What you'll need
Your Business Bank Account Log-ins
Checking Accounts, Savings Accounts, Credit Cards
Your Personal Bank Account Log-Ins
Only if you have business expenses/income in those accounts
Context
Our goal is to identify, import, and categorize business transactions.
This process compiles all of your business' financial information in order to review your S Corp's First Financial Reports.
During set up, you will connect all accounts with business transactions. Your Onboarding Accountant will verify that we have all accounts connected during your training call. We know all the right questions to help you remember transactions and accounts you may have forgotten about.
Account Connections
Once you have selected the account you wish to connect to Collective Accounting you will need to label weather that account is business or personal.
For Business Accounts
Go through transaction list to make sure that they are categorized as business transactions. IF you have any transactions that are personal in your business accounts you can mark them as personal.
For Personal Accounts
Go through transaction list and change the type from personal to business to have those transactions included in your business bookkeeping.
Once you have connected all your accounts, you can move on to the next step in the set up process!
Your Onboarding Accountant will categorize all the items and review them with you on your Training Call.
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.