Cost of Sales
Advertising & Promotion
Car & Truck Expenses
Dues & Subscriptions
Insurance (other than health)
Legal & Professional
Meals & Entertainment
Postage & Shipping
Rent & Rental EquipmentRepairs & Maintenance
Tools & Supplies
For your SMALL BUSINESS records:
Instructions for use:
1) Copy the set of categories on the left.
2) Paste them into your Big E-Z Bookkeeping System on the Settings tab starting on Column G, Row 19 in the Period 01 file.
3) To populate the categories, hold down the Ctrl, Shift and C buttons.
Now you are ready to start using your Big E-Z Bookkeeping System.
May 30, 2013
Good reasons to track account balances: We all make mistakes. Banks make mistakes too And to make your tax preparation that much easier.
Most Small Businesses Do Not Pay Corporate Tax
The National Federation of Independent Businesses estimates that “75 percent of small businesses are structured as pass-through entities (S corporations, limited liability companies, sole proprietorships or partnerships) that must pay tax on their business income at the individual rate.”
So for all of you who may still need to get last year’s taxes done, call me and I will set aside some time to get your data entered quickly and get you an Income Statement so you can file your taxes. At the same time I can set up your 2013 records using the Big E-Z Bookkeeping system so you will be ready for tax time come April of 2014.
Here’s How You Can Get Started on Your Own
At the beginning of the year use amounts from the end of the previous year’s Balance Sheet to set up your account balances in the Big E-Z Bookkeeping System. All assets (excluding the checkbook balance), liabilities and equity should be brought over. The checkbook balance is used to start the new year’s Checks tab. Once you enter that starting checkbook balance your Account Balance Tracker (ABT) should be in balance.
Use the Account Balance Tracker to track monthly activity on any other accounts in addition to your checkbook. This will allow you to spot any missed expenses and will assist you in an easy review, by account, of how money is received, expensed, and how much is owed. You will be able to monitor your Savings, Investments, Merchant Accounts, Credit Cards, and other Loans. When you enter these starting balances, give each different investment, credit card, or savings account its own row, right below the total for that Asset or Liability grouping.
After A Few Months You Will Get Good At It
Each month continue to break down these transferred totals and match them up to your account statements. For example: if you have three Credit Cards, go to the Credit Cards Total for the month (in row 47), and right below, put each separate Credit Card’s monthly purchases, fees and payments. I use a separate row in the Cash&Charges tab to expense each credit card statement.You may have noticed the credit card companies have different starting and ending balances than bank account statements. This may cause some confusion. For example if you have a credit card statement that starts on April 25 and ends on May 24th you may have a few transactions that are between the two months but since most of the transactions are dated in May, I would list them all in the May Cash&Charges. You can follow this procedure for each month until you get to December then choose to break the month up to be more accurate.
The Big E-Z Bookkeeping Account Balance Tracker (ABT) acts as a control sheet or dashboard for reconciling purposes. There is no better feeling than to know you have everything recorded and it all balances. It’s peace of mind for sure!
The Big E-Z Bookkeeping System
And that includes all of you small or micro non-profits. Some of you have a fiscal year ending June 30th, but last year you really struggled to gather the right financial information and stay compliant with the law. And some of you have a bookkeeping system that is just too cumbersome for your small non-profit.
Try It FREE for 7 Days
I am offering for the first time this year a 7-day free trial subscription . It is full featured so you will be able to set up your categories, and enter all your income and expenses and determine your profits. You will be able to see how well this fits your small or even “micro” business.
Now is the time to try out a new bookkeeping system, designed with the Micro Business in mind, before the start of your new fiscal year. Check it out here.