Home : Thread List - Accounting and Budgeting

Starting a business while in College.

Danycount9 — Wed, 24 Jun 2009 05:38:29 GMT

Hello Everyone,
I am currently a senior at A University, I will be procuring my bachelor in Accounting in december. I just wanted to know if there's anyt sort of business that I could start while I am in school. I am very good with numbers, I know a lot about accounting. I speak two languages other than English (If those qualifications help). I have roughly $4000 ready in the even some genuine idea might occur. So, everybody's suggestions and advices are welcome.

Truly,

D.S.

Do I really need an Accountant?

truckdrivver — Tue, 01 Sep 2009 20:14:33 GMT

I'm a small trucking company, one employee (myself) one truck. Do i really need an accountant or can i do it myself. I see that Bank of America offers many services like Online Payroll,Tax services and Quick Books

basic invoicing system with multi-currency feature

paulieab — Mon, 02 Nov 2009 15:04:51 GMT

We rent luxury properties in Portugal to clients in the US and Europe. We started using billfaster.com a few months ago and its great and its free...but it doesn't have multicurrency. They say its coming but not just yet as there is no demand for it from their small business users.

please reply if you think thats something you need....we can lobby them to get it done faster! power to the people!!

QuickBooks 2009 error when updating from B of A

OBX_2009 — Sun, 01 Nov 2009 04:07:34 GMT

I get the error "no new transactions" try again tomorrow, when downloading from B of A to Quickbooks 2009. This was not a problem until recently. Thanks in advance

How to figure estimated sales and such...

dexter0889 — Mon, 28 Sep 2009 00:40:19 GMT

I have been working on my business plan for a while now for a clothing and accessory retail business in the local mall and have been stopped up several times because I don't know how to calculate estimated business earnings, or other financial statements, including balance sheets, and figuring my break even analysis. Does anyone know how to figure these kinds of things out, or more or less where can I get the information to figure it out?

IRS Form 5472

rp4232 — Mon, 28 Sep 2009 06:06:54 GMT

I am totally confused with form 5472, A person owns 100% of an US 1120 Corporation, he is the sole shareholder. He is a citizen of the UK. I have declared him a foreign person owner because he owns more than 25% of the corporation and more than 50% of the voting power.

Under question 5 of schedule K, no SS number, I listed his corporation ID. Should I list no ID or his corporation # is okay? Back to form 5472. I notice no transfers or payments to the foreign owner, however the company does a small amount of business (less than 2%) with the company that the Owner of the corporation works for. Also, I notice a long term liability account with this company, along with a deposit of funds from the company. These transactions appears to be a loan between the foreign company and the US corporation, however the corporation is not the owner of the US company only the sole shareholder. I am unaware if the Owner of the US corporation owns or have shares in the UK corporation. The US corporation had a loss in both years of operations.

After reviewing form 5472, I noticed that you do not have to file if monetary related or non-related transactions occurred between the foreign owner and the corporation.

I am concerned with the relationship between the foreign owner and the corporation the assist the US corporation with capital.
What questions should I be concerned with the foreign owner to prove relationship and if any transactions are reportable. The owner only investment is a $1,000 to start the US corporation.

I have also noticed the penalty for this form is very steep for not filing the form correctly and also timely. Another concern I have is the two years that I am preparing is 2007 and 2008 returns and no extensions was filed. Would the IRS consider the 5472 as being late and apply the $10,000 file if we are just filing for the two years above.

I am very interested in filing this form out correctly with-out any liability. It appears to me, because no monetary transactions were made between the US Corporation and the foreign owner, we do not have to file form 5472.

Ordering Tax Forms and Tax Return Supplies

jramertax — Tue, 29 Sep 2009 19:22:01 GMT

In an economy where everyone is trying to save money, where will you order your tax forms and tax return supplies from in 2009?
Many accountants and CPAs don't know that their forms and supplies can be purchased from a vendor instead of the software company such as: Drake, Peachtree, Qucikbooks, Creative Solutins, Ultra Tax and CCH. Often the savings range from 30-60% when ordering from a distributor rather than the software company. I would encourage all accountants and CPAs to do some price shopping this year. Not only will you save money for your business, but if you charge your clients for the supplies they will appreciate the savings as well.
One site I recommend is: http://www.discounttaxforms.com/. This is my company and we offer free shipping on tax forms and tax return supplies using the code: JRTAX, at checkout.

Accounting software recommendations for freelancer?

EastCoastDev — Thu, 07 Feb 2008 02:59:03 GMT

Hi,

I'm a freelance web developer, and have been working as a sole proprietor for the past year. My accountant has advised me go down the route of setting up an S-Corporation (or possibly an LLC), which I'm planning to do this month. As this makes everything a lot more formal, it's probably the best time to get things like banking and accounting processes in order, and as a result, I'm looking to start using something like Quickbooks.

Until now, I've been using a messy solution consisting of various Excel spreadsheets to keep track of invoices and expenses, but would really like to get rid of this in favor of something more organized and easier to use. One of the potential pitfalls is that a large portion of my clients are abroad and prefer to be invoiced in their local currency, so I'd like to use an accounting application that can deal with this.

So, I guess this makes my main requirements:

Suitable for managing accounts for consultancy-type businesses
Able to easily manage invoicing in multiple currencies

I've skimmed over Quickbooks and Microsoft Office Accounting and both look okay, though I was hoping someone in a similar situation could offer some advice and recommend something. Any advice would be most appreciated.

Thanks.

EastCoastDev

Large Quickbooks File

dougkoli — Tue, 12 Aug 2008 13:07:57 GMT

We have been in business for over nine years. We just started to have a problem with Quickbooks. According to the support people, our file is too big. They tell me that the file should be under 150000 Kb and my file is 357000 kb. We condensed the file and it is now 337000Kb. Does anyone have any answers to help? The support people suggested that I purchase a large version of Quickbooks (Enterprise Edition) which is very costly. We only need two to three licenses and you have to purchase 5 with the new edition. the cost of the new edition is $3,000 plus $750 per year. I would appreciate any possible solutions. Thanks.

How to export a large quickbooks file

vibrantchord — Sat, 19 Sep 2009 18:51:10 GMT

Hello,

I am encountering an issue where I want to export a quickbooks file into an electronic format. I tried to export it to pdf, but there was a size limit of 460 pages or 65k characters. I've tried to shrink my file by only printing out the 2008 year finances, but it's still too large. Is there any third party software I can use to export this large quickbooks file? Any suggestions would be greatly appreciated. Thank you!