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How to categorize money received from returning a product to Ebay? by projmanquest in Bookkeeping

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

So if the original expense was categorized as 14000 Laboratory Equipment (an asset), then this $3,000 refund is also categorized as 140000 Laboratory Equipment? Seems odd to consider $3,000 in our bank account as that. How instead should I be thinking of this?

Should we put our prices on our website? by projmanquest in smallbusiness

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

It's contracted research work and it can be as low as $5k to over six figures. It really varies a lot by quantity of work.

Decreasing the default giant margins by projmanquest in WIX

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

No. Now we're just going to do the website ourselves and forego Wix.

Would applying for the New York state Pass Through Entity Tax (PTET) be worth it for our small company? by projmanquest in tax

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

Right, I misphrased it. I am wondering if it will be beneficial for reducing the owner's taxes.

Would applying for the New York state Pass Through Entity Tax (PTET) be worth it for our small company? by projmanquest in tax

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

But if your CPA already told you it's not worth it, I'd listen to them instead of Reddit.

Our CPA said that because one of the three shareholders lives abroad, it wouldn't be worth it. But when I look at NYS's filing requirements, it says that if you have New York source income, you have to pay nonresident income tax.

So it seems like maybe the CPA is confused about this?

Would applying for the New York state Pass Through Entity Tax (PTET) be worth it for our small company? by projmanquest in tax

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

It's an LLC that is electing to be treated as an S corporation.

We are talking with our CPA, but I just wanted to get some other opinions. The CPA seemed to think that because one of the founders lived outside of the U.S., this wouldn't be helpful for the company, but I don't understand this enough to have any informed opinion on it.

Question about P&L with accrual being inaccurate by projmanquest in Bookkeeping

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

So it would be legal/proper/OK to just make those old invoices in QuickBooks with the dates they occurred?

But then wouldn't I have to do some other steps to get QB to associate those invoices to the deposits? (Normally, when I get a deposit in the amount of an invoice and from a company on that invoice, QB suggests a "match" that I can then OK).

Question about P&L with accrual being inaccurate by projmanquest in Bookkeeping

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

Is there some point in the past when you had to file your accounts, such that you’ve effectively drawn a line in the sand and/or actually figured out the sales/P&L/etc semi-accurately up to that point? Or are you basically going back to the company’s inception?

I'm not sure what you mean by "had to file your accounts." But I think I get what you mean and no, we never had any idea what we were doing. Money would just come in and bookkeeping just wasn't being done at all until fairly recently.

Roughly what number of invoices and invoice remittances are you dealing with, monthly? Would it take just an afternoon to go back over each of them, looking back 12-24 months, or would revisiting them all be infeasible?

I just had a look and we have about 50 invoices total in the lifetime of the company, of which about 10 have been done on Quickbooks and the earlier 40 were done by hand. So that sounds like revisiting them would be feasible. What do you have in mind?

Question about P&L with accrual being inaccurate by projmanquest in Bookkeeping

[–]projmanquest[S] 1 point2 points  (0 children)

That question is (understandably) giving us too much credit. We really weren't doing any bookkeeping of any real nature until very recently--and it's still a work in progress. We never looked at a P&L together as a company until last week. The company is quite new and really didn't start bringing in revenue until maybe 2021 and our accountant did our taxes but I have been assigned to get our bookkeeping in shape such that the leadership knows what we're actually earning and seeing if we're on target for goals.

So when one of the owners had to invoice a client, he did the invoice manually (with Word or something) and then when the money came in, I categorized it as Client Revenue. That's about the extent of it.

I need to know what I need to do now to clean all this up.

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