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Honored Advisor

Re: I may be () this close...

I did something new this year, and it REALLY helped. Set up the tax binder that goes to the CPA in December. I put a set of indexes with pockets in it. Eight set is plenty, with one to spare. One is any questions, like letters from state tax department. Next, each entity and our individual tabs.
As 1099s arrived, I wrote numbers onto the worksheet, and filed them in the pocket for that worksheet, checking and writing entity name and state on each one as I went. That way, if something gets pulled out at the accountant's office, they do not waste time ($$$) looking for where it goes, or worse, calling me and playing phone tag.
I was pleasantly surprised at how quickly I got the remaining totals in place yesterday. Most come straight from Quickboojs, a few more from credit card summaries. It took maybe fifteen minutes to print those out last week. That leaves very little else to do.

Not bad, but not " far ahead" by Linda's standards my appointment is Tuesday morning. I will look them back over tonight. Clean up my handwriting, photocopy a set of the worksheets for my reference, if anyone calls.

I will stick them in my tite bad wherever I go from Tuesday until the returnsare ready. Haven't done that before this year, and lose time getting back to my office, sometimes a couple of days.
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Senior Contributor

Re: I may be () this close...

Maybe I need to readjust my binders.  I have one that is sorted by expense vendor.  (Electric company, Coop, seed, feed, Tractor Repair folks, vet, several others) and farm miscellaneous  for those we don't do alot of busines with. I have one that has bank account, one for loans, one for 2014 crop input, one for beans, one for corn until the end of the year and can combine the input with the income of the crops.  My expense binder gets pretty heavy.  I don't do by month as I used to with file folders, but maybe that would be something to go back to as far as filing in the binder.  But by vendor, I don't have to look through several months to find an expense with a vendor.  I could have 100 binders with all the stuff I have!!! 

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Senior Contributor

Re: I may be () this close...

Good tips. I see a couple of things I can improve to make this easier for me and if someone else should need to follow up. One step with the binders instead of file folders that need to be transfered to binders later. The plastic boxes will work better than paper boxes. Already have the hole punch and some binders.

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Honored Advisor

Re: I may be () this close...

Quickbooks will print out reports by vendor, so I know which check on which date for which amount.

I used to bag every receipt the way Suey does, using ziploc gallon bags, and labeling the date I closed the bag. So much of what we do is electronic now, it is not really worth the bother. I have a check transaction, which is in both QB and online account access, if a question arises, I can boot up both, to see when the check was isdued and when it cleared.

I can see why receipts were so important to organize before electronic banking, not so much now.

You have to grasp, our business is very different from most of yours. I have one landlord, on 25 acres. We have one - will be two from now on - major farming enterprises, where some of you are extremely diversified.

I know at a glance what any given purchase applies to, or if it is an overall tool or implement used in several places. I also - and this is just factual, not bragging - have a very precise memory. When I have written down or typed something into an account, it is probably not something I would forget. That trait suffered some in the year or two right after Jenna's passing, I think because I was trying to recall and write down everything I could about her. I think that is largely accomplished now, and my grief is entering new stages.

If you look at your business, you should see patterns of organization. That is what drives my record-keeping. The older I get, the more I build systems so that anyone can pick up and take over. Less is between my ears, mlre between those binder covers. I despise file folders!


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Honored Advisor

Most important principle

of recordkeeping is not how you want to put information in, but how you will easily pull it out...for taxes, for proof of payment, etc.
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Senior Contributor

what a scare

Went to turn on the computer & after I logged the password it turned black.  More than once.  Unresponsive.  Unplugged & let sit.  Still nothing.  Called the computer office where I got & they had no techs in today.  Made an appointment for Monday morning.  Tried again.  Nada.  I had upgraded last night & turned off. 

 

Anyway it was running & I screwed around with the cordless mouse while talking to a friend and VOILA!  It came on! 

THis could have been major even though I had backed up on a seperate stick.  Oh, what a relief!

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Senior Contributor

Re: what a scare

That could have been a nightmare. My new computer won't allow me to open some sites. DGS is coming tonight to help as I need to send tax info.

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