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Jim-from-Ohio
Intuit Community Champion
May 11, 2023

S Corp client

  • May 11, 2023
  • 1 reply
  • 5 views

ok.. still grappling with the home sale one that hurt my 20 - 30 minute time goal but this S corp client came in.. they use a certain desktop accounting software, un-named at this point.. asked to see the balance sheet and income statement (P & L ) .. i already was leery on what she would show me.. sure enough.. The Balance sheet showed negative $ 450,000 in total assets.. negative assets!  Then I was curious at the income statement.. she gave me her 1099-K showing sales of $ 750,000 and the P & L showed sales of about $ 500,000... this was one of the worse internal set of financials i ever saw. 

I can't use these financial statements and I am not going to try and use her database and fix it.. I asked her if she could just go back and get me the 12 months bank statements (after she "codes" them.. short abbreviation next to each bank debit, such as R & M, INS, L & A, P/ROLL, RENT, ADV, etc and I can create my own general ledger and financial statements.. she was all for that and I told her i can take this totally off of her hands going forward.. so turned a big mess into a monthly accounting client. 

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1 reply

abctax55
Level 15
May 11, 2023

Get a retainer... it's still going to be messy.

HumanKind... Be Both
Jim-from-Ohio
Intuit Community Champion
May 19, 2023

I've been digging into this project this week.  S corp has a TD Ameritrade brokerage account with all kinds of trades and activity.  I have never seen an S Corp with an actively traded brokerage account.     

sjrcpa
Level 15
May 19, 2023

There's a first time for everything.

I have some like that.

Hope your fee is high enough to cover the accounting for this

The more I know the more I don’t know.