Contents

Overview

Deciding Which Accounts to Connect

Connect Accounts

Overview

Please follow these steps before your Business Insight Call with your Onboarding Accountant. This allows us to hit the ground running with insights and guidance. Once the accounts are connected, please don't categorize any of the transactions. Your Onboarding Accountant will do that for you during the call, and the Accounting Team will do that for you every month thereafter!

Deciding Which Accounts to Connect

  1. Write down all the checking and credit accounts, business or personal, that contain any business activity as of the first of the month of the Form 2553 Box E date. If your Box E date is earlier than this year, then use January 1 of this year. You can find Form 2553 in the documents section of your Collective Dashboard. Email us at [email protected] if you need help finding this form or date.

  2. Business Checking, Savings, and Credit - usually contain only transactions related to your business. This video explains in more detail.

  3. Personal Checking, Savings, and Credit - may contain a mix of business and personal transactions. Starting NOW, stop using them for business. We will disconnect it once all the business transactions are extracted. If your personal account does not contain any business transactions, you don't need to connect it. This video explains in more detail.

  4. The business accounts stay connected to the accounting software. Please upload PDF bank statements for these business accounts to the document upload button found at app.collective.com > left side menu > documents. You can ignore this step if your account is so new that you don't have a pdf statement yet.

  5. The personal accounts are only temporarily connected to import business transactions. We will ignore personal transactions. Your Onboarding Accountant will disconnect these accounts before the end of the call. We do not need PDF bank statements uploaded for these personal accounts.

  6. Start now with running all your business income and expense activity through the business accounts. If you haven't already, make it a top priority to update your customers and vendors with your business checking and credit account details. Make a note of recurring business transactions found in personal accounts and start transitioning them to Business Checking and Credit Card accounts.

Connect Accounts

  1. For the steps below, for the "import as of" date put the first of the month of the Form 2553 Box E date. If your Box E date is earlier than this year, then put January 1 of this year as your import as of date. Form 2553 is in the Documents sections of your Collective Dashboard. Email us at [email protected] if you need help finding this form or date.

  2. If you have 3 or fewer business transactions in personal accounts, you don't have to connect the account. During your call, the onboarding accountant will assist with getting these expenses entered.

  3. If we set you up with Xero as your accounting software, please follow the steps in this video. NOTE: Once you log in to your bank account and, if applicable, complete the verification steps, Xero will have you complete two steps:

    1. Choose the bank accounts: If there are any accounts that do not have business activity, you can select from the dropdown "Don't connect".

    2. Choose the "Import transactions from" date: this will be the first of the month of the Form 2553 Box E date.

  4. If we set you up with QuickBooks Online as your accounting software, please follow the steps in this video.

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