Sole Proprietor and Accounting

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Learn from Julie Gilmore how to run your companhy more effectively

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Sole Proprietor and Accounting

  1. 1. Sole Proprietorship Accounting Made Easy Conroe, Texas JULIE GILMER, CPA
  2. 2. Introduction • Education - MBA - CPA • Experience - 12 years Owner CPA Firm - Own 2 manufacturing businesses with International sales - Teaching QuickBooks 17+ years • Affiliations - Intuit Trainers and Writers Network - Texas Society of CPA’s - Small Business Development Centers
  3. 3. 3 Intuit Proprietary & Confidential Chart Of Accounts • ASSETS – things you own ( Accounts Receivables, Inventory, Equipment, etc) – Current Assets – Items that will be used up within 1 year • Prepaid Insurance • Inventory FIXED ASSETS – Property that will last more than 1 year and is above a nominal cost.
  4. 4. 4 Intuit Proprietary & Confidential Chart Of Accounts • LIABILITIES – things you owe ( Accounts Payable, Payroll Taxes, Sales Tax, Notes, etc) – Current Liabilities – due within the next 12 months • Payroll Taxes • Sales Taxes • Accounts Payable • Current portion of Long-term Debt Long-term Liabilities – Due more than 12 months from now • Notes Payable
  5. 5. 5 Intuit Proprietary & Confidential Chart Of Accounts • EQUITY – your ownership interest value – Owner’s Draw – Money used for personal purposes Retained Earnings – Accumulation of Profits and Losses from inception of business.
  6. 6. 6 Intuit Proprietary & Confidential
  7. 7. 7 Intuit Proprietary & Confidential CLASSES • Keep track of Income and Expenses by location, department, partner, etc. • Less complicated Chart of Accounts. CLASSES
  8. 8. 8 Intuit Proprietary & Confidential
  9. 9. 9 Intuit Proprietary & Confidential
  10. 10. 10 Intuit Proprietary & Confidential REPORTS • Balance Sheet consists of Asset, Liabilities and Equity • Profit & Loss consists of Income and Expense FINANCIAL STATEMENTS
  11. 11. 11 Intuit Proprietary & Confidential Julie’s Top 5 Tips 5. No need to start a new file every year. 4. Set up Chart of Accounts similar to Schedule C or E and build upon that. 3. Learn which Accounts are the foundation for Reports 1. Income and Expenses = Profit & Loss 2. Assets, Liabilities and Equity = Balance Sheet Top 5 Tips
  12. 12. 12 Intuit Proprietary & Confidential Julie’s Top 5 Tips 2. Try “Classes” instead of Accounts 1. Have Fun – Don’t look at it as something you have to do, but rather something you want to do to fully understand your business. Top 5 Tips

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