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Pre-Collective S Corp Books
Pre-Collective S Corp Books

What to do with your accounting records from before joining Collective

Updated over a week ago

Collective helps you create and maintain up-to-date S Corp books. This is the backbone of our monthly, quarterly, and annual accounting, payroll, and tax services.

Our Onboarding Accountants are experts at building your S Corp books back to your S Corp start date (box e of form 2553) or the current year. We will load in Trial Balances from your old accounting software if needed. If you need financial reports from before the date we build back to, you will need to get them from your old accounting software.

We do recommend you save, in your personal records, a Profit and Loss statement as well and a general ledger report for every calendar year you want to retain data on prior business activity.

The downside is we can't import or merge information from your current accounting software.

The upside is we build you fresh S Corp accounting books off the individual transaction detail from all of your checking accounts and credit cards. It doesn't matter what bank account (business, personal, mixed), if it's a business income or expense transaction (don't worry, we will help you decide that too), we will get it in your S Corp books.

An additional upside is we want your transactions categorized according to the Chart of Accounts we have designed. It is one of our innovations here at Collective: a streamlined chart of accounts that only displays what is needed allowing you and the tax team to quickly understand the performance of your company in monthly financial reports that we publish to your dashboard.

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.

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