JT,
I still have other questions for you.
1)Owners/shareholders invest money or properties into
business: it is not income, and it is not expense.
2)Accounting methods: cash basis or accured basis.
3)Buy and sell of business properties, such as
equipment and furniture: is it taxable or nontable?
You may not deduct them in one year. Users may need to
compute depreciation/amortization?
They also need to know the basis of the properties.
4)The users may receive money from clients for sales
made last year; The users may also make payments to
suppliers for purchases shipped last year. The users
may need to get information regarding to Accounts
Receivable, Accounts Payable, Notes Receivable and
Notes Payable.
5)The users may purchase $100,000 inventories this
year, but they only sell $50,000 this year. They need
to count inventory monthly or every year.
6)Users may have to pay taxes. Some are tax
deductible, but some are not.
7)The methods of payments: COD,etc.
8)Types of business entities: sole proprietorship,
partnership, LLC, corporation, trust.
These are some basic accounting issues.
Thanks,
Kenny Jeong
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