Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Quick SOS needed here—I can't keep up with all these threads. Up until now, I’ve only handled LLCs, but starting today, I’m managing a seasonal sole proprietorship. I know the bookkeeping should be straightforward, but since this is new to me, it feels like a total headache. I get most of the basics, but here's the deal: the business license only runs from June 1st through September 1st. Back at the start of May, the owner used his personal checking account to fund a loan for inventory and setting up a mobile food truck stand. Am I allowed to record all those pre-June 1st receipts in the books using a June 1st date? That includes everything from getting the company stamp made to all the other setup and supply costs—roughly $10000.
Sorry to bug everyone, just feeling a bit scrambled right now... thanks for the help.
Sorry to bug everyone, just feeling a bit scrambled right now... thanks for the help.