Posted 4/8/2021 14:36 (#8940115 - in reply to #8939981) Subject: RE: Doing your own taxes or have an accountant?
North of London
I also use Quicken.
Print cheques from it (not many anymore) and break the amounts down into the proper categories.
Download bank statement and reconcile with Quicken as a check on missing entries.
Credit card is a big item anymore as so many things are paid with it and that is one entry in bank and Quicken but needs to be broken out into the proper categories which can be 10 or more.
I try not to use cash on any farm related expense so all expenses show in bank and then Quicken even if I miss the original entry it is caught with the reconcile with bank statement each month
I do keep ALL paper records of expenses and file by month.
Computer records can disappear in a blink but the paper will be able to be used to rebuild the books if necessary.
I just had a computer fail and they were not able to recover hard drive
Fortunately I had a backup but was missing a couple months of records which I easily redid from bank statements downloaded again from last date in my recovered files and checked against the paper records in my files
Those paper files are kept for at least 7 years before checking out in the outdoor furnace.
When I first started using computer and Quicken my accountant was still visiting to get info from the old double entry ledger book and so sat in office with me and asked for details on various things on computer printout.
I would look it up on computer and be able to explain what it was and the split for sales tax etc
After a couple years of that he said just bring in the computer report.
HAs worked well that way for over 20 years now and if he has a question he calls and I look it up and answer the question over the phone
I guess he trusts me and I trust him
Been doing business with him for 30 - 40 years now and he is getting old like me and thinking of retirement but I keep telling him to just semi retire and keep me as a customer at least.