Setting up my 2-year old business on SBA 2006


A

Anna Banana

Hi All..
I have been trying to set up my business on SBA 2006 for the past couple
days. I am a small rental company and wanted to retroactively add my
inventory items since the inception of the business in late 2005. My start
date was set-up as Oct 2005. I am confused because I started to enter old
receipts into rental inventory as a fixed asset, but there is no date of
purchase set, so does the system assume that the purchase was made that same
year. Do I enter all the 2005 inventory purchases, as well as expenses, then
enter all the income/customers from that year, then close the books and move
onto the next year, 2006? I am trying to catch up to Y2007. Help!?

Anna
 
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A

Anna Banana

Yes, the start date is 2005. The question remains whether I enter all the
data from 2005 then close that year and move onto the next? For example, all
the fixed assets and that were purchased in 2005 and all the expenses and
income should be entered that year then closed, and continue onto 2006 -
enter info, close out the books, then onto 2007?
 
M

Macy

Anna, Are you renting equipment of some sort? If so, your " inventory"
is not the same kind of inventory that SBA is using. You
sell (rent) the same items over and over.

You should record each transaction from day one. Your purchases of
"inventory" would be fixed assets. If you do have items that are sold
and the customer now owns, that would be inventory.

Have you filed any tax returns? Your books should support the reported
amounts.
Macy
 
A

Anna Banana

Hi Macy...
Thanks for your response. Yes, I rent the equipment that I purchase, and I
treat it as a fixed asset, and I have files returns. I am just trying to
figure out how to retroactively input the old data, year-by-year. If I need
to first work on 2005, include purchases and income, etc, then close out the
year before I move onto 2006....

Annabelle
 
M

Macy

Anna, Yes do it by year. You do not need to close a year in SBA to
record in a subsequent year. When you are satisfied a year is correct,
then close it.
Macy
 
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L

Loggerhead

Macy,

I have a small business selling and renting equipments. I have not been able
to create an invoice to customers that want to rent. My challenge at this
time is when I create the form, I added the daily, weekly and monthly rates
but the number does not come up as a pricing, instead it comes up as a
general number. How can I change the value of the field? Also, if I were to
generate an invoice from the service item, it would show as a purchase rather
than as a rental. What should I do to ensure that service items reflect the
rates accordingly without showing the selling cost. Keep in mind that a
customer has the option to purchase the item as well.

Should I consider a rental as a sell?

Also, how can I import the company logo to show on my invoices?

I greatly appreciate any assistance in this unfamiliar field.

Thank you!
 

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