A Quick Accounting Tutorial
With tax season alive and well... doing your books doesn't have to be hard!
I hope your tax paperwork has all been sent to your accountant or you’ve already filed your taxes. The payable deadline is April 30th (although there are some extensions available this year if your taxable income is under $75,000).
If you have not recorded all of your transactions (really, we've been over this so many times, do your books!), I've got four easy steps for you:
Go sign up for a Wave Accounting account. It's free, it's not fancy but it works really well.
Go to your online bank account activity. Set the dates from January 1 to December 31. Scroll down to the bottom (it's usually at the bottom) and select download, pick the QuickBooks format. Save that download.
In Wave under Transactions, click the 'upload statement' button. Upload the statement you just downloaded. Go make a coffee and grab your folder of invoices while that loads.
Start categorizing those expenses and purchases. The magic of Wave? It will find all the similar transactions and you can categorize multiple transactions at once. They have awesome support staff and great help guides.
There, done! You can do your books this weekend. And now you have pretty records where you can record each month of 2021 in a timely manner.
April 30th will be here before we know it so get your year-end done while you remember it. And then keep that trend going!