So, you've joined Collective with a pre-existing s-corp. You hold a very special power. The fate of the balance sheet depends on you!
Yes, that's right. The future services that Collective provides to you, including bookkeeping, payroll, and tax, all depend to a certain extent on the accuracy of the the opening balances of your balance sheet accounts for the first year Collective is doing your books. Your ability to provide this information is vital to your future success at Collective.
Upload the following documents to your Collective dashboard:
Prior Year Business Tax Return (Form 1120S)
Prior Year Balance Sheet, Income Statement, General Ledger as of 12/31/XX
These should complete/correct and be updated to reflect any changes to the books that the prior tax preparer made when preparing the prior tax return
Business Checking Account and Credit Card Statements
PDF statements for all months of the first year Collective is doing the bookkeeping
For SBA loans or any other loans made to the LLC
Unpaid Payroll Tax Liability Report as of 12/31/XX
If you haven't been taking care of your balance sheet prior to joining Collective, you might find that your onboarding is a little more difficult. You may find you need to contact your prior tax preparer or do a little extra working tracking down documents. Consider it worthwhile, though. Both you (and Collective) will breathe easier knowing that your opening balances are accurate and reliable!