AccuraTax,LLC really looks forward to helping you with your bookkeeping and assisting you in understanding your financial situation. Once a quarter meetings are a great way to evaluate your business and conference with AccuraTax about your business.

Bookkeeping Tips

Below are some bookkeeping knowledge that will help you think through your record keeping. The best advice I can provide to keep your business records in tact. Pay all your expenses on a credit card or from a checking account. This will provide all the records you need and will make recording keeping incredibly easy.

Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following:

· Monitor the progress of your business
· Prepare your financial statements
· Identify source of receipts
· Keep track of deductible expenses
· Prepare your tax returns
· Support items reported on tax returns

Record keeping Requirements of Proof of Payment

Cash = Amount / Payee's name / Transaction Date

Check = Check number / Amount / Payee's name / Date posted at bank

Debit/Credit Card = Amount / Payee's name / Transaction Date

Electronic funds transfer = Amount / Payee's name / Date of transfer posted

Payroll deduction = Amount / Payee code / Transaction date

Proof of Payment

One of your basic records is proof of payment. You should keep these records to support certain amounts shown on your tax return. Proof of payment alone is not proof that the item claimed on your return is allowable. You should also keep other documents that will help prove that the item is allowable.

Generally, you prove payment with a cash receipt, financial account statement, credit card statement, canceled check, or substitute check. If you make payments in cash, you should get a dated and signed receipt showing the amount and the reason for the payment.

If you make payments by electronic funds transfer you may be able to prove payment with an account statement.

How long to keep records – 3 years from April 15^th of the year you filed.

If you haven't filed taxes – there is no limit

I hope these hints assist you with your bookkeeping. AccuraTax,LLC aims to help you make your business a success. I would truly enjoy helping you setup Quickbooks and help you keep your records up to date.