Business acct.

[Trenton Hall]

Thank you. You've got me thinking.  1. Dummy bank acct.in Notary books is
good.
                                                          2. Instead of a
Liability acct.Loaned by Trenton, (which sounds to me, as something I have
to 'pay back) what if I had a Payable acct. to Trenton and a personal
Notary Income from TPH
Yes, this is 2 separate entities that I have on my income tax. The program
that I mentioned before does keep track of everything except, it works on
an accrual basis not cash, so it requires me to correct money income at the
beginning of the year, since I might not get paid for work in Nov.or Dec,
until Jan or Feb.  GC would be a more accurate accounting.  OR
                                                          3. Just record
Notary income in the Personal Income, period.and then to ck/sav.or cash.

On Fri, Apr 27, 2012 at 9:34 AM, Maf. King <maf at chilwell.net> wrote:

> On Fri 27 April 12 08:20:01 Trenton Hall wrote:
> > ok, so, I've started a separate data file for Notary work. Since I don't
> > have a checking/savings just for this, is there a way to
> > connect the personal checking/savings accounts w/the notary income,
> since I
> > deposit notary income into my personal checking/savings or cash in some
> > cases.  I actually have another program that does track notary income and
> > jobs, though not to my liking.   I'm sort of experimenting w/GC to see
> if I
> > can use this for both or just back up for notary work.
> >
>
>
> Hi Trenton,
>
> If you are using your personal checking account to hold onto the Notary
> business money, then I suppose that I would suggest that you create a dummy
> bank account in the Notary books, so that you have somewhere to transfer
> to.
> you could call it Assets:LookedAfterByTrenton, for example, which is fairly
> accurate as a description!
>
> In the personal books, I would probably create a new liability account,
> called
> Liability:LoanedByNotary and also sub-account of checking to hold that
> pool of
> money.  It does mean entering the bank transactions twice, once in the
> notary
> books and once in the personal.
>
> I'll say it again, though - if you and the notary business are 2 separate
> entities, be careful to keep them financially segregated, just in case the
> tax
> inspector pays you a visit....often they are easily confused, but always
> keen
> to charge!
>
> Maf.
>
>