Accounting Records

  1. WCG CPAs & Advisors/
  2. Tax Center/
  3. Accounting Records/

Posted Thursday, December 5, 2024

We need your financial statements including assets. What the heck does that mean?

Formalized Accounting

If you use QuickBooks or MS-Excel for your accounting records, please make sure your bank reconciliations are completed and all transactions are categorized. Double check your entries after reviewing the rest of the categories on this form. We prefer to get financial data from these programs in MS-Excel or .csv formats since we can massage and manipulate them easily without ruining the integrity of the original data. We need-

  1. Balance Sheet for Dec 31 (and preferably another data dump for Dec 31 of the previous year).
  2. Profit and Loss Statement (Income Statement) for Jan 1 thru Dec 31.
  3. General Ledger for All Accounts (details every transaction) for Jan 1 thru Dec 31. While we can work with PDFs when it comes to Balance Sheets and Income Statements, G/L data is much easier to work with when in MS-Excel or .csv formats.

If you use online accounting software and you feel comfortable giving us access, please use accounting@wcginc.com as the email address for the invitation. We do not make changes or submit journal entries into your accounting records. If these are needed to be done, we can either guide you thru it or refer you to a third party bookkeeper.

Supporting Items (in addition to the data dump above)

Some of this might make you go “tilt” and if it does, please connect with us to discuss-

  1. Bank Statements, showing January and December cash balances (we need to tie out your cash… show me money in the movies, follow the money in accounting)
  2. January and December Credit Card Statements
  3. New Loans, Paid Loans, to and from the Company
  4. Loan Statements, Year-End Summaries showing Interest / Principal paid, 12/31 Balances

If income statements and balance sheets don’t appeal to you, or if you are looking for a way to provide this information in a digital form, please use these various avenues-

Simple Excel Template

Here is our custom deductions excel spreadsheet for your convenience. Check it out!

Fillable PDF

Download our business income and expenses worksheet securely via Sharefile here.

Secure Online Form

Use this worksheet to help us assist you with your business income and expenses.

Asset Listings

We need a listing of any assets that you purchased including a description, dates, amounts and business use percentage if not 100%. Some things we can expense immediately since they are below the $2,500 de minimis safe harbor limits. Others we can deduct in full under Section 179 or using Bonus Depreciation. Others must be depreciated over time.

We also need to know if you’ve disposed (sold) any assets. We will review your entire asset listing on the tax returns as well during tax return review.

If you are confused, no biggie! Let’s hop on a call and figure it out. The button below will take you to your client portal for your safe and securing uploading of tax documents

Secure Client Portal

Ready to optimize your taxes?  Use our secure client portal and we’ll get it done together!

Learn More
Lorem ipsum dolor sit amet

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Button

Professional Consultation

Did you want to chat about this? Do you have questions about Accounting Records? Let’s chat!

The tax advisors and business consultants at WCG are not salespeople; we are not putting lipstick on a pig expecting you to love it. Our job remains being professionally detached, giving you information and letting you decide within our ethical guidelines and your risk profiles.

We see far too many crazy schemes and half-baked ideas from attorneys and wealth managers. In some cases, they are good ideas. In most cases, all the entities, layering and mixed ownership is only the illusion of precision. As Chris Rock says, just because you can drive your car with your feet doesn’t make it a good idea. In other words, let’s not automatically convert “you can” into “you must.” Yes, it is fun to brag about how complicated your world is at cocktail parties, but let’s not unnecessarily complicate it for the bragging rights.

Let’s chat so you can be smart about it.

We typically schedule a 20-minute complimentary quick chat with one of our Partners or Senior Tax Professionals to determine if we are a good fit for each other, and how an engagement with our team looks. Tax returns only? Business advisory? Tax prep, and more importantly tax strategy and planning?

Should we need to schedule an additional consultation, our fee is $250 for 40 minutes. Fun! If we decide to press forward with a Business Advisory or Tax Patrol Services engagement, we will credit the consultation fee towards those services.

Text WCG Offices

Need to get in touch through a quick text?  We’ll respond back as soon as we can!

Call Our Amazing Team

If you need to speak to someone, we’re good listeners!  Give us a call and we’ll help you out!

Chat With a Tax Pro

Taxes are complicated.  We make them simple.  Get in touch with a pro here at WCG!

We've worked with multiple bookkeepers and accountants over the years and WCG has completely blown us away.

N. Sellden

See Review
After almost 6 years with this CPA group, there is NO ONE else we would trust to do our taxes.

L. Matisek

See Review
After almost 6 years with this CPA group, there is NO ONE else we would trust to do our taxes.

L. Matisek

See Review