Table of contents for Keeping the books : basic recordkeeping and accounting for the successful small business / Linda Pinson.

Bibliographic record and links to related information available from the Library of Congress catalog.

Note: Contents data are machine generated based on pre-publication provided by the publisher. Contents may have variations from the printed book or be incomplete or contain other coding.


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Table of Contents
		Acknowledgments ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿.¿...	iii	
Dedication & Acknowledgements ¿¿¿¿¿¿¿¿.¿¿¿.¿¿¿¿.. i 
About the Author (Linda Pinson) ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿. ii
Preface ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿.. .viii
Chapter 1	Recordkeeping Basics¿¿¿¿¿¿¿¿..¿¿¿¿¿¿¿..¿¿.	1 
Functions of Recordkeeping ...................................................... 	1
When Does Recordkeeping Begin? .......................................... 	3
Chapter 2	Income & Expenses ¿¿¿¿¿¿..¿.¿¿.¿¿¿¿¿¿¿...¿.	5
Income (or Revenue) ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿	5
Expenses ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿	5
What are ¿Deductible¿ Expenses? ¿¿¿¿¿¿¿¿¿¿¿¿. 	6
Common Deductible Expenses ..................................................	7
Chapter 3	Cash Accounting Vs. Accrual Accounting .¿¿¿.¿¿..¿.¿..	9
 ¿Cash¿ and ¿Accrual Accounting Defined ¿¿¿¿¿¿¿¿¿	9
Which Method Will You Be Required To Use? ¿¿¿¿¿¿¿	11
Pros and Cons of the Two Methods ¿¿¿¿¿¿¿¿¿¿¿.	11
Can You Change Methods from Year to Year?¿¿.¿¿¿¿¿	12
Chapter 4	Essential Records For Small Business ¿¿¿¿¿¿¿¿.¿....	13
Single and Double Entry Systems ............................................. 	14
Chart of Accounts ...................................................................... 	16
Debits and Credits .....................................................................	18
An Overview of Four Accounting Tasks Using QuickBooks Pro® ¿. 	20
 Summary: Accounting Software.................................................	24
 Revenue & Expense Journal .....................................................	26
 Petty Cash Record ....................................................................	30
Inventory Record ....................................................................... 	32
 Fixed Assets Log........................................................................	38
 Accounts Receivable ................................................................. 	40
 Accounts Payable ...................................................................... 	42
Payroll Records .........................................................................	44 
Independent Contractors .......................................................... 	47
Travel, Transportation, and Entertainment Expenses.............. 	50
Customer Information Records ................................................	56
Business Checkbook ............................................................... 	58
Receipt Files ............................................................................ 	60
Chapter 5	Financial Statements ¿¿¿¿¿¿¿¿¿¿¿¿¿.¿¿¿...¿.	61
What are Financial Statements? .............................................. 	61
Balance Sheet........................................................................... 	63
Profit & Loss (Income) Statement or Income Statement.......... 	66
Business Financial History ....................................................... 	70
Personal Financial Statement .................................................. 	74
Pro Forma Cash Flow Statement or Budget............................ 	76
Preparing your Cash Flow Statement...................................... 	77
Completing your Pro Forma Cash Flow Statement................. 	84
Quarterly Budget Analysis ....................................................... 	86
Three-Year Income Projection ................................................ 	88
Break-Even Analysis ............................................................... 	90
Chapter 6	 Financial Statement Analysis¿¿¿¿¿¿¿¿¿¿¿¿¿.¿.. 	93
Financial Statements ¿¿¿¿¿¿¿¿¿¿¿¿....................	93
Liquidity Analysis ....................................................................... 	96
Profitability Analysis.................................................................... 	98
	Debt Measures¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿ 100
	Investment Measures¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿ 101
	Vertical Financial Statement Analysis¿¿¿¿¿¿¿¿¿¿ 102
	Horizontal Financial Statement Analysis¿¿¿¿¿¿¿¿¿ 104
	Summary¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿ 105
Chapter 7 	Taxes and Bookeeping¿¿¿¿¿.¿¿¿¿¿¿¿¿¿¿¿¿ 107
Basic Understanding of the U.S. Tax System...........................	107
Federal Taxes for Which You May be Liable............................	109
Income Tax (for Sole Proprietors)¿¿¿¿¿¿¿¿¿¿¿¿	114
Home Office Deduction¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿. 117
Income Tax (Partnerships) ......................................................	119
Income Tax (S Corporations) ¿¿¿¿¿¿¿¿¿¿¿¿¿.	122
Income Tax (Corporations)......................................................	124
Estimated Tax (for Sole Proprietor, Individual Who is a Partner,
 or S Corporation Shareholder)¿¿¿¿¿¿¿¿¿¿¿¿ 127
Estimated Tax (Corporations)¿¿¿¿¿¿¿¿¿¿¿¿¿.. 130
Self-Employment Tax (for Sole Proprietor, Individual Who Is a 
 Partner, or an S Corporation Shareholder)¿¿¿¿¿¿¿ 132
Social Security (FICA) Tax and Withholding of Income Tax¿ 135
Federal Unemployment (FUTA) Tax¿¿¿¿¿¿¿¿¿¿¿ 142 
Payment to Nonemployees for Services Rendered¿¿¿¿¿ 145
Taxpayer Identification Number (EIN)¿¿¿¿¿¿¿¿¿¿... 148
Free Tax Publications Available From the IRS .......................... 149
Summary¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿ 152
Chapter 8	Recordkeeping and Tax Reporting Schedules ¿¿¿¿¿¿....	153
Organizing Your Recordkeeping¿.. ¿¿¿¿¿¿¿¿¿¿¿	154
Building Your System¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿.	154
Recordkeeping Schedule.¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿.	156
Tax Reporting Schedule ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿	158
Chapter 9	Preparing for Uncle Sam ¿¿¿¿¿¿.........................................	161
What to Give Your Accountant ¿¿¿¿¿¿¿¿¿¿¿¿¿.	162
	The Last Chore¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿. 163
Appendix I:	 Independent Contractors: Facts Versus Myths ¿¿.¿... 	165-172
Appendix II: Worksheets ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿.¿¿	173-195
Small Business Resources ......................................................................	197-198
Glossary ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿.¿¿	199-206	
Index ¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿.¿..	207-210

Library of Congress Subject Headings for this publication:

Bookkeeping.
Small business -- United States -- Accounting.