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Small business owners can now have all the latest forms and instructions necessary to set up and use a simplified business accounting system. Includes clear step-by-step instructions designed to allow any business owner to understand small business accounting. Written in plain and understandable language with easy-to-use forms, this valuable reference includes the latest tax forms and instructions. This valuable guide is used as a textbook in many introductory accounting courses.
Revised, updated Edition and now available with forms-on-CD.
Recommended by THE WALL STREET JOURNAL Online as "one of the best resources for getting your finances in order."
Featured Selection in the FORBES.com BOOK CLUB
Recommended by the American Library Association Booklist as providing “practical explanations ... simply and clearly”
“An accurate and understandable business financial record-keeping system” Opportunity Magazine
Hailed as one of the top 40,000 books in America by the Reader’s Catalogue
"An easy-to-use guide to the nuts and bolts of small business finance...this invaluable and handy guide, highly recommended for small business owners everywhere" - The Internet Bookwatch
"A safety net for small business owners ... simple, easy-to-understand language ... comprehensive, objective, and very easy to understand" -Foreword Reviews
Table of Contents [click to show]
Table of Contents
LIST OF FORMS
CHAPTER 1: Using Small Business Accounting Simplified
Installation Instructions for the Forms-on-CD
Instructions for Using Forms-on-CD
To Access Adobe® PDF Forms
To Fill in Forms in the Adobe Acrobat Reader® Program
Technical Support
CHAPTER 2: Understanding Business Financial Recordkeeping
Recordkeeping Terminology
The Balance Sheet
The Profit and Loss Statement
Accounting Methods
Accounting Systems
Accounting Periods
Recordkeeping Review
Accounting Software
CHAPTER 3: Simplified Accounting System
Financial Recordkeeping Checklist
CHAPTER 4: Business Chart of Accounts
Income Accounts
Income Chart of Accounts
Expense Accounts
Expense Chart of Accounts
Asset and Liability Accounts
Balance Sheet Chart of Accounts
Sample Chart of Accounts
CHAPTER 5: Business Bank Accounts and Petty Cash Fund
Bank Account Procedures
Check Register Instructions
Check Register
Sample Check Register
Reconciling Your Monthly Bank Statement
Monthly Bank Statement Reconciliation
Petty Cash Fund
Petty Cash Register
Bank Account Checklist
Petty Cash Fund Checklist
CHAPTER 6: Tracking Business Assets
Current Assets
Current Asset Account Record
Inventory
Physical Inventory Record
Periodic Inventory Record
Perpetual Inventory Record
Cost of Goods Sold Record3
Fixed Assets
Deductible Expenses
Depreciable Property
Fixed Asset Account Record
Business Assets Checklist
CHAPTER 7: Tracking Business Debts
Combined Accounts Payable Record
Accounts Payable Record
Individual Accounts Payable Record
Long-Term Debt Record
Business Debts Checklist
CHAPTER 8: Tracking Business Expenses
Tracking Expenses
Daily and Weekly Expense Records
Monthly Expense Summary
Annual Expense Summary
Travel, Auto, and Meals and Entertainment Expenses
Weekly or Monthly Travel Expense Records
Annual Travel Expense Summary
Weekly or Monthly Auto Expense Records
Annual Auto Expense Summary
Weekly or Monthly Meals and Entertainment Expense Records
Annual Meals and Entertainment Expense Summary
Purchase Orders
Purchase Order Record
Business Expenses Checklist
CHAPTER 9: Tracking Business Income
Tracking Your Cash
Daily or Weekly Cash Reports
Monthly Cash Report Summary
Tracking Income
Daily or Weekly Income Records
Monthly Income Summary
Annual Income Summary
Tracking Credit Sales
Daily, Weekly, or Monthly Credit Sales Records
Credit Sales Aging Report
Invoices and Statements
Invoice
Statement and Past Due Statement
Credit Memo
Business Income Checklist
CHAPTER 10: Tracking Payroll
Setting Up Your Payroll
Quarterly Payroll Time Sheet
Employee Payroll Record
Payroll Depository Record
Annual Payroll Summary
Payroll Checklist
CHAPTER 11: Preparing a Profit and Loss Statement
Short Profit and Loss Statements
Monthly Short Profit and Loss Statement
Quarterly Short Profit and Loss Statement
Profit and Loss Statements
Monthly Profit and Loss Statement
Quarterly Profit and Loss Statement
Annual Profit and Loss Statement
Estimated Profit and Loss Statement
Profit and Loss Statement Checklist
Special Instructions for Cash Method Accounting
CHAPTER 12: Preparing a Balance Sheet
Balance Sheets
Monthly Balance Sheet
Quarterly Balance Sheet
Annual Balance Sheet
Balance Sheet Checklist
CHAPTER 13: Analyzing the Financial Statements
Net Profit Margin
Gross Profit Margin
Return on Sales Ratio
Current Ratio
Debt to Net Worth Ratio
Cash Turnover Ratio
Collection Ratio
Investment Turnover Ratio
Return on Investment Ratio
Ratio Comparison Chart
CHAPTER 14: Mechanics and Schedules of Recordkeeping
Setting Up Your Recordkeeping System
Financial Recordkeeping Schedules
Daily Recordkeeping Tasks Checklist
Weekly Recordkeeping Tasks Checklist
Monthly Recordkeeping Tasks Checklist
Quarterly Recordkeeping Tasks Checklist
Annual Recordkeeping Tasks Checklist
Financial Forms Checklist
CHAPTER 15: Business Tax Forms
Taxation of Sole Proprietorship
Sole Proprietorship Tax Forms Checklist
Sole Proprietorship Monthly Tax Schedule
Sole Proprietorship Quarterly Tax Schedule
Sole Proprietorship Annual Tax Schedule
Taxation of Partnerships
Partnership Tax Forms Checklist
Partnership Monthly Tax Schedule
Partnership Quarterly Tax Schedule
Partnership Annual Tax Schedule
Taxation of Corporations
Corporation Tax Forms Checklist
Corporation Monthly Schedule
Corporation Quarterly Tax Schedule
Corporation Annual Tax Schedule
Taxation of S-Corporations
S-Corporation Tax Forms Checklist
S-Corporation Monthly Tax Schedule
S-Corporation Quarterly Tax Schedule
S-Corporation Annual Tax Schedule
Taxation of Limited Liability Companies
Limited Liability Company Tax Forms Checklist (Taxed as a Sole Proprietorship)
Limited Liability Company Tax Forms Checklist (Taxed as a Partnership)
Limited Liability Company Tax Forms Checklist (Taxed as a Corporation)
Limited Liability Company Monthly Tax Schedule
Limited Liability Company Quarterly Tax Schedule
Limited Liability Company Annual Tax Schedule
Note regarding Federal Tax Forms
Quick and Easy Access to Tax Help and Forms
Application for Employer Identification Number: IRS Form SS-4
U.S. Individual Income Tax Return: IRS Form 1040
U.S. Individual Income Tax Return: IRS Form 1040-A
Profit or Loss From Business (Sole Proprietorship): IRS Form 1040
(Schedule C)
Estimated Tax for Individuals: IRS Form 1040-ES (Worksheet)
U.S. Self-Employment Tax Return: IRS Form 1040-SS
Expenses for Business Use of Your Home: IRS Form 8829
U.S. Return of Partnership Income: IRS Form 1065
Partner’s Share of Income, Credits, Deductions, etc.: IRS Form 1065
(Schedule K-1)
U.S. Corporation Income Tax Return: IRS Form 1120
U.S. Income Tax Return for an S-Corporation: IRS Form 1120-S
Estimated Tax for Corporations: IRS Form 1120-W (Worksheet)
Election by a Small Business Corporation: IRS Form 2553
Entity Classification Election: IRS Form 8832
Employer’s Annual Federal Unemployment (FUTA) Tax Return: IRS
Form 940
State Unemployment Tax Agencies
Employer’s Quarterly Federal Tax Return: IRS Form 941
Annual Summary and Transmittal of U.S. Information Returns: IRS
Form 1096
Transmittal of Wage and Tax Statements: IRS Form W-3
Employee’s Withholding Allowance Certificate: IRS Form W-4
Federal Tax Deposit Coupon: IRS Form 8109-B
GLOSSARY of Accounting Terms
INDEX
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