By Philip B. Goodman CPA
Addressing a standard challenge for small-business vendors, this available instruction manual is the most important to knowing the fine details of accounting. Demonstrating the right way to thoroughly hold files and observe bookkeeping ideas, this advisor demonstrates tips on how to retain music of all monetary concerns and video display the final overall healthiness of any enterprise. averting advanced and burdensome accounting jargon, this transparent and concise evaluation interprets the necessities into sensible enterprise language, answering the main commonly asked questions provided to accountants by means of small-business proprietors this day. subject matters coated contain accounting components such as revenues, bills, resources, liabilities, and proprietors' earnings.
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Extra info for Accounting Savvy for Business Owners: A Guide to the Bare Essentials
Do not configure the customer as non-taxable, because the taxable items won’t generate a sales tax. Instead, apply the zero percent tax to a taxable customer. ) Some states tax only the first XX dollars of a product, and then either reduce the tax or eliminate it. 00 of the sale of tangible property may be taxable. However, if the state sales tax has a limit, the local surtax may not recognize that limit. Or, some local surtaxes may recognize the limit, others may not, and some may have a different limit.
You need to make sure you understand your state’s sales tax rules. Most states have adopted a series of confusing and convoluted rules about the tax rate applied to taxable transactions. You must also be aware of the rules in your customers’ states, and those states’ definitions of whether you have a business presence in those states. Depending on the circumstances, you may be liable for charging, collecting, and remitting sales taxes to the customers’ home state. Many states have a base tax rate, and then impose an additional tax you must add to the base rate (and the total of the two rates is applied to sales of taxable goods and services).
Computer Expenses is too generic for an account name if you want to analyze where your dollars are going; instead, create separate 18 Chapter 2 • Accounting Components accounts for computer repairs & parts, computer support plans, computer software, and so on. Be especially careful about clarity when you name your asset and liability accounts. For example, if you have a loan, name the account so it’s easy to determine which loan it represents. I’ve seen businesses name a liability account Bank Loan for a loan or line of credit and then when they have another type of loan from the same bank (perhaps for a vehicle) they call it Bank Loan 2.
Accounting Savvy for Business Owners: A Guide to the Bare Essentials by Philip B. Goodman CPA