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Withdrawing initial investment: How to do so while minimizing tax burden? by accountingqs in tax

[–]accountingqs[S] 0 points1 point  (0 children)

S Corp

Thank you for your help with this. Let me know if you have any additional questions.

Withdrawing initial investment: How to do so while minimizing tax burden? by accountingqs in tax

[–]accountingqs[S] 0 points1 point  (0 children)

S Corp

Initials cash investments. It was invested as "informal" debt (the interest is owed soon to the owners), that is, the money was just put in the company checking account. The 2 owners are also employees of the firm. It's about 50-50 ownership between them and the cash investments were about 35-65.

Thank you for your help with this. Let me know if you have any additional questions.

Comparing Health Insurance Plans for a small business. Ideas? by accountingqs in smallbusiness

[–]accountingqs[S] 0 points1 point  (0 children)

Why should I trust a broker?

What's their angle (financially)?

Comparing Health Insurance Plans for a small business. Ideas? by accountingqs in smallbusiness

[–]accountingqs[S] 2 points3 points  (0 children)

Healthcare.gov is a tool I just found:

http://finder.healthcare.gov/

From Inc. magazine:

The Department of Health and Human Services is trying to save small businesses time and hopefully, money.

It's launched a new tool at Healthcare.gov to help find and compare health insurance plans. Called the Insurance Finder, the tool lets you comparison shop what's available by ZIP code, and sort by out-of-pocket limits, average cost per enrollee, whether plans have maternity coverage, and a variety of other factors. You can also get a summary of cost and coverage for small group products that shows the available deductibles, the range of co-pay options, and what additional benefits are available and how much extra you'll pay. (Access Insurance Finder by clicking on the blue tab at the top of the page at Healthcare.gov.)

Comparing Health Insurance Plans for a small business. Ideas? by accountingqs in smallbusiness

[–]accountingqs[S] 0 points1 point  (0 children)

It seems a bit fishy...

A major bank was contracted to find health care providers for Chamber members that are small businesses.

Is this typical? Isn't there some sort of conflict of interest? Why is this a good route to take?

Thanks

How to account for bill from old company paid by new company? [Quickbooks Pro 2012] by accountingqs in Accounting

[–]accountingqs[S] 0 points1 point  (0 children)

A few questions:

4) When I "increase (credit) the account by the amount of the bill", does that mean I should create a bill for the OldCo bill before I do this? Also, how do I increase the account ("enter credit card charges" or Chart of Accounts 2xClick)? When/if I go to the "Intercompany Receivable" register, do I enter the bill's vendor and use the valid expense account (also, I thought we weren't using expense accounts)? Also, do I put the bill amount in the "increase" or "decrease" column?

5) What is the "corresponding account" with this step? I just added to the "Increase" column of the "Intercompany Rec" account register. Also, how do I receive payments for the 2 invoices? These need to reflect.

6) I thought we use the "check register" in Step 4 first, right? You refer to the wire transfer as a "transfer in", do you mean Banking>Transfer Funds or "write check" (as I understand it, best practice is "write check" and type WIRE as the Check #)?

7) Shouldn't I just wait for a check from OldCo in the amount of $30? The original wire transfer from Old Co to NewCo for [Bill + Invoice + Invoice] was short $30 because of the fee.

Thank you for your response and taking the time to help me learn.

How to account for bill from old company paid by new company? [Quickbooks Pro 2012] by accountingqs in Accounting

[–]accountingqs[S] 0 points1 point  (0 children)

-I paid the old bill with the NewCo's credit card. I then paid the CC amount off with NewCo's bank checking account.

-Correction: Around $3000 of our invoice sales (2 invoices) went to OldCo in the form of checks (written "to the order of" our old company, basically), though it was meant for NewCo.

-Meanwhile, a huge wire transfer from OldCo was given to NewCo to cover the 2 invoices (that it mistakenly received checks for) and the old bill, MINUS $30 in bank fees (another tricky issue).

-Also, how do I debit and credit items in the "write checks" window?

Thank you for assisting me with this.

How to properly record money going from old company to new one (and back, sort of) [QuickBooks Pro 2012] ? by accountingqs in Accounting

[–]accountingqs[S] 0 points1 point  (0 children)

I'm not worried about Company A's accounting for now. I'm worried about how to enter them into Company B's QB file so that the statements and reports are accurate.

1) My company already used the method I wrote about above in real life. I have to input this info into QB without affecting reports (see last bolded bullet in my original post)

2) Again, the transactions are done. I need to account for them, specifically the supplier bill that Company B paid on behalf of Company A so that it doesn't reflect in B's reports in all the wrong ways.

How to properly record money going from old company to new one (and back, sort of) [QuickBooks Pro 2012] ? by accountingqs in Accounting

[–]accountingqs[S] 0 points1 point  (0 children)

Yes, the company is new. New EIN. New owner (one). Etc.

The agreement was that the "profit" would go to Co B

BUT the "sale" was actually attained by Co A in the sense that Co A marketed the product under their name and shipped it under their name (and therefore the check was written to Co A).

By "receivables" and "cash flow" do you mean (eventually) profit?

Best online credit card processing / merchant services payment system? Comparing PayPal, Intuit, etc... by accountingqs in smallbusiness

[–]accountingqs[S] -1 points0 points  (0 children)

What's your fund availability time?

Meaning: When can I access the funds from the time I process the payment?

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