7 posts shown.
Charles Turner13 said:Yes, you can just deposit the difference, as long as you aren't sitting on an amount of cash that exceeds the legal limit for your register.
The main thing is that you have to maintain accurate records: your deposits must match your sales, your payouts must reflect your cash expenses, and your bank deposits must align with your total turnover.
Just keep in mind that you can only use cash for business expenses up to $1.75.
Since this is a corporation, a standard LLC, does that mean I'm exempt from keeping a petty cash log?
Jessica Gonzalez30 said:Under the Internal Revenue Code, you're required to deposit everything that exceeds the standard cash handling limits set by the bank and the IRS.
Could someone walk me through the specifics here? Am I required to run down to the bank every single day with my cash intake? Or is there a way to use that cash to pay suppliers directly? Could I just settle the difference once a month by depositing whatever is left over after the vendor payments, just so my monthly bank statements line up with my total revenue?
To whom it may concern, I run a local coffee shop and I have a question regarding tax regulations. Is there any specific law that mandates reporting my daily, weekly, or monthly sales totals? Since most of my suppliers prefer cash payments, would it be permissible at the end of the month to simply deposit the difference between my total cash revenue and the amount I paid out for supplies?
Thanks in advance
Hi everyone. I run a local coffee shop here in the States, and I’m trying to wrap my head around some bookkeeping logic. Is there any specific federal or state regulation that requires me to deposit my daily, weekly, or monthly sales totals in a specific way? Since most of my suppliers prefer cash payments, would it be legally acceptable to just deposit the difference at the end of the month—essentially taking my total monthly revenue and subtracting whatever I paid out in cash for supplies?
Thanks in advance
Hey everyone,
I'm thinking about picking up a laptop that comes with Linux pre-installed since those models tend to be a bit easier on the wallet. My plan would be to wipe it and install Windows XP or Windows 7 myself. Is that actually a smart move? Or am I better off just paying the extra premium to get a machine that comes with Windows already set up from the factory?
silverbison293 said:You have to start from scratch—pay for every single thing all over again—and if you want the specifics, you can head down to the local Chamber of Commerce office...
Racketeteering??? What on earth is that supposed to mean? 😂
Well, I certainly hope you factored that into the ticket price 😉
Dear silverbison293,
I appreciate you getting back to me. Based on your response, it’s clear you really know your way around this line of work. Since you clearly have the expertise, would you mind sharing a few more specifics about the role? I'd love to hear more.
Thanks in advance.
Hello everyone,
Since I’m still finding my way around this forum and haven't quite figured out how to start a new thread yet, I was hoping to lean on your collective wisdom. Does anyone here have firsthand experience with leasing a nightclub? I'm trying to get a realistic handle on what the actual costs look like. Are there any hidden fees or "under the table" demands that tend to pop up during the process? Also, when you take over an existing lease, do you find yourself stuck paying for redundant inspections or re-certifications? Specifically, if all the local city inspectors and fire marshals have already signed off on the venue, do they force you to pay for a whole new round of approvals just because the name on the lease changed? It seems like a lot of unnecessary red tape.
Thanks in advance,