Starting A Set of Books

Guest post by: Stephanie Horne
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It is oftenwondered what information isneeded to start a set of books for an existing company that has recently incorporated from a sole proprietorship.

In order to start a set of books for an existing company that has recently incorporated from a sole proprietorship, you would need the balance sheet from the last date of business for the sole proprietorship as these ending balance figures will become your starting balances for the now incorporated company.

Then you would do one big journal entry to record the ending balances of the sole proprietorship as the beginning balances of the corporation on that start date. All of the balances are typically journal entried through the Opening Balance Equity account.

This applies to a single member LLC as well. In addition to the opening balances you may add up to $5,000 in busines start-up costs as an additional expense even if paid in a previous year.

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About the Author: Stephanie Horne

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My company, Horne Financial Services, offers a wide range of bookkeeping services while my website is a great resource full of bookkeeping tips that can help save you money, including an online store offering great discounts on bookkeeping software and bookkeeping supplies as well as an accounting definitions glossary and a bookkeeping questions and answers forum.

Below are the services that I offer to my clients along with a brief description. As the list below is by no means all-inclusive, please feel free to inquire about a bookkeeping service if you do not see it listed. If it is not a service I provide, I would be happy to refer you to a qualified professional. * Online Tax Preparation * Tax Services * Bookkeeping/Write-Up Profit and Loss Statement * Balance Sheet * Financial Forecasts & Projections * Cash Flow & Budgeting Analysis * Compilations * Accounts Payable * Accounts Receivable. For more information please visit my Bookkeeping FAQ page. Thank you and all the best to you!

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Starting A Set of Books

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