Get Your Business Finances Organized - 2024 Workshop

[@thespinninghand]

New subscriber here! I love your content and your style. So friendly and informative 😊💗

[@JamieTrull]

Thanks for being here!! That's my goal and I'm glad you found it helpful!!

[@initforthetech790]

Question regarding expenses vs revenue. I'm starting an amazon business, how do I know what ive spent vs what comes in when I'm constantly spending on merchandise, but only being paid every 2 weeks from amazon? How do I know how much of what im being paid is connected to what ive put out when deciding % for each bucket?

[@JamieTrull]

Great question, this is a bit more indepth than I can anwser here, but feel free to submit your question for my next live show here: www.jamietrull.com/youtube

[@NomadTrailRider]

Which of these accounts do you use for BILLS? Specifically business bills. I typically take what I want from the sale, after I pay my bills. Could we make an account to put financing in just for business expenses?

[@JamieTrull]

In general I have an operating account where money comes in and regular bills come out of (assuming they aren't something larger I would pay from my Opportunity Fund). So these accounts are sub-accounts of that operating fund. However feel free to structure it however would work best for you!

[@NomadTrailRider]

@@JamieTrull The reason why ask is somehow i had my card copied and hacked and had to update ALL of my accounts my cards use. I'd like to make a TRIAL card, so that when I sign up with something new, I use that card temporary until I feel safe to use the regular expenses card. Also. I signed up with Relay with your link! I hope you get credit. So far I am LOVING IT! I love the flexibility and ease of use!

[@JamieTrull]

@@NomadTrailRider That makes total sense! I will say that when it comes to concern about fraud, I actually prefer to use credit cards because of the built-in fraud protection. I pay them off every month, but it's much easier to get your money back from credit card companies when fraud happens vs. the bank. Glad you are liking Relay, it's my FAV!!!

[@NomadTrailRider]

@@JamieTrull Speaking of fraud lol. Do you have a video on how to handle those transactions in quickbooks? How to mark them and the credit backs the bank gives? They've been sitting in my "to do" area on my chase bank account in quickbooks for a while because I don't know how to mark them. I cannot find a single video out there on this!

[@JamieTrull]

@@NomadTrailRider if you're being reimbursed for fraudulent transactions, you should categorize the original transactions and the reimbursements in the same account. The goal is for them to offset and then they won't show up anywhere on your financials (unless of course the fraud happens before the end of a year and you don't get the reimbursement until the next year). Overall, the key is to make sure you aren't taking a business deduction for the fraudulent charges and that you aren't recognizing the reimbursement as income.

[@TasleemPatel-o7h]

I wanna be a sole proprietor, do i need a business license and sales tax permit AND business bank account too, in order to start my online store on Shopify?

[@JamieTrull]

Generally yes- a sole prop is still a business and needs to be doing all the things any business would- you just don’t need to create a legal entity with the state. If you plan to use a name that is not your own (like a business name) you may also need to register as a “DBA” (doing business as) with your state.

[@TasleemPatel-o7h]

@JamieTrull Thank you 💖

[@freshjuice9581]

Hello Jamie, I watched your video on donations expense for businesses. I read somewhere: "Businesses can deduct charitable contributions directly on their business tax return, such as Schedule C for sole proprietorships, Schedule E for partnerships, or Form 1120 for corporations, WITHOUT needing to itemize deductions like individuals do on Schedule A." Is this true or false?

[@JamieTrull]

That's false. Charitable contributions can only be deducted as a business expense for a C Corporation.

[@freshjuice9581]

Bummer, thank you@@JamieTrull

[@nvtvlog9187]

How to open a business bank account as an independent contractor?

[@JamieTrull]

You can use your social!