The Studio of Secrets :: The Utter Horror of Capitalism :: The Accounting Software Experiment ~ Runboard
Community logo

The Studio of Secrets
 The Utter Horror of Capitalism
  The Accounting Software Experiment
Support
Search
RSS

runboard.com       Sign up (learn about it) | Sign in (lost password?)


Page:  1  2 

 
de Corbin
Head Administrator
Global user

Registered: 09-2008
Posts: 421
Karma: 2 (+2/-0)
Avatar
Reply | Quote
The Accounting Software Experiment

OK - experiment No. 2.

When I'm working with tools, i'm very organized and orderly, but when I'm working with little slips of paper (reciepts) and invisible money (credit) I have a real problem keeping everything straight.

However, my research has shown me that keeping track of expenses so that I can take deductions on my taxes and keeping track of my earnings so that I can file accurate tax reports is often the difference between a business that shows a profit and one that fails.

Soooo... today I went out and bought myself QuickBooks Pro 2009 accounting software. It was on sale at Staples for $98 as opposed to the regular price of $180 - $190.

I spent the day setting everything up. It was confusing, because I've never had an accounting class, but it wasn't too bad once I got the hang of it.

I'm going to see if I can use this to keep track of what's going on...

So far, it hasn't shown me any surprises - I'm spending a lot more money than I'm making... a lot more... like that $98 I spent on the software...

Er... anyway, I'll report back here to let you-all know how it goes...


---
Image Image
3/14/2009, 8:52 pm Send Email to de Corbin   Send PM to de Corbin
 
TexasMadness
Registered user
Global user (premium)

Registered: 03-2007
Location: Austin, Texas
Posts: 167
Karma: 1 (+1/-0)
Avatar
Reply | Quote
Re: The Accounting Software Experiment

I'm sooo glad that I never kept track of expenses vs. income when I made jewelry. I KNOW that I spent far more than I made. But I just saw it as a hobby and the occasional couple hundred from an art fair was like a bonus. BUT for actually trying to make money at the venture, I think this is an excellent idea!

I use Quicken for my personal finances (made by the same folks) and I can quickly and easily show my husband that he bought more electronic "toys" for his business in a month than he made for instance (he hates it when I call them toys...). It has quickly put an end to that sort of thing. Also, splitting his business account out from our personal one was really important (you mention that in the other thread). Takes all the guessing out of what was a business expense. And it'll be great for taxes in the future!

I HATED getting into the nitty gritty of it when I first started, but it has helped our finances tons. I know you are using Quickbooks for a different reason, but I bet it will help keep things in check.
3/16/2009, 11:21 am Send Email to TexasMadness   Send PM to TexasMadness
 
de Corbin
Head Administrator
Global user

Registered: 09-2008
Posts: 421
Karma: 2 (+2/-0)
Avatar
Reply | Quote
Re: The Accounting Software Experiment

I'm not exactly a financial wizard - I find handling money to be one of the most tedious and annoying things on the planet, so anything I can do that makes it easier gets an A+ in my book.

I tried Quicken for my home finances way back when I got my first computer - it came with the program (in fact, I may have it on my current computer) - but I couldn't keep it up. That's going to be my big problem with this program as well. But, on the other hand, if I can set it up to handle the banking electronically, it will make the whole thing much, much easier.

And setting it up won't be as big a problem as setting up the household finances was, since I'm setting up the program while I'm setting up the busines...

I'm guardedly optimistic right now... emoticon

Cross your fingers and wish me luck...

---
Image Image
3/16/2009, 2:49 pm Send Email to de Corbin   Send PM to de Corbin
 
de Corbin
Head Administrator
Global user

Registered: 09-2008
Posts: 421
Karma: 2 (+2/-0)
Avatar
Reply | Quote
Re: The Accounting Software Experiment

OK - I've hit my first snag. I should have seen this one coming...

I'm not an accountant.

But QuickBooks is assuming that I am. It seems to me accounting should be simple - (money coming in) - (money going out) = (profit or loss).

Quickbooks wants to know, though, where the money is coming from, and where it's going to, and exactly how it's moving from place to place, which means I have to set up different accounts for every place money comes from or goes to.

Well, that makes sense. This is accounting, after all...

So I have to figure out what's going on with my money, and describe it in accounting language. That's where it gets hard. I don't speak accounting, so I don't know what to tell the program.

Well, it's off to Amazon.com for me. I had to buy QuickBooks Pro 2009: The Missing Manual. Typical of most software I buy. It doesn't come with a book, so I have to buy the book seperately.

But I have to learn the stuff, so here I go. I figure that if some accountant can learn this, so can I...

---
Image Image
3/19/2009, 9:19 pm Send Email to de Corbin   Send PM to de Corbin
 
DebbrahF
Registered user
Global user

Registered: 02-2009
Posts: 80
Karma: 0 (+0/-0)
Reply | Quote
Re: The Accounting Software Experiment

I just bought bookkeeping software at a going-out-of-business sale at an office depot. I haven't installed it yet, so I can't say how it is, but it is with similar hopes (only mine was $20 down from $50 instead of $98.)

It is easy to forget how much you really spend on stuff... $5 glass... but $20 on other things... no profit selling at $15.....

---
For good or ill, luck and opportunity are 90%+ preparation...
3/20/2009, 1:18 am Send Email to DebbrahF   Send PM to DebbrahF
 
de Corbin
Head Administrator
Global user

Registered: 09-2008
Posts: 421
Karma: 2 (+2/-0)
Avatar
Reply | Quote
Re: The Accounting Software Experiment

Yeah - and every bit of money that you spend can be deducted fromn your profits when it comes tax time!

What software did you get, DebbrahF? Peachtree is pretty popular... Maybe we could do a comparison between QuickBooks and whatever you have...

I think one of the problems is that QuickBooks Pro is designed to do an awful lot of things - many of which I'll never do (like pay employees), which makes it complicated to learn. I might have been better off getting something more stripped down for my simple needs, but the price was right compared to the other programs at Staples, and I figured that, once I learned how to use it, I gould get some use out of the more advanced features.

The key phrase here is "Once I learn to use it..." emoticon

On the bright side, I've applied for a Visa card for my business, and I will be opening a seperate checking account for busines purposes at the end of March (the soonest I can get to the bank during working hours).

---
Image Image
3/20/2009, 7:33 am Send Email to de Corbin   Send PM to de Corbin
 
DebbrahF
Registered user
Global user

Registered: 02-2009
Posts: 80
Karma: 0 (+0/-0)
Reply | Quote
Re: The Accounting Software Experiment

Mine is just called "Bookkeeper 2009" by "MySoftware."

I looked at Quickbooks and was a bit overwhelmed... looked like far more than I need. It seems to have a different business model in mind than I do.

I plan to be doing limited credit and limited invoices (outgoing or incoming. I want to pay and be paid rather than deal with bills.) So I don't need ways to track all of the invoices and billing. I just want to track how much I spent and on what and how much came in and for what.

I'm reading the book that came with it. It has a customer database I hope will be of good use (I can note what interested people and let them know when something new and interesting is going to happen.

Last edited by DebbrahF, 3/22/2009, 2:21 pm


---
For good or ill, luck and opportunity are 90%+ preparation...
3/22/2009, 2:17 pm Send Email to DebbrahF   Send PM to DebbrahF
 
de Corbin
Head Administrator
Global user

Registered: 09-2008
Posts: 421
Karma: 2 (+2/-0)
Avatar
Reply | Quote
Re: The Accounting Software Experiment

QuickBooks is overwhelming... I'm kind of on hold until I get the book. Trying to learn by putzing around isn't going to work here.

From looking around, I've found that the easiest way to accept credit cards - if you're interested - is to go through PayPal. The fees are much lower, and you don't have to pay anything unless you make a sale - which is very good for those of us who are starting out.

I don't think you can do card swipes for face-to-face sales, though.

---
Image Image
3/23/2009, 6:14 am Send Email to de Corbin   Send PM to de Corbin
 
DebbrahF
Registered user
Global user

Registered: 02-2009
Posts: 80
Karma: 0 (+0/-0)
Reply | Quote
Re: The Accounting Software Experiment

The program I got does have that option...even gives you a free swipe machine... but only if you sign up for the merchant account service.

For a while at least I like the idea of PayPal being responsible for keeping the card information safe instead of me.

---
For good or ill, luck and opportunity are 90%+ preparation...
3/23/2009, 11:08 pm Send Email to DebbrahF   Send PM to DebbrahF
 
de Corbin
Head Administrator
Global user

Registered: 09-2008
Posts: 421
Karma: 2 (+2/-0)
Avatar
Reply | Quote
Re: The Accounting Software Experiment

yeah - Paypal also does the work of validating the credit cards, etc.

I've been to the Paypal website to check things out, and i'm still a bit confused about how the whole thing works, but once I get into getting it set up, it should be fairly simple. PayPal is designed for people like us who need to handle money from credit transactions, but don't have a big enough busines to make a merchant account feasible.


i've got the book on QuickBooks, and I've been working though it. For my little busines it looks like it won't be too hard - a lot of the things it can do (like handle payrole) I don't need... unless I put myself on the payrole...

---
Image Image
3/28/2009, 8:55 am Send Email to de Corbin   Send PM to de Corbin
 


Add a reply

Page:  1  2 






Link to us   -  Blogs   -  Hall of Honour   -  Chat
You are not logged in (login)      Board's time is: 11/29/2009, 12:48 am