189

You (or whoever is responsible for that) look into the old books to see if the payslips were paid out. There should also be a folder with old payslips where the ones in question should be missing. After that, the person in charge of cashing them in can safely do so. If there is no such thing, you(r manager) should cash in the slips as the price for an ...


70

Talk to the owner or the manager. You don't want to be responsible for paying money for a payslip that already has been paid. As you have noted this is highly unusual for somebody to hold onto these payslips. While it looks like they were never paid there might be some other story. Maybe they were lost and the restaurant replaced them, and they will no ...


59

If you're not comfortable "filling out tax forms" then hire a Certified Public Accountant (CPA). Depending on how easily they can convert your records to actual income statements, it may not be that expensive, but if you just hand them a list of transactions and make them categorize them it will take more time. It may be cheaper to hire a ...


22

You've got a couple of things going on here... and I'm not sure all of it is financial. First up, the big one: "I have a fear of getting sent to prison." Uh, no. You don't get thrown into prison for messing up your taxes. I've messed up my taxes twice. Want to know what happened? I got audited... and then had to mail the government a check ...


15

Typically you give a loan to the company from yourself as a private person, and when the company makes money the company pays it back to you. Then the company pays for all the expenses with the money from the loan. Even if you don't want a business account yet, you can probably ask your bank for a second account (mine in the UK did that without any ...


14

Now she wants me to bring them into the office to see if they are any good. Why are you invovled? Why isn't she coming to the office? How is this situation handled? Give them back to her and let her bring them in. Explain that you aren't authorized to cash anything except the ones that you hand out weekly, and let her take it up with someone ...


10

If you were a business, all your assets would have a dollar value, so when you sold them you'd decrease the amount of assets by that amount and increase in cash, and if there was a profit on the sale it would go in as income, if there was loss it would count as a cost (or a loss)... so if there was a profit it would increase Equity, a loss then it would ...


8

I'm no accounting expert, but I've never heard of anyone using a separate account to track outstanding checks. Instead, the software I use (GnuCash) uses a "reconciled" flag on each transaction. This has 3 states: n: new transaction (the bank doesn't know about it yet), c: cleared transaction (the bank deducted the money), and y: reconciled transaction (...


8

You don't even need to formally loan the LLC any money. You pay for the setup costs out of pocket, and then once the LLC is formed, you reimburse yourself (just like with an expense report). Essentially you submit an expense report to the LLC for the startup costs, and the LLC pays out a check to you, categorized for the startup expenses.


7

You should keep doing it the way it is most comfortable for you, but I'd suggest not splitting. GnuCash is perfectly capable of generating reports for any given time range, and it is much easier and straightforward to keep one book. That's how accounting in general works (for a business, keeping multiple books is in fact a crime). You break down your ...


7

Your first and second paragraphs are two different cases. Moving money between a checking account and a savings account will credit Cash and debit Cash, making a GL transaction unnecessary, unless the amounts in the two bank accounts are tracked as two separate GL accounts. You might have account 1001 (Cash-Checking) and account 1002 (Cash-Savings). In that ...


7

If the payslips are genuine, and if you're confident there is no scam going on, then you should pay. To be safe, you should check with your manager first.


5

For any accounts where you have a wish to keep track of dividends, gains and losses, etc., you will have to set up a an account to hold the separately listed securities. It looks like you already know how to do this. Here the trading accounts will help you, especially if you have Finance:Quote set up (to pull security prices from the internet). For the ...


5

When you borrow money - you create a liability to yourself (you credit your Liabilities:Loans account and debit your Asset:Bank account). When you lend money - you create an asset to yourself (you debit your Asset:Loan account and credit your Asset:Bank account).


5

I found an answer by Peter Selinger, in two articles, Tutorial on multiple currency accounting (June 2005, Jan 2011) and the accompanying Multiple currency accounting in GnuCash (June 2005, Feb 2007). Selinger embraces the currency neutrality I'm after. His method uses "[a]n account that is denominated as a difference of multiple currencies... known as a ...


5

One thing I need to separate out and track a little better is planned / budgeted expenses (where I've budgeted some funds for household projects, such as renovations). Double Entry Book Keeping has nothing to do with budgeting. It's designed to help keep track of expense and assets across multiple accounts. I believe what your looking for is a a Zero Sum ...


4

Here's what the GnuCash documentation, 10.5 Tracking Currency Investments (How-To) has to say about bookkeeping for currency exchanges. Essentially, treat all currency conversions in a similar way to investment transactions. In addition to asset accounts to represent holdings in Currency A and Currency B, have an foreign exchange expenses account and a ...


4

You should be handling it in another way. You cannot, strictly speaking, have AR entry if you didn't issue an invoice. You should record it as a current income. Unless you're on accrual basis (in which case you could either create a "dummy" invoice or not accrue this income), AR has no real meaning to you. AR means that you billed someone and you have the ...


4

Capital is an Asset. Decreasing value of capital is the decreasing value of an asset. When you buy the forex asset * DR Forex Asset * CR Cash When you sell * DR Cash * CR Forex Asset The difference is now accounted for Here is how: Gains (and losses) are modifications to your financial position (Balance sheet). At the end of the period you take your ...


4

When you pay the flight, hotel, conference attendance fees of $100: DR CR Accounts receivable: Employer Name 100 Liability: Credit Card 100 When you repay the credit card debt of $100: DR CR Liability: Credit Card 100 ...


4

If you are using software like QuickBooks (or even just using spreadsheets or tracking this without software) use two Equity accounts, something like "Capital Contributions" and "Capital Distributions" When you write a personal check to the company, the money goes into the company's checking account and also increases the Capital Contribution account in ...


4

Like D Stanley said, hiring the accountant in charge of the business/restaurant is likely the best you can do if you don't want to visit it often. But since it is a small business, maybe your friend is going to do the accounting by himself on an application or website (like quickbooks.com). In that case you could (and should) go take a look at the expenses ...


4

The equation you are using is a bit misleading and incomplete. It is combining point-in-time measures (Assets, Liabilities, Equity) with period measures (revenue, expenses) A better equation would be: Ending_Assets + Expenses = Ending_Liabilities + Beginning_Equity + Income Since income - expenses (net profit) are absorbed into equity at the end of the ...


4

I would work it something like this. You pay the landlord the deposit: Accounts:Checking 1000 Rental:Deposit 1000 Your subleasee pays you his deposit, which you track separately: Accounts:Checking 500 Rental:Sublease:Deposit 500 Your landlord pays you back the deposit, less the cleaning fee: Accounts:Checking ...


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