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ACCOUNTANTS: How to use clients and operating business Bank accounts?

ACCOUNTANTS: How to use clients and operating business Bank accounts?
Hello,

- The operating account, what should I use it for?
Pay bills, collect income.

- In what account should I deposit my profit and how?
If you use the client account to keep money until the transaction is completed, then you could transfer the net profit from the client account to the operating account after the transaction is completed.

- My commission, needs to be transferred from clients account to operating? or a personal account?
Within your business, I don’t think you should have a personal account. At first, I think you should transfer commission from the client account to the operating account. If you don’t need the money in the business, you can periodically transfer it to your personal account by declaring a dividend (if its a corporation) or partner withdraw (if its a partnership).

- Expenses like paper, inks, boxes, etc, etc, from which account?
From the operating account.

- And the most important! How can I organize this for tax purposes?
Get accounting software and prepare a trial balance and/or financial statements. If you aren’t sure, you should probably speak to a tax accountant. At the end or the year, you need revenues, expenses, Capital expenditures (things like equipment for the business).

Also, if you use personal residence or car for the business some of those costs could be expensed on the tax return.

Swiss Bank Account, Offshore Bank Account, Private Finance

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