Anyone using Quickbooks?

[Car_Wash_Guy]

My closing is planned for July 2, and I'm trying to learn Quickbooks and convert my other businesses' bookkeeping into Quickbooks. Those are commercial rental properties. I'm also planning on managing the operations of the car wash business itself, as well as the management of the real estate of the wash ( separate entities ) thorough Quickbooks.

I was wondering if any of you guys (and ladies, if any) are using Quickbooks for their bookkeeping duties, and if so, would you be so ever kind to share your Chart Of Accounts if possible?

I'm new to the wash business, and Quickbooks, and am just hoping to save some time and frustration if there are people here that have done what I'm trying to learn and are willing to help a fellow owner out.

Thanks

 

[washme1]

If you send me a private message with your email address I will send you my chart of accounts. I can't figure out how to insert into this box.

Bob

 

[Car_Wash_Guy]

If you send me a private message with your email address I will send you my chart of accounts. I can't figure out how to insert into this box.

Bob

Done and thanks!

 

[Earl Weiss]

Using QB for various entities for years.

This year switched to QB on line. I can access stuff from any computer. My accountant can access as well.

 

[washme1]

QB is pretty easy once you get accustomed to it. One piece of advice I can share is to pay attention to the dates. For example, you may be closing out your month and not realize the "sales receipt" you just created was inadvertently dated for one of the first days of the following month and doesn't show up when doing your reconciliation. It will be frustrating at first.

 

[Earl Weiss]

Also , if you have more than one bank acct per bus make sure you click on the right one when you write a check!

 

[Greg Pack]

I'm a single member LLC so I file on Schedule C. I always categorize to match the Schedule C. I don't know how much information you want to break it down into. I've seen the old carwash industry reports that bother to track something so minor as car wash softener salt. That's fine if you want to go to the trouble. But if you do that I recommend trying to place everything into subcategories that are tax form-compatible. For example softener salt, chemicals,vending supplies, etc would all be subcategories of a "supplies" category. Some owners would put that stuff in a COGS catgory, but my view is that I'm a service business and don't collect sales tax, so I'm not selling products. Anyway, if you properly categorize everything that number will go right into the Schedule C with no additional math needed. It makes tax preparation much easier.

Also, for consistency, instead of depositing cash on a particular day of the week I deposit cash three times per month. I usually deposit on or around the 10th, 20, and the last business day of the month. This helps my quickbooks records match my checking account statement.

 

[Earl Weiss]

I'm a single member LLC so I file on Schedule C.

Curious.

Why an LLC versus an S Coprp?

Does your LLC have it's own FEIN?

 

[Jeff_L]

I use an LLC format as well. That way I only file 1 set of tax returns, as my car wash stuff is represented on a schedule K.

I use online QB too. Love it! Especially having it on my phone, as I leave Lowes I snap a pic of my receipt and enter the information and the photo into QB. I'm done entering before I leave the parking spot. One less piece of paperwork to worry about later. Then when I do the auto update of transactions with them bank and credit card, it matches up the transaction.

 

[Earl Weiss]

I use an LLC format as well. That way I only file 1 set of tax returns, as my car wash stuff is represented on a schedule K.

.

So you chose the LLC forcost savings in order to avoid the S corp tax return. Makes some sense. Do you have a seperate FEIN?

 

[Jeff_L]

Yes, I have a fein just for my LLC

 

[wash4me]

I use quickbooks and i would strongly recommend you have your accountant help set up your chart of accounts etc. It will save in the long run to have it set up right.

 

[cebo]

I've been using quicken, starting with dos, in 1992. A self serve / auto single location that is still a C corp. I used quick books in another business and hated it, but that was 15 years ago. I didn't like all the auto features and linked accounts. It may be better now especially for a high volume location with labor etc. Quicken is very simple and my accountant always asks how come my numbers always come out right compared to other business' using QB. I was pretty sure an LLC has to file a return just like an S.

 

[Jeff_L]

ace of, no, an LLC files on a schedule k and goes into your personal taxes. I had a property mgmt business which I had set up as a corp and was filing separate taxes. I just wasn't big enough to justify a corp, and I was more of a headache. My accountant and attorney recommended using an LLC when i started SMG car wash biz. Provides the same legal protection and reduced paperwork and attorney fees.

 

[Earl Weiss]

. I was pretty sure an LLC has to file a return just like an S.

An LLC, particularly a single person LLC can make an election and not file a seperate return, but rather do aschedule which is attached to the member(s) return(s).

It's somewhat of a tradeoff vis a vis costs depending on what the state charges. In Illinois the state charges more to set up an LLC and more on an annual basis. Saving any tax return prep costs may offset the extra cost, but typicaly here LLCs only make sense to own real estate and the lower cost S corp is a better / lower cost option for business operations. . There may be other concerns like privacy in some states that don't make certain elements public but this is not applicable in Illinois.

 

[Car_Wash_Guy]

An LLC, particularly a single person LLC can make an election and not file a seperate return, but rather do aschedule which is attached to the member(s) return(s).

It's somewhat of a tradeoff vis a vis costs depending on what the state charges. In Illinois the state charges more to set up an LLC and more on an annual basis. Saving any tax return prep costs may offset the extra cost, but typicaly here LLCs only make sense to own real estate and the lower cost S corp is a better / lower cost option for business operations. . There may be other concerns like privacy in some states that don't make certain elements public but this is not applicable in Illinois.

That is how my account files mine here on my other LLC's (investment properties). They flow through my tax returns.

 

[Stuart]

I am a multi member LLC (me and wife) and file tax as an S corp. Lawyer and accountant thought this was best way for us.

 

[Earl Weiss]

I am a multi member LLC (me and wife) and file tax as an S corp. Lawyer and accountant thought this was best way for us.

What were the advantageous over just being a corp.?