Keeping the books : basic recordkeeping and accounting for the successful small business / Linda Pinson.
Title:
Keeping the books : basic recordkeeping and accounting for the successful small business / Linda Pinson.
Author:
Format:
Books
Call Number:
657.2 PIN
Publication Information:
Chicago, Ill. : Kaplan Pub., [2007]
©2007
Publication Date:
2007
ISBN:
9781419584381
1419584383
General Note:
Previously published: Chicago, Ill.: Dearborn Trade Pub., c2004.
Summary:
"The premier resource for basic bookkeeping and business record management, Keeping the Books is a comprehensive, yet down to earth, treatment of one of the most important, yet often neglected, aspects of running a business. User-friendly and packed with easy-to-understand illustrations, worksheets, and forms, this popular financial reference tool is completely updated, and replete with the variety of IRS forms that entrepreneurs have to be familiar with. From updating car and transportation expenses to exploding the myths around independent contractors, the author presents everything a small company needs to know to maintain proper records" --Publisher description.
Edition:
Seventh edition.
Physical Description:
xii, 210 pages : illustrations ; 28
Contents::
1. Recordkeeping basics -- Functions of recordkeeping -- When does recordkeeping begin? -- 2. Income and expenses -- Income (or revenue) -- Expenses -- What are "deductible" expenses? -- Common deductible expenses -- 3. Cash accounting versus accrual accounting -- "Cash" and "accrual" accounting defined -- Which method will you be required to use? -- Pros and cons of the two methods -- Can you change methods from year to year -- 4. Essential general records for small business -- Single and double entry systems -- Chart of accounts -- Debits and credits -- An overview of four accounting tasks using QuickBooks Pro® -- Summary : accounting software -- Revenue & expense journal -- Petty cash record -- Inventory record -- Fixed assets log -- Accounts receivable -- Accounts payable -- Payroll records -- Independent contractors -- Travel, transportation, and entertainment expenses -- Customer information records -- Business checkbook -- Receipt files -- 5. Financial statements -- What are financial statements? -- Balance sheet -- Profit & loss statement or income statement -- Business financial history -- Personal financial statement -- Pro forma cash flow statement -- Preparing your cash flow statement -- Completing your pro forma cash flow statement -- Quarterly budget analysis -- Three-year income projection -- Breakeven analysis -- 6. Financial statement analysis -- Financial statements -- Liquidity analysis -- Profitability analysis -- Debt measures -- Investment measures -- Vertical financial statement analysis -- Horizontal financial statement analysis -- Summary -- 7. Taxes and accounting -- Accounting and the U.S. tax system -- Federal taxes for which you may be liable -- Income tax (for sole proprietors) -- Home office deduction -- Income tax (partnerships) -- Income tax (S corporations) -- Income tax (corporations) -- Estimated tax (for sole proprietor, individual who is a partner, or S corporation shareholder) -- Estimated tax (corporations) -- Self-employment tax (for sole proprietor, individual who is a partner, or an S corporation shareholder) -- Social Security (FICA) tax and withholding of income tax -- Federal unemployment (FUTA) tax -- Payment to nonemployees for services rendered -- Taxpayer identification number (EIN) -- Free tax publications available from the IRS -- Summary -- 8. Recordkeeping and tax reporting schedules -- Organizing your recordkeeping -- Building your system -- Recordkeeping schedule -- Tax reporting schedule -- 9. Preparing for Uncle Sam -- What to give your accountant -- The last chore -- Appendix I. Independent contractors : facts versus myths -- Appendix II. Blank forms and worksheets -- Small business resources -- Glossary.
