JAYE’S BOOKKEEPING TIPS #10


You have probably now reached the point where you can’t remember just what paperwork you need, so let’s recap.....






1. You need your Chart of Accounts (COA).
2. You need your spreadsheet showing all of the income and expense accounts in a separate column and columns for your cash account. This is called your CDR (Cash Receipts and Disbursements). It’s called this whether you are cash or accrual. We’ll talk next time about how to set this up.
3. You need a log of client records.
4. You need a log of Your Accounts Receivable (AR), which can be a combination with the client records if it has a balance due column.
5. You need a log of Your Accounts Payable (AP).
Remember the AR & AP records are for accrual basis only, but everyone needs a client log.
6. You need a Journal Entry (JE) book.
7. You need an Auto Log.
8. You need a record of your fixed assets.
9. You need a record the loans you have to pay.
10. You need a separate file to keep home office expenses.
11. You need a filing system that lets you locate all of the above with ease.
12. You need a General Ledger. What a minute, what’s a general ledger, haven’t
heard of that one!!

You can buy a General Ledger book at the office supply store. Make a page for each Account (we call them your A/C-Accounts Current). Start with the Current Assets, then the Fixed Assets, Current Liabilities, Long Term Liabilities, Equity, Income and Expenses (one page for each kind of Income and Expenses).

Get this set up and next time, we’ll talk about what you do with it.

Good luck,

Jaye
jaye@strateshooter.com