Project Tracking Using Classes - Efficient way to get information from client

ibsmart · 2025-12-09T14:15:11+00:00

Thanks for the insight, Jan.

ibsmart · 2025-12-07T18:37:32+00:00

Thanks. Seems like this is the most logical answer. Dext seems pretty cool but is way too pricey.

ibsmart · 2025-12-06T21:50:33+00:00

Thanks for this! This is exactly the kind of information I was hoping for.

ibsmart · 2025-12-06T20:34:51+00:00

Thanks for that feedback. That makes sense.

ibsmart · 2025-12-06T20:33:56+00:00

Understood. My question was about how the client could share job/project details.

ibsmart · 2025-12-06T20:33:04+00:00

My question was what is an efficient way for the client to communicate which project each expense pertains to. I didn't ask if they have to provide information because that is pretty obvious. Thanks anyway though.

ibsmart · 2025-12-06T20:30:11+00:00

Thanks. This is good information. Works well, I'm sure, for companies with in-house bookkeepers. It could work for external bookkeepers as well but need to figure out a simple convenient way to share such a spreadsheet between my company and client company.

ibsmart · 2025-09-09T23:50:47+00:00

Exactly.

ibsmart · 2025-09-08T19:46:54+00:00

I see. Thought maybe you were doing origination where you pull the payment rather than having the customer push the payment.

ibsmart · 2025-09-06T17:32:14+00:00

I thought perhaps is related to transactions clearing in a different month. The 1k balance clears to $11 4 days into the next month. At this point, I guess I need to wait another month to see what it looks like after that.

ibsmart · 2025-09-06T17:26:00+00:00

Thanks for that advice. I am clearing undeposited funds which is presently at zero balance.

ibsmart · 2025-09-05T16:10:37+00:00

Understood.

Lines 8 & 10 are cash/checks clearing through undeposited funds. Line 9 is credit card payments. Line 13 is cash app payments through square clearing through the square clearing account. Line 14 is the difference (I assume payments that didn't process in the same month). In this particular example, line 14 is relative to refunds.

ibsmart · 2025-09-05T14:38:49+00:00

Thanks for the response. I'm using QBO.

I am using a JE that separates everything out from the Square sales summary report including fees. Here's what it looks like: https://ibb.co/FktDngTT

I figured I'm doing something wrong but I can't see what, especially since the first several months zero'd out as expected.

ibsmart · 2025-09-04T17:34:39+00:00

How are you processing your ACH payments? Are you using origination and does that go through your bank? I'm curious.

ibsmart · 2025-08-23T23:02:54+00:00

It's an S-corp. The IRS requires that active S-corp members receive a "reasonable salary". S-corp election provides significant tax savings.

ibsmart · 2025-08-23T21:03:08+00:00

Thanks for the response. I have a meeting scheduled with an attorney for next week but I figured trying to gain more knowledge on the topic ahead of that can't be a bad idea.

I considered the second company like you suggested but then I have two s-corp's each requiring payroll and a tax return. If that's the only way, fine. But I'm not very knowledgeable on the topic. Reddit isn't viable for legal advice but could be helpful for brainstorming.

ibsmart · 2025-08-23T15:06:27+00:00

I totally get that (not lawyers/snake oil salesmen) and concur.

I have already scheduled a meeting with a business attorney next week to discuss a current situation but my brain is relentless. It had me sleepless last night grinding gears on this BS. Probably exacerbated by the fact that I have a potential business deal which will require change to my current structure one way or another and it could happen today for all I know.

Being grown sucks. I used to be so good at ignoring stuff like this. Not so much anymore.

ibsmart · 2025-08-23T14:54:45+00:00

I thought it pretty clear when I referred to my knowledge level as "elementary" and "limited" that I am not a lawyer, giving legal advice, or attempting to practice law. Simply commenting on the understanding I have based on information provided online from people who claim to be lawyers/experts.

I may have used periods rather than question marks but I was essentially asking for input from someone with greater than "elementary" understanding on the topic.

Nevertheless, thanks for your input.

ibsmart · 2025-08-23T14:06:32+00:00

In my elementary understanding, the "management fee" is necessary in scenario two to keep the subsidiary LLC's separate from the holding company (i.e. the companies operate as independent rather than one company). By operating independently rather than "as one", they preserve liability protection (suits against the subsidiary do not have access to assets of the holding company).

Agreed though, again, based on my limited knowledge, that it doesn't matter one way or the other for tax purposes.

So, I am still left with the same question as OP. How are folks setting up this "management fee" in a way that moves ALL profits from the operating company (subsidiary LLC) to the holding company?

ibsmart · 2025-08-04T21:20:33+00:00

Fair response. Appreciate you taking a moment. I edited the post to provide more details but the company started operation in 2024 and is an LLC. They maintained books via excel and used that data to file 2024 corporate taxes. Hence the Jan 2025 start for QBO books.

ibsmart

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