Accounting help
Printed From: Unofficial Allis
Category: Other Topics
Forum Name: Shops, Barns, Varmints, and Trucks
Forum Description: anything you want to talk about except politics
URL: https://www.allischalmers.com/forum/forum_posts.asp?TID=149496
Printed Date: 27 Apr 2024 at 1:04am
Software Version: Web Wiz Forums 11.10 - http://www.webwizforums.com
Topic: Accounting help
Posted By: bobkyllo
Subject: Accounting help
Date Posted: 15 Apr 2018 at 12:43pm
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I need some help from you guys. What do you do for keeping track of your money. I just finished taxes and my way sucks. I need some way to keep track of my income and where it come from. I also need a way to keep track of where my money went. I also need a way to keep track of sales/expenses. I have 3 main incomes. My auto repair/tire job, my farm/cattle, and my machinery sales. I need a way to better keep track of what I spend on machinery that I sell. For example I need to know that I bought a rake for say 200 and I put 100 dollars in teeth on it for a total of 300 expense. Then I also need to know that I sold it for say 500 with a profit of 200. Same with farming and cattle. I hope this makes sense and thanks.for your help |
Replies:
Posted By: Dipstick In
Date Posted: 15 Apr 2018 at 3:55pm
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I used Quicken, or maybe it was Quickbooks,,,,,, to keep track of my farming, and when I retired from that I used it in little company where I delivered new semi trailers. It did everything I needed except fuel milage!! ------------- You don't really have to be smart if you know who is! |
Posted By: bobkyllo
Date Posted: 15 Apr 2018 at 4:11pm
| Can you pull reports on certain catagories with quick books.like for me I can write off cloths and tools. Am I able to have a report at the end of the year so I can see that broke down. |
Posted By: ac fleet
Date Posted: 15 Apr 2018 at 5:37pm
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IF you want all of your business on the computer, you can make up a spreadsheet with the windows programs.--Here my wife does it in a big book in her own handwriting and at tax time she just transfers the bottom line figures to the forms.---LOTTA work any way you go about it! thanks; ac fleet |
Posted By: jaybmiller
Date Posted: 15 Apr 2018 at 6:29pm
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OK, over the 3 decades of running my incorporated business, I tried 6 or more 'canned software' programs to do 'the books'. NONE were easy, NONE . This AFTER an $800 accountant did the first year taxes....DADT !!!arrrrgh So for the past 4 or 5 years, I did it MYSELF and it takes about 2 hours to do the 'T2 - Federal Corporate Taxes' here in Canada, plus maybe 1/2hr a month. I created a SIMPLE spreadsheet in eXcel that does 99% of the work. Here's the gist of the 'details'.. 1) ALL business transcations go through ONE bank account. That's the 'key'. EVERYTHING goes in or out of ONE account. 2) At the end of year, I download, in CSV format, the entire 'fiscal' ( jan 1 2017-Dec 31 2017). 3) Open up a spreadsheet and import the 'fiscal2017.CSV' file and save as an XLS 4) Edit the spreadsheet to add a column for 'type of transaction'. I have 6-8 'types', like banking charges,taxes, R&D, etc. The fewer the types the better !! You do NOT want types like 'gas for truck #1,oil for truck #2' !! TMUI ! 5) after that there's a few lines to 'fudge the numbers' into what the guv wants vs their GIFI codes. The key is that ALL business transactions go through 1 bank account ,so the BANK nicely records each and every transction for you.... If you need to keep track of 3 'sub businesses' you could open up 3 accounts or each month, download the statement in CSV format, save, import to spreadsheet and enter the 'type' say Auto,Farm,Mach. Use 'A' for auto,'F' for farm stuff,'M' for machine sales. It's a lot easier to type an A than auto repairs/tires ! Now how often you download the data is up to you. Since I have few transactions, I prefer to grab the entire fiscal at one time as I have 6 months to 'crunch the numbers' before the T2 is due. Also a bank 'month' is NOT the number of days in a month! At least not up here.... Jay ------------- 3 D-14s,A-C forklift, B-112 Kubota BX23S lil' TOOT( The Other Orange Tractor) Never burn your bridges, unless you can walk on water |
Posted By: Unit3
Date Posted: 15 Apr 2018 at 9:30pm
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You need to talk with my dad. He got me started with it as well. He bought National Brand legal pads. His has a wire at the top so he can flip the book open to any heading. In the column at the left, he will write a heading at the top like "Grain Sales". Counting that page as 1 and add 2 more pages. Place a broad under these three pages and cut with a razor knife the margins off of these page. I use 5 cut legal files and label the first one "Grain Sales". You make as many headings as you need. On the cover of the book, write the year and any machinery buys of the year. He has books clear back to 1960. He can easily tell you what year he bought whatever and how much he paid. I use a label maker in my books and on the files. It makes them look fancy and it stiffens the paper for each heading in the column on the left. In my books , I have 15 different headings and 15 matching file folders for the years receipts. At the top rights corner of each receipt, I write in large print the date paid and the check #. This helps me at the tax mans office so much. If he want to see a receipt, grain sale, patronage dividend, W2, or 1099, I know right where they are 99% of the time. ------------- 2-8070FWA PS/8050PS/7080/7045PS/200/D15-II/2-WD45/WD/3-WC/UC/C |
Posted By: shameless dude
Date Posted: 15 Apr 2018 at 11:10pm
| what ever you do, keep it off the internet! many banks give ledger books away that lists everything in coluums that is needed. used them all my life, all of my tax preparers liked them too! |
Posted By: jiminnd
Date Posted: 16 Apr 2018 at 11:37am
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For 35 years I used ledger books by hand. Takes some time but I have a better idea were everything goes and do it myself. Farming for that long, maybe computer is better but what works for you is best. ------------- 1945 C, 1949 WF and WD, 1981 185, 1982 8030, unknown D14(nonrunner) |
Posted By: Ted J
Date Posted: 16 Apr 2018 at 3:43pm
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I'm with Jay on this. You HAVE to learn Microsoft EXCEL!! You're young, so learning SHOULD come kind of easy. I went back to tech school and took a course. As a senior, it didn't cost much and it was FUN watching all these KIDS floundering while I was doing pretty good. ANYWAY, it's NOT EASY, but you can do it. Once you've learned it it becomes SO easy to do and keep track of,,,,,,you'll be amazed that you've never done it before. If you can teach and old dog (me) new things, you can do it!! I really mean that, ONCE you get the hang of it,,,,,,it's SO EASY you'll wonder WHY you never learned it before. HTHs.... ------------- "Allis-Express" 19?? WC / 1941 C / 1952 CA / 1956 WD45 / 1957 WD45 / 1958 D-17 |
Posted By: Tbone95
Date Posted: 17 Apr 2018 at 8:29am
| Ya Ted, my Dad is 80, he helps me keep books, we got him using Excel about 7 years ago. He does pretty well. He gets things out of whack from time to time, but it's easy to fix and likes it. |
Posted By: shameless dude
Date Posted: 18 Apr 2018 at 7:08am
| back when I first got a PC, I bought a farming accounting program. had it installed, and used it faithfully and it was an easy program to follow.....but...then one night my PC crashed and even puter guru's weren't able to retrieve it out of the PC. PC was fixed, but never could recover that program. all my info was lost. and I had to re-do it all again back into a ledger book. did it that way before the PC and did it every year since the PC. bad enough to do it once, not alone twice! |
Posted By: Tbone95
Date Posted: 18 Apr 2018 at 7:14am
Yep. Well, that's why you store it on the PC and then store it on something else somewhere else. Easier to back up computer files than paper ones really! But, to each their own and no worries.
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Posted By: alanruther
Date Posted: 23 Sep 2021 at 1:12pm
| I still can't figure it out. Do I need to go to some service to have it done for me? |
Posted By: jaybmiller
Date Posted: 23 Sep 2021 at 1:57pm
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last 2 possible SPAM ?? ------------- 3 D-14s,A-C forklift, B-112 Kubota BX23S lil' TOOT( The Other Orange Tractor) Never burn your bridges, unless you can walk on water |
Posted By: tadams(OH)
Date Posted: 23 Sep 2021 at 3:52pm
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Qu9ckbooks will if you learn how to enter everything, it will even write checks. But you must learn to enter it correctly.
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Posted By: dr p
Date Posted: 24 Sep 2021 at 6:48am
| I got a 12 year old to write an excel spreadsheet for me 20 years ago. Simple but I still use a paper checkbook as a back up. I guess you could put an external hard drive on your computer to back up onto. Technology is great until it isn't. I use to do the entire dental office on a paper ledger. Only technology failure is when the pencil broke |
Posted By: Jomaryngs
Date Posted: 18 Apr 2022 at 2:10pm
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Hello. There are applications with which you can add information about each employee, such as personal details, pay rate, pay details, deductions, notes, and accrual. It is possible to add multiple companies to the lost and specify details, such as company and trade name, address, department title, deductions, and direct deposit. For example, I use https://www.payrollindex.com/payroll-for-education/" rel="nofollow - https://www.payrollindex.com/payroll-for-education/ since it seems most convenient. This tool allows you to create multiple payroll systems that can be treated according to your needs. You may add details about earnings, bonuses, commissions, reported trips, vacations, holidays, federal, state, and local taxes, and many others. |
Posted By: Ray54
Date Posted: 18 Apr 2022 at 2:46pm
Another old post to the top by a newbie. But no live link so is it reportable as spam.
 But since "tax" season is over I guess this guy is lonely. |
Jomaryngs wrote:Posted By: dee_veloper
Date Posted: 18 Apr 2022 at 4:23pm
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I recommend separate bank accounts for each business line. Don't mix personal expenditures with business accounts and don't mix businesses. That way you'll separate records for each business and end of month summaries from the bank showing revenues and expenditures. Banks will also provide details on transactions if you request it. Talk with your bank about your needs They are experts on keeping records and their business is handling money. If you want to tackle it yourself, then yes, get a software package. But I would still keep separate accounts for each business line. ------------- Don't confuse my personality with my attitude. My personality is who I am. My attitude depends on who you are. |
Posted By: Darrell G (MN)
Date Posted: 18 Apr 2022 at 5:54pm
| I have used quick books for business and personal, quick books is very user friendly and easy to catch on to, even an old codger like me can run quick books |