Learn from Julie Gilmore how to run your companhy more effectively

1. Sole Proprietorship Accounting Made
Easy
Conroe, Texas
JULIE GILMER, CPA

2. Introduction
• Education
- MBA
- CPA
• Experience
- 12 years Owner CPA Firm
- Own 2 manufacturing businesses with International sales
- Teaching QuickBooks 17+ years
• Affiliations
- Intuit Trainers and Writers Network
- Texas Society of CPA’s
- Small Business Development Centers

3. 3 Intuit Proprietary & Confidential
Chart Of Accounts
• ASSETS – things you own ( Accounts Receivables, Inventory,
Equipment, etc)
– Current Assets – Items that will be used up within 1 year
• Prepaid Insurance
• Inventory
FIXED ASSETS – Property that will last more than 1 year and is above a
nominal cost.

4. 4 Intuit Proprietary & Confidential
Chart Of Accounts
• LIABILITIES – things you owe ( Accounts Payable, Payroll
Taxes, Sales Tax, Notes, etc)
– Current Liabilities – due within the next 12 months
• Payroll Taxes
• Sales Taxes
• Accounts Payable
• Current portion of Long-term Debt
Long-term Liabilities – Due more than 12 months from now
• Notes Payable

5. 5 Intuit Proprietary & Confidential
Chart Of Accounts
• EQUITY – your ownership interest value
– Owner’s Draw – Money used for personal purposes
Retained Earnings – Accumulation of Profits and Losses from inception
of business.

6. 6 Intuit Proprietary & Confidential

7. 7 Intuit Proprietary & Confidential
CLASSES
• Keep track of Income and Expenses by location, department,
partner, etc.
• Less complicated Chart of Accounts.
CLASSES

8. 8 Intuit Proprietary & Confidential

9. 9 Intuit Proprietary & Confidential

10. 10 Intuit Proprietary & Confidential
REPORTS
• Balance Sheet consists of Asset, Liabilities and Equity
• Profit & Loss consists of Income and Expense
FINANCIAL STATEMENTS

11. 11 Intuit Proprietary & Confidential
Julie’s Top 5 Tips
5. No need to start a new file every year.
4. Set up Chart of Accounts similar to Schedule C or E and
build upon that.
3. Learn which Accounts are the foundation for Reports
1. Income and Expenses = Profit & Loss
2. Assets, Liabilities and Equity = Balance Sheet
Top 5 Tips

12. 12 Intuit Proprietary & Confidential
Julie’s Top 5 Tips
2. Try “Classes” instead of Accounts
1. Have Fun – Don’t look at it as something you have to do,
but rather something you want to do to fully understand
your business.
Top 5 Tips