Accounting Setup and Reimbursement Guide
Introduction
This guide is designed to walk you through the process of setting up your accounting system and managing reimbursable expenses efficiently. By following these steps, you will be able to connect your bank accounts, add business transactions, determine reimbursable expenses, and complete the setup process with confidence.
Step-by-Step Instructions
Connecting Bank Accounts
To begin, ensure that your bank accounts are connected to the system. This allows for seamless integration of your financial data into the accounting setup.
Setting Up Accounting
With your bank accounts connected, you are ready to set up the accounting system. This involves setting up payroll, accounting, and invoicing.
Starting the Accounting Process
Begin the accounting setup by clicking "Access" to receive general information about setting up your accounting on autopilot.
Importing Business Transactions
Import any relevant business transactions from your home office and upload additional business documents as needed.
Flagging Personal Account Transactions
Identify and flag any transactions in your personal account that are related to business expenses. This will help in maintaining clear records for reimbursement.
Completing the Transaction Pull
After pulling in all business transactions from personal accounts, confirm that you have added all necessary transactions.
Answering Reimbursement Questions
Complete a set of questions to determine your reimbursable expenses, such as driving for business purposes or using a home office.
Calculating Reimbursement Multiplier
Use the given multiplier to calculate your potential reimbursement amount. This calculation is based on the square footage of your home office compared to your entire home.
Transferring Reimbursements
Transfer reimbursements from your business account to your personal account to create the necessary paper trail for IRS documentation.
Completing the Reimbursement Process
Once all mixed-use expenses are accounted for, confirm and complete the reimbursement process.
Finalizing Accounting Setup
Upon completing the setup, you will receive a snapshot of your finances. The bookkeeping team will review and finalize your records.
Conclusion
By following this guide, you have successfully set up your accounting system and determined reimbursable expenses. The steps provided ensure a clear and efficient process for managing your business finances. With everything in place, your records are now ready for review and finalization by the bookkeeping team.