mommymonster Posted March 14, 2015 Share Posted March 14, 2015 My DC decided to start a business. And oddly enough, they have been crazy successful. It's only a month in, but they have made a surprising amount. Unfortunately, I just don't know how to do accounting--in fact, I'm a bit phobic about it. The DC *really* don't know how to do accounting. Can anyone point me in a good direction? This is a online selling business, if that makes a difference (like etsy/ebay). I have Quick Books Simple Start for my services business, but don't know the basics for selling stuff. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted March 14, 2015 Share Posted March 14, 2015 If this is going to be a real business for them, I would strongly advise you to make an appointment with a CPA who specializes in small business, so you will know exactly what you need to do. An initial consultation might be free or it could cost a bit of money, but it will be well worth it. 2 Quote Link to comment Share on other sites More sharing options...
mommymonster Posted March 14, 2015 Author Share Posted March 14, 2015 That's one of my problems -- I can't tell if this will be a real business quite yet. The boys are 9 and almost-6, and they are passionate about what they sell. That being said, well, they are 9 and almost-6. I'm just looking for a book or software program to get us going. If they keep it up for a few months, I'll have them talk to my accountant. They are making a few hundred dollars a month, so it's real, but not a ton. Quote Link to comment Share on other sites More sharing options...
Robin M Posted March 15, 2015 Share Posted March 15, 2015 Check out Quickbooks - they have several different levels and one may suit for a small start up business. When I first took over the bookkeeping for hubby's business, they were using Peachtree. Hated, hated, hated it. Did books on paper for a year, then discovered Quickbooks. Easy to learn and easy to set up. 2 Quote Link to comment Share on other sites More sharing options...
Sharpie Posted March 15, 2015 Share Posted March 15, 2015 Check out Quickbooks - they have several different levels and one may suit for a small start up business. When I first took over the bookkeeping for hubby's business, they were using Peachtree. Hated, hated, hated it. Did books on paper for a year, then discovered Quickbooks. Easy to learn and easy to set up. Couldn't agree more. I'm another hater of Peachtree! Quote Link to comment Share on other sites More sharing options...
Lang Syne Boardie Posted March 15, 2015 Share Posted March 15, 2015 A few hundred per month and they're children?? Call your accountant! And congratulations! 4 Quote Link to comment Share on other sites More sharing options...
Spryte Posted March 15, 2015 Share Posted March 15, 2015 Congrats! What are they selling? Can we support them? My DS designed an app at 9, and got it into the Apple Store. He hasn't made a ton of money - it's a free app - but enough to know that he can have a vision and make it happen. :) I would love to support your kiddos in their endeavor, the way my guy's been supported! 2 Quote Link to comment Share on other sites More sharing options...
maize Posted March 15, 2015 Share Posted March 15, 2015 I want to know what they are selling and where! 1 Quote Link to comment Share on other sites More sharing options...
mommymonster Posted March 15, 2015 Author Share Posted March 15, 2015 Thanks, all. They are buying toys and books and reselling them on eBay. It's not hip by any stretch of the imagination, but we have really good used/resale shops in our area. The boys are also being supported by my DH who loves to shop. :001_rolleyes: 5 Quote Link to comment Share on other sites More sharing options...
SereneHome Posted March 15, 2015 Share Posted March 15, 2015 I would do two things before anything else: start a new bank account so not to commingle the funds and have an adult as some kind of co-owner of the "business" as they are not legally able to enter into a contract of any kind 1 Quote Link to comment Share on other sites More sharing options...
mommymonster Posted March 15, 2015 Author Share Posted March 15, 2015 SereneHome, We have done both! :001_smile: I'm technically the business owner, but DC do all the work and make the decisions that are appropriate for them (what to buy, how much to sell it for, writing descriptions, etc). I am on the business side of things, including accounting (sigh), driving and spelling. 2 Quote Link to comment Share on other sites More sharing options...
QueenCat Posted March 15, 2015 Share Posted March 15, 2015 Whatever you do, keep good records for tax purposes. Quote Link to comment Share on other sites More sharing options...
G5052 Posted March 15, 2015 Share Posted March 15, 2015 FWIW, I've been freelancing for about 8 years now, and just keep my books in Excel. I have one section for expenses, just the date, what it was, who I got it from, and how much. And another for the income, just the date, what I did, who paid me, and how much. I save receipts all month, and when the bank statement comes, I check my spreadsheet, balance the checkbook, and staple all of the receipts to the bank statement. I couldn't afford a CPA or specialized software at all when I started. When I was seeing a CPA for an unrelated tax matter, I told her my method, and she said that it was absolutely fine for a small sole proprietor to do it that way. June Walker has a great blog called "The Confident Indie " with a lot of good articles. She also has some good e-books. 2 Quote Link to comment Share on other sites More sharing options...
rocassie Posted March 16, 2015 Share Posted March 16, 2015 If nothing else, in Excel assign each item a unique number, record how much you bought it for, and how much you sold it for. Acquisition date and sold date would be good too. 1 Quote Link to comment Share on other sites More sharing options...
LucyStoner Posted March 16, 2015 Share Posted March 16, 2015 If nothing else, in Excel assign each item a unique number, record how much you bought it for, and how much you sold it for. Acquisition date and sold date would be good too. This plus documenting all costs- packaging, postage, PayPal fees. 1 Quote Link to comment Share on other sites More sharing options...
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