We need your financial statements including assets. What the heck does that mean?

Formalized Accounting

If you use QuickBooks or MS-Excel for your accounting records, please make sure your bank reconciliations are completed and all transactions are categorized. Double check your entries after reviewing the rest of the categories on this form. We prefer to get financial data from these programs in MS-Excel or .csv formats since we can massage and manipulate them easily without ruining the integrity of the original data. We need-

1. Balance Sheet for Dec 31 (and preferably another data dump for Dec 31 of the previous year).
2. Profit and Loss Statement (Income Statement) for Jan 1 thru Dec 31.
3. General Ledger for All Accounts (details every transaction) for Jan 1 thru Dec 31. While we can work with PDFs when it comes to Balance Sheets and Income Statements, G/L data is much easier to work with when in MS-Excel or .csv formats.

If you use online accounting software and you feel comfortable giving us access, please use [email protected] as the email address for the invitation. We do not make changes or submit journal entries into your accounting records. If these are needed to be done, we can either guide you thru it or refer you to a third party bookkeeper.

Supporting Items (in addition to the data dump above)

Some of this might make you go “tilt” and if it does, please connect with us to discuss-

1. Bank Statements, showing January and December cash balances (we need to tie out your cash… show me money in the movies, follow the money in accounting)
2. January and December Credit Card Statements
3. New Loans, Paid Loans, to and from the Company
4. Loan Statements, Year-End Summaries showing Interest / Principal paid, 12/31 Balances

If income statements and balance sheets don’t appeal to you, or if you are looking for a way to provide this information in a digital form, please use these various avenues-

We need a listing of any assets that you purchased including a description, dates, amounts and business use percentage if not 100%. Some things we can expense immediately since they are below the $2,500 de minimis safe harbor limits. Others we can deduct in full under Section 179 or using Bonus Depreciation. Others must be depreciated over time.

We also need to know if you’ve disposed (sold) any assets. We will review your entire asset listing on the tax returns as well during tax return review.

If you are confused, no biggie! Let’s hop on a call and figure it out. The button below will take you to your client portal for your safe and securing uploading of tax documents-