Basic Recordkeeping and Accounting for the Small Business
Linda Pinson and Jerry Jinnett
Bibliographic record and links to related information available from the Library of Congress catalog
I. Recordkeeping Basics
Functions of Recordkeeping
When Does Recordkeeping Begin?
Common Deductible Expenses
II. Income and Expenses
Income (or Revenue)
Expenses
III Essential records For Small Business
Single and Double Entry Systems
Numbering of Accounts
Chart of Accounts
General Journal
General Ledger
Revenue & Expense Journal
Petty Cash Record
Inventory Record
Fixed Assets Log
Accounts Receivable
Accounts Payable
Payroll Records
Transportation, Entertainment and Travel Expenses
Customer Information Records
Business Checkbook
Receipt Files
IV. FINANCIAL STATEMENT ANALYSIS
What Are Financial Statements?
Balance Sheet
Profit & Loss (Income) Statement
Business Financial History
Personal Financial Statement
Pro Forma Cash Flow Statement or Budget
Quarterly Budget Analysis
Three-Year Income Projection
Break-Even Analysis
V. Taxes and Recordkeeping
Basic Understanding of the U.S. Tax System
Federal Taxes for which You May Be liable
Calendars of Federal Taxes
Income Tax (For Sole Proprietors)
Home Office Deduction
Income Tax (For Partnerships)
Income Tax (For S Corporations)
Income Tax (For Corporations)
Estimated Tax (For Sole Proprietor, Individual Who Is A Partner or
S Corporation Shareholder)
Estimated Tax (For Corporations)
Self-Employment Tax (For Sole Proprietor, Individual Who Is a
Partner or S Corporation Shareholder)
Social Security (FICA) Tax and Withholding of Income Tax
Federal Unemployment (FUTA) Tax
Payment to Non-Employees for Services Rendered
Taxpayer Identification Number (EIN)
Free Tax Publications Available from the IRS
VI. RECORDKEEPING AND TAX SCHEDULES
Organizing Your Recordkeeping
Building Your System
Recordkeeping Schedule
Tax Reporting Schedule
VII. PREPARING FOR UNCLE SAM
What to Give Your Accountant
The Last Chore
VIII. FINANCIAL STATEMENT ANALYSIS
Financial Statements
Liquidity Analysis
Profitability Analysis
Debt Measures
Investment Measures
Vertical Financial Statement Analysis
Horizontal Financial Statement Analysis
APPENDIX I: Glossary of Accounting Terms
APPENDIX II: Resources for small business
APPENDIX III: Worksheets
INDEX