Book Image

Gnucash 2.4 Small Business Accounting: Beginner's Guide

4 (1)
Book Image

Gnucash 2.4 Small Business Accounting: Beginner's Guide

4 (1)

Overview of this book

Attention, small business owners! Stop tax-day stress. Stop procrastinating with a shoebox full of receipts. Stop reinventing the wheel with a spreadsheet. Stop making decisions simply on a hunch. Stop wasting money on software that is overkill. Start by downloading GnuCash and getting your accounts in order. Designed to be easy to use, yet powerful and flexible, GnuCash allows you to track bank accounts, income, and expenses. As quick and intuitive to use as a checkbook register, it is based on professional accounting principles to ensure balanced books and accurate reports. You can do it and Gnucash 2.4 Small Business Accounting Beginner's Guide will help you get up and running with maintaining your accounts. Gnucash 2.4 Small Business Accounting Beginner's Guide speaks business language, not accountant-speak, because it is written by a former small business owner. It guides you to use GnuCash from scratch with step-by-step tutorials without jargon, pointing out the gotchas to avoid with lots of tips. It will teach you to work on routine business transactions while migrating transaction data from other applications gradually. You will be able to keep on top of transactions and run reports after reading just three chapters! Beyond Chapter 3, it is up to you how far you want to go. Reconcile with your bank and credit card statements. Charge and pay sales tax. Do invoicing. Track payments due. Set up reminders for bills. Avoid stress at tax time. Print checks. Capture expenses using your mobile phone. Gnucash 2.4 Small Business Accounting Beginner's Guide gives you the power. Know your numbers. Make decisions with confidence. Drive your business to its full potential.
Table of Contents (20 chapters)
Gnucash 2.4 Small Business Accounting
Credits
About the Author
About the Reviewers
www.PacktPub.com
Preface
Index

Summary


We covered budgets and several business-specific bookkeeping topics in this chapter.

Specifically, we covered:

  • Budgets: We noted that budgets are called forecasts or projections at times. We looked at why budgets are needed, how to create them, and how to create reports showing budget vs. actual comparison.

  • Employees and Payroll: Payroll accounting is complex because of the many deductions and the company's contributions. We saw how to make it easier to create them and how to use the Duplicate Transaction capability to reuse them.

  • Depreciation: Tax law allows capital purchases such as office machines and furniture to be written off over a period of time. We saw how to account for the allowed monthly depreciation.

  • Owner's draw: US tax law doesn't allow owners to draw a salary as a business expense. So, the way for the owners to pay themselves is through owner's draw. We showed how to account for that and to make sure that self employment tax is provided for as well.

Now that we've covered...