USA Do I have to do the savings account

[ep2016]

Hi,

2 questions:

1. So I'm at poverty level as a freelancer/sole proprietor, & I have a savings account at Wells Fargo.

Doing the bookkeeping by hiring a bookkeeper is very expensive for me, but I have to do every year. No I won't do my books myself. I don't even have the QB software.

ALL of the amounts that go into this WF savings account come from my checking account which has been entered into QB. WF has this process where they take $1 & move it to savings every time you do a deposit or pay something (I think.)

Do I REALLY need to have the BKer enter the savings info into QB? It will cost me more to do it & the money rarely stays in there past a few months & it's never even reached past $50 I think.

I don't make any interest in there either.

2. My second question is the coding of the chart of accounts.

A BKer told me the last BKer never did this & I didn't even know it was something that had to be done. Other BKers are saying it's not important.

What is the FINAL answer on this, is it important, & does it show that the BKer knows what they are doing vs. the thousands of BKers who don't know what they are doing & do a terrible job?

Thanks a ton

 

[Drmdcpa]

No the savings acct does not have to be processed.

A chart of accounts (account coding) is basic understanding of flow or order of accounts. Not needed but helpful.

 

[ep2016]

Ok, thank you.

And another 2 questions please.

1. I have a CND bank account that only has government tax refunds or a small amount given to me 2-3 times per year. Again, rather than have them do the entire year which costs me money, can I just skip that? Tax refunds or gov't money isn't taxable by the US right?

I only have one entry that's revenue, so can I just add it into one of my US bank accounts or some other place in QB?

2. Is there a place in QB to write notes to the accountant for them to read either about transactions, or just general FYI for when they do my tax return?

Thanks a ton

 

[Drmdcpa]

I think you should be talking to your accountant.