Edward L. McLaughlinParticipantSo I’m using Quickbooks in my small business but it seems like the purpose of the program (and how it’s typically used by most businesses i’m guessing) is to follow the generally accepted accounting principles (GAAP) to keep track of the flow of funds in order to prepare your tax return. I was originally trying to use it to both prepare tax return and also to tell me as much information about the business as possible (examples: complete list of every item in the business and how much it is all worth, keeping track of how much money goes into specific company development projects, trying to track investments, etc.). Now it seems like that’s overkill for accountants and general-purpose accounting and I should keep track of all this stuff elsewhere and use QuickBooks for the bare minimum for filing taxes. Is that what people are doing and, if so, what software are you using to track all this other information? If not, are people just doing this stuff within QuickBooks via their accountant or are people generally not worrying about this stuff?00
- April 6, 2021 at 6:16 pm
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