1. Understanding business financial recordkeeping Recordkeeping terminology The balance sheet The profit and loss statement Accounting methods Accounting systems Accounting periods Recordkeeping review 2. Simplified accounting system Instructions Financial recordkeeping checklist 3. Business chart of accounts Instructions Income accounts Income chart of accounts Expense accounts Expense chart of accounts Asset and liability accounts Balance sheet chart of accounts Sample chart of accounts 4. Business bank accounts and petty cash fund Bank account procedures Check register instructions Check register Sample check register Reconciling your monthly bank statement Monthly bank statement reconciliation Petty cash fund Petty cash register Bank account checklist Petty cash fund checklist 5. Tracking business assets Current assets Current asset account record Inventory Physical inventory record Periodic inventory record Perpetual inventory record Cost of goods sold record Fixed assets Deductible expenses Depreciable property Fixed asset account record Business assets checklist 6. Tracking business debts Combined accounts payable record Accounts payable record Individual accounts payable record Long-term debt record Business debts checklist 7. Tracking business expenses Tracking expenses Daily and weekly expense records Monthly expense summary Annual expense summary Travel, auto, and meals and entertainment expenses Weekly or monthly travel expense records Annual travel expense summary Weekly or monthly auto expense records Annual auto expense summary Weekly or monthly meals and entertainment expense records Annual meals and entertainment expense summary Purchase orders Purchase order record Business expenses checklist 8. Tracking business income Tracking your cash Daily or weekly cash reports Monthly cash report summary Tracking income Daily or weekly income records Monthly income summary Annual income summary Tracking credit sales Daily, weekly, or monthly credit sales records Credit sales aging report Invoices and statements Invoice Statement and past due statement Credit memo Business income checklist 9. Tracking payroll Setting up your payroll Quarterly payroll time sheet Employee payroll record Payroll depository record Annual payroll summary Payroll checklist

10. Preparing a profit and loss statement Short profit and loss statements Monthly short profit and loss statement Quarterly short profit and loss statement Profit and loss statements Monthly profit and loss statement Quarterly profit and loss statement Annual profit and loss statement Estimated profit and loss statement Profit and loss statement checklist Special instructions for cash method accounting 11. Preparing a balance sheet Balance sheets Monthly balance sheet Quarterly balance sheet Annual balance sheet Balance sheet checklist 12. Analyzing the financial statements Net profit margin Gross profit margin Return on sales ratio Current ratio Debt to net worth ratio Cash turnover ratio Collection ratio Investment turnover ratio Return on investment ratio Ratio comparison chart 13. Mechanics and schedules of recordkeeping Setting up your recordkeeping system Financial recordkeeping schedules Daily recordkeeping tasks checklist Weekly recordkeeping tasks checklist Monthly recordkeeping tasks checklist Quarterly recordkeeping tasks checklist Annual recordkeeping tasks checklist Financial forms checklist 14. Business tax forms C-corporation tax forms checklist C-corporation monthly schedule C-corporation quarterly tax schedule C-corporation annual tax schedule S-corporation tax forms checklist S-corporation monthly tax schedule S-corporation quarterly tax schedule S-corporation annual tax schedule Limited liability company tax forms checklist (taxed as a corporation) Limited liability company tax forms checklist (taxes as a partnership) Limited liability company tax forms checklist (taxed as a sole proprietorship) Limited liability company monthly tax schedule Limited liability company quarterly tax schedule Limited liability company annual tax schedule Partnership tax forms checklist Partnership monthly tax schedule Partnership quarterly tax schedule Partnership annual tax schedule Sole proprietorship tax forms checklist Sole proprietorship monthly tax schedule Sole proprietorship quarterly tax schedule Sole proprietorship annual tax schedule

Federal tax forms

Application for employer identification number : IRS form SS-4

U.S. individual income tax return : IRS form 1040

U.S. individual income tax return : IRS form 1040-A

Profit or loss from business (sole proprietorship) : IRS form 1040 (schedule C)

Net profit from business (sole proprietorship) : IRS form 1040 (schedule C-EZ)

Estimated tax for individuals : IRS form 1040-ES (worksheet)

Payment voucher : IRS form 1040-ES

Income tax return for single and joint filers with no dependents : IRS form 1040-EZ

Income tax return for single and joint filers with no dependents : IRS form 1040-EZ (worksheet)

U.S. self-employment tax return : IRS form 1040-SS

Expenses for business use of your home : IRS form 8829

U.S. return of partnership income : IRS form 1065

Partner's share of income, credits, deductions, etc. : IRS form 1065 (schedule K-1)

U.S. corporation income tax return : IRS form 1120

U.S. corporation short-form income tax return : IRS form 1120-A

U.S. income tax return for an S-corporation : IRS form 1120-S

Shareholder's share of income, credits, deductions, etc. : IRS form 1120-S (schedule K-1)

Estimate tax for corporations : IRS form 1120-W (worksheet)

Election by a small business corporation : IRS form 2553

Entity classification elections : IRS form 8832

Employers annual federal unemployment (FUTA) tax return : IRS form 940

Payment voucher : IRS form 940-V

Employer's annual federal unemployment (FUTA) tax return : IRS form 940-EZ

Form 940-EZ payment voucher : IRS form 940-EZ(V)

Employer's quarterly federal tax return : IRS form 941

Payment voucher : IRS form 941-V

Annual summary and transmittal of U.S. information returns : IRS form 1096

Miscellaneous income : IRS form 1099-MISC

Wage and tax statement : IRS form W-2

Transmittal of wage and tax statements : IRS form W-3

Employee's withholding allowance certificate : IRS form W-4

Employee's withholding allowance certificate : IRS form W-4 (worksheet)

Federal tax deposit coupon : IRS form 8109-B

Glossary of accounting terms.