Books Keeping for IRS

[rectified]

Hey Guys
I'm in the process changing country of incorporation of my company from Singapore to US

I'm going for a C-Corp

But I was wondering regarding payments that you get via credit card, do you add each and every transaction individually in your books of accounts or you just show the amount that gets credited to your bank account as sale.

E.g. if we are using Stripe andwe got like 10 transactions of 5$ each so will you add these transaction as separate entry in books of accounts or you just add 50$ that gets credited to your bank account ?

Thanks

 

[zomex]

Hello there,

I export all transactions to get the accurate total figures that I need to file tax returns.

So I suppose it's a bit of both but ultimately it's the total figures that are used.

 

[rectified]

Hello there,

I export all transactions to get the accurate total figures that I need to file tax returns.

So I suppose it's a bit of both but ultimately it's the total figures that are used.

Hi Zomex
So you don't add each and every credit card transaction in books of accounts, you just add the actual amount that you get credited in your bank account right ?

Thanks

 

[SenseiSteve]

I'd recommend getting accounting advice from a CPA. I show all incoming revenue (all transactions) and have a line item for credit card expense.

 

[rectified]

Thanks, i've hired a CPA, he will be doing all books keeping along with helping me with all legal compliances like Delaware Franchise Tax, Income Tax Returns


And he will be just synching feeds from bank, stripe and PayPal to quickbooks, so book keeping won't be a major problem either