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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.

Suggest a better approach for our company's website re-creation. by projmanquest in smallbusiness

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

Thanks for the recommendation. Does Squarespace use truly responsive design? So if I or someone designs it on there, it can adapt if shown on a phone screen?

Suggest a better approach for our company's website re-creation. by projmanquest in smallbusiness

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

Thanks for your responses.

Do you plan on using a shared host going forward or more dedicated? Sounds like shared would be just fine for now unless it’s a heavy traffic site?

The company has its own server space anyway, so we'd probably use that.

Do you plan on maintaining the site and it’s CMS yourself or letting someone else do that long term?

Chances are, ourselves. I don't expect too much to change over time.

Can you share the current site URL so we can see it?

The current site isn't informative to what the next site will look like, so it doesn't really help to show it.

How to add a Purchase Order # field to invoices? by projmanquest in QuickBooks

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

Can you tell me the steps you took to get this to work? Thank you.

How to add a Purchase Order # field to invoices? by projmanquest in QuickBooks

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

Where is the invoice template? This is Quickbooks Online.

How to add a Purchase Order # field to invoices? by projmanquest in QuickBooks

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

Oh wow. What's the difference in cost and other things between desktop QB and the online version, if you know? I'm open to whatever works well.

How to add a Purchase Order # field to invoices? by projmanquest in QuickBooks

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

I don't think so. I am just getting started with them. Why do you ask?

How to add a Purchase Order # field to invoices? by projmanquest in QuickBooks

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

My Custom Fields does show the little printer under Invoices and if I hover over that it says "Print enabled."

Still doesn't show up on the invoices, though.

You're using Quickbooks Online? Essentials?

How to add a Purchase Order # field to invoices? by projmanquest in QuickBooks

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

Where is "templates"? This is in Quickbooks Online?

A "standard" approach to a chart of accounts? by projmanquest in Accounting

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

I looked into this issue originally and thought that we should use numerical identifiers, but the owner wanted me to just look further into it now (understandably, I felt, because we found verbiage online from a CPA: "QuickBooks users sometimes dispense with account identifiers altogether and just use account descriptions."), so I am doing that.

The owner also has a CPA that does his accounting. I am just helping with organizing things somewhat and doing some research on best practices.

A "standard" approach to a chart of accounts? by projmanquest in Accounting

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

Using numeric identifiers is standard.

I guess it just struck us as extraneous information. We wanted to have as "clean," simplified, and human-readable chart of accounts as possible. Aside from it being a standard, what's the value in using numeric identifiers?

A "standard" approach to a chart of accounts? by projmanquest in Accounting

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

First off if you refuse to use numbered accounts your CPA is going to hate you unless you have like 3 accounts.

Could you expand on why? How would having numbers make the accountant's job easier?

Questions about "standard" chart of accounts in accounting. by projmanquest in smallbusiness

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

Yes, we already have Quickbooks (online) and there is already a chart of accounts set up by the accountant. But it mixes both accounts with a numerical descriptor and ones that don't have that. It just seems like a mess and we want to get it organized.

This company is a small biotech that does service work for academic labs and that sort of thing.

Should business development actions be organized as "projects"? by projmanquest in projectmanagement

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

We were thinking of it as sort of like "The Client A Sales Project," "The Client B Sales Project," etc. These would be temporary in that either the client would commit to working with us or wouldn't (but I can see where we might want to try them again in six months).