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S Corp client
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Jim-from-Ohio
Level 11
05-11-2023
01:43 PM
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ok.. still grappling with the home sale one that hurt my 20 - 30 minute time goal but this S corp client came in.. they use a certain desktop accounting software, un-named at this point.. asked to see the balance sheet and income statement (P & L ) .. i already was leery on what she would show me.. sure enough.. The Balance sheet showed negative $ 450,000 in total assets.. negative assets! Then I was curious at the income statement.. she gave me her 1099-K showing sales of $ 750,000 and the P & L showed sales of about $ 500,000... this was one of the worse internal set of financials i ever saw.
I can't use these financial statements and I am not going to try and use her database and fix it.. I asked her if she could just go back and get me the 12 months bank statements (after she "codes" them.. short abbreviation next to each bank debit, such as R & M, INS, L & A, P/ROLL, RENT, ADV, etc and I can create my own general ledger and financial statements.. she was all for that and I told her i can take this totally off of her hands going forward.. so turned a big mess into a monthly accounting client.
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4 Comments 4
Jim-from-Ohio
Level 11
05-19-2023
12:44 PM
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I've been digging into this project this week. S corp has a TD Ameritrade brokerage account with all kinds of trades and activity. I have never seen an S Corp with an actively traded brokerage account.
sjrcpa
Level 15
05-19-2023
12:59 PM
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There's a first time for everything.
I have some like that.
Hope your fee is high enough to cover the accounting for this
The more I know, the more I don't know.
rbynaker
Level 13
05-19-2023
03:28 PM
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@Jim-from-Ohio wrote:
I've been digging into this project this week. S corp has a TD Ameritrade brokerage account with all kinds of trades and activity. I have never seen an S Corp with an actively traded brokerage account.
You might be able download the transactions into Quicken. It does a good job with investment transactions, then you could run a report for the year. Depending on what else is going on in the S Corp you CAN use Quicken for a set of double-entry books. Since it doesn't require categories for each transaction it's not super reliable, but it works if you know what you're doing.
Rick
