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Opening a Commercial Checking Account

November 10, 2010 admin

After you have raised the money necessary to start your sign business you are going to need a commercial account to put the funds in and pay bills from.

Your checking account account will be the main source of information for your accounting system.  In the beginning the source of all deposits will be from start-up capital.  This amount will be classified as paid in capital or loans to the company on your balance sheet.  All deposits after that will be from sign jobs completed.  This amount will be classified as sales or revenue on your profit and loss statement.  Checks written will be the expenses of the company and also your draws. These amounts will be recorded as expenses or owners draws on the income statement.  The amount left over plus owners draws will be profit which will flow to your personal tax return.  As you can see, entries in your checkbook are important.   They should be described accurately and if possible pre-classified into certain expense categories.

A three check per page book is recommended.  It will include a section for writing what the check was for, who it was to and the amount. Like the one below.

Since you will use your checkbook as a source of data for your accounting and taxes, you need to have some detail written on the stubs and also the information line on the checks.  Relying on memory is not a good idea.  As you write a check you can code the stub with a category so that you can rapidly go through the checkbook and categorize expenses for tax purposes.  A large checkbook makes this easier.   My checkbook is 9.75 x 13.75 inches and has 7 rings to hold the checks.  It is tough and will hold other paperwork as well.

The account you open should be a commercial account.  Be careful about opening an interest bearing account because these accounts often have limitations as to how many checks you can write.  Whichever account you choose, make sure the fees are fair and that there are no constraints that may adversely affect you.

checking account for a sign shop

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