detail! |
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- Advertising
Subaccounts
- Marketing costs
- Inventory used for promotion
- Automobile Expense
- Bank Service Charges
- Cleaning
- Contributions
- Depreciation Expense
- Discounts Taken
- Dues and Subscriptions
- Insurance
Subaccounts:
- Auto Insurance
- Business Liab & Contents
- Disability Insurance
- Life
- Medical
- Interest Expense
- Licenses and Permits
- Maintenance & repairs
- Meals & Entertainment
- Merchant credit card fees
- Office Expenses
Subaccounts
- Computer expenses
- Postage and Delivery
- Office Supplies
- Other Office Expenses
- Payroll Taxes
- Professional Fees
- Rent
- Salaries -Office
- Salaries - Officers
- Telephone
- Travel
- Utilities
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Other Income
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Other Expenses
- Ask Accountant (set up an account to hold
those transactions that you do not know how to handle. Each month
or quarter, call accountant for help and reclassify to the proper
account)
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