Taxes, write-offs and records

[cassidy s]

QuickBOOKs basic will solve many of your problems.You can set up each client with full info in the background - i ncluding payment/CC info - , but with anykind of initials or pseudonym in a public screen.Quickbooks even offers CC processing which automatically reconciles your deposits - net of fees - as well as  your bank deposits.You can customize all of your expense categories, and set up standard costs for things like laundry (a load costs X, so you enter a "bill", paid out of petty cash, for Y loads. 95% of your expenses would fall into the pre-loaded categories.You can also download your new biz cc statements into QB and it will categorize it all for you after the first one - it memorizes merchants and their expense categories.Massages  you receive are an educational or training expense.At the end of the year, you get all the reports you need to file taxes, based on if you set up for file for an SP, LLC or S Corp.We could not live with out QB

 

[Metropolisforever]

An accountant/massage therapist told me that you can calculate laundry costs by simply keeping track of the number of loads you do during the year and multiply it by how much it would cost per load at the laundr-o-mat (wash, dry, detergent, fabric softener).I use QB for my checking savings, keep a generic spread sheet for expenses and set up a basic database through Access for customer info.  You can use the wizard to set up something that will work for you.  I know I could have done this through QB but it seemed rather confusing...  maybe I'll try again - definitely would streamline the process...