Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business / Edition 7

Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business / Edition 7

by Linda Pinson
     
 

ISBN-10: 1419584383

ISBN-13: 2901419584380

Pub. Date: 01/02/2007

Publisher: Kaplan Publishing

This introductory guide offers advice on choosing an accounting method, developing a chart of accounts, organizing record-keeping, and interpreting the records later. A glossary of accounting terms, a list of business resources, and sample forms are also included. Pinson is a trainer and consultant. Annotation ©2004 Book News, Inc., Portland, OR  See more details below

Overview

This introductory guide offers advice on choosing an accounting method, developing a chart of accounts, organizing record-keeping, and interpreting the records later. A glossary of accounting terms, a list of business resources, and sample forms are also included. Pinson is a trainer and consultant. Annotation ©2004 Book News, Inc., Portland, OR

Product Details

ISBN-13:
2901419584380
Publisher:
Kaplan Publishing
Publication date:
01/02/2007
Edition description:
7th Edition
Pages:
224

Table of Contents

Acknowledgmentsx
Chapter 1Recodkeeping Basics1
Functions of Recordkeeping1
When Does Recordkeeping Begin?3
Chapter 2Income and Expenses5
Income (or Revenue)5
Expenses5
What Are "Deductible" Expenses?6
Common Deductible Expenses7
Chapter 3Cash Accounting versus Accrual Accounting9
"Cash" and "Accrual" Accounting Defined9
Which Method Will You Be Required to Use?10
Pros and Cons of the Two Methods11
Can You Change Methods from Year to Year?12
Chapter 4Essential General Records for Small Business13
Single and Double Entry Systems14
Numbering of Accounts16
General Journal18
General Ledger20
Single Entry Accounting25
Revenue & Expense Journal26
Petty Cash Record30
Inventory Record32
Fixed Assets Log38
Accounts Receivable40
Accounts Payable42
Payroll Records44
Independent Contractors47
Transportation, Entertainment, and Travel Expenses50
Customer Information Records56
Business Checkbook58
Receipt Files60
Chapter 5Financial Statements61
What Are Financial Statements?61
Balance Sheet63
Profit & Loss Statement or Income Statement66
Business Financial History70
Personal Financial Statement74
Pro Forma Cash Flow Statement or Budget76
Preparing Your Cash Flow Statement77
Completing Your Pro Forma Cash Flow Statement84
Quarterly Budget Analysis86
Three-Year Income Projection88
Breakeven Analysis90
Chapter 6Financial Statement Analysis93
Financial Statements93
Liquidity Analysis96
Profitability Analysis98
Debt Measures100
Investment Measures101
Vertical Financial Statement Analysis102
Horizontal Financial Statement Analysis104
Summary105
Chapter 7Taxes and Recordkeeping107
Basic Understanding of the U.S. Tax System107
Federal Taxes for Which You May Be Liable109
Calendars of Federal Taxes109
Income Tax (for Sole Proprietors)114
Home Office Deduction117
Income Tax (Partnerships)119
Income Tax (S Corporations)122
Income Tax (Corporations)124
Estimated Tax (for Sole Proprietor, Individual Who Is a Partner, or an S Corporation Shareholder)127
Estimated Tax (Corporations)130
Self-Employment Tax (for Sole Proprietor, Individual Who Is a Partner, or an S Corporation Shareholder)132
Social Security (FICA) Tax and Withholding of Income Tax135
Federal Unemployment (FUTA) Tax142
Payment to Nonemployees for Services Rendered145
Taxpayer Identification Number (EIN)148
Free Tax Publications Available from the IRS149
Summary152
Chapter 8Recordkeeping and Tax Reporting Schedules153
Organizing Your Recordkeeping153
Building Your System154
Recordkeeping Schedule156
Tax Reporting Schedule158
Chapter 9Preparing for Uncle Sam161
What to Give Your Accountant162
The Last Chore163
Appendix IIndependent Contractors: Facts versus Myths165
Appendix IIWorksheets173
Small Business Resources197
Glossary199
Index207

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