Finish setting up books about finances HOT 7 OPEN

To: CPA
Subject: finish setting up chart of accounts?

Still wrestling our books ... eventually we want Wilke to help us with both taxes and audit. We have our chart of accounts in place at a high level (operations vs. escrow). Can you help us finish setting up our chart of accounts so we record things in a way that will give you what you need at tax time?

Is this as simple as providing us a template chart of accounts to use? Should we schedule another on-site meeting? What's the best way to proceed? Cost?

Thank you.

from finances.

@kaguillera also reports that he did some research on the chart of accounts that validates what @JessWhit came up with at gratipay/inside.gratipay.com#1027 (comment), which iirc was from the H&R Block website(?). No link though, @kaguillera?

from finances.

Moved some items to #38 (comment).

from finances.

I think we need to separate out cost of goods sold from operating expenses?

Looking at:

https://www.irs.gov/publications/p334/ch06.html
https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses

from finances.

Picking up from #38 (comment):

Would it be good to consult our CPA on the chart of accounts to use for operating expenses?

Talking to @kaguillera, pretty sure the answer is yes. Eventually we want to pay our CPA to prepare our taxes for us, we want to get out of that business. If we come up with some gnarly chart of accounts they're going to look at it and be like wtf? We should have them advise us on the chart of accounts here at the outset (still at the outset! 😩 ) so that come tax time they are good to go.

I will schedule an appointment.

from finances.

I can certainly help you finish this. It might be easiest to send me an Excel file or something editable of the chart of accounts you currently have in place. I can then add suggested accounts in there for your use and need. This would be in line with tax assistance as well as help you in constructing your financial statements.

Cost for this would be my time at $175/hour. Such an activity on the chart of accounts would be minimal – much less than an hour.

from finances.

I told him we'd put something together and get back to him.

Per IRL convo w/ @kaguillera and @JessWhit there are a few things going on here.

In terms of a chart of accounts I think the Trial Balance from beancount is our best bet. If we had that hosted publicly (#46) then we could just link him to that I think?

Bringing on a second owner will change our tax situation significantly, and in particular how I relate to Gratipay, LLC.

from finances.