Account layout for a personal business

[M Prindle]

On Mon, May 3, 2010 at 7:22 PM, trythis <grahamlane at gmail.com> wrote:
>
>
> Mike or Penny Novack wrote:
>>
>> But the question is, why would you WANT to do this? Why would you want
>> to co-mingle your business accounting with your personal accounting?
>>
>>
> It isn't worth the expense and hassle to open yet another bank account, pay
> the fees and then have to transfer money from one to the other all the time.
> I am often in a situation where I need to buy something when there is no
> money in the business assets, and I have to use the personal checking and
> visa-versa.
>
> I rarely produce reports, except once a year for taxes and its pretty easy
> to select what I want to report with the system I set up.
>
> If I start making enough money to make it important, I will hire someone to
> do this for me and toss the whole thing to them anyway.

For our small business we keep a separate checking account.  Our
personal and business accounts are with the same bank and they are all
under the same login so it's easy to transfer money between them.  It
make it easy at the end of the year to figure out what's business and
what's personal.  Also, if you are in the US it looks better to the
IRS when you keep separate accounts.

Kage_