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

Time for action – mapping GnuCash accounts to tax schedules


You set up the account hierarchy for your business based on how you want to manage and control your business on a day-to-day basis. However, when it is the time to make tax payments, which is now every quarter, you need to regroup your accounts in the way IRS wants them reported. We are going to look at how to do that using the tax features of GnuCash.

  1. From the menu select Edit | Tax Report Options. The Income Tax Identity window will pop up. Enter the name of your business and in the Type field, select the business entity type with the matching US tax form that you file as shown in the following screenshot:

  2. Once you click Apply, you should be in the Income Tax Information window. In the Accounts pane, Expenses will be selected by default.

  3. Open the Expenses account tree to see the individual accounts. Select Professional Fees and then click on the Select Subaccounts button. All of its subaccounts will be selected. The Tax Related checkbox...