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FAQ
As a bookkeeping service company, we understand that you may have questions about how we can help your business. Here are some common questions that small business owners ask us:
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How to add us into your Shopify accountNavigate to the “Settings” section from the left side menu of your Shopify Admin Click “Users and Permissions”, then click “Add Staff” Fill in the new user information Once you’ve selected to add a new user, you’ll be prompted to enter our information. Use the information below (we recommend using copy & paste) and then click “Send Invite” First Name: Greenspace Last Name: Bookkeeping Email Address: bookkeeper@greenspaceteam.com Permissions: Select All (Shopify suggests accountants have full permissions to access all necessary reporting, see here for more information on permissions: https://help.shopify.com/en/manual/your-account/staff-accounts/staff-permissions)
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How to add us into your Quickbooks Online accountFrom the home screen, click on the Gear Menu and beneath the column heading labelled “Your Company” select the Manage Users tab. On the Manage Users page, click Invite Accountant to open a new invitation. Enter the email “bookkeeper@greenspaceteam.com” and the name “Greenspace Bookkeeper” and click Next when you’ve finished. Click Finish and you’re done. Your accountant will get an email with a link to your QuickBooks. From there, it’s up to your accountant to log in and start working on your books.
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How to add us into your Clover accountNavigate to the “Employees” section from the left side menu of your Clover dashboard Click the “Add New Employee” button Once you’ve selected to add a new user, you’ll be prompted to enter our information. Use the information below (we recommend using copy & paste) and then click “Save” Full Name: Greenspace Bookkeeping Nickname: Greenspace Email Address: bookkeeper@greenspaceteam.com Custom ID: N/A (not necessary to fill this out) Passcode: N/A (not necessary to fill this out) Role: admin
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How to add us into your Xero accountTo provide us access to your Xero data file, from the dashboard, click Settings > General Settings and then under Organisations select ‘Users’. Click the button labelled ‘Invite a User’ and fill in the ‘Enter their details’ form with their details. Make sure to select the “Adviser” role. Click the blue button labelled ‘Continue’, and you have the opportunity to personalize and send the invite.
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How can I schedule a phone call with a bookkeeper at Greenspace?At the bottom of every report is a customized link to schedule a meeting with your bookkeeper (example below). This will let you pick a date and time slot that works best for you and your bookkeeper. If you prefer to schedule a call over email - you can use the "hello@greenspaceteam.com" email and someone will help you. You will receive a confirmation of the date and time after confirmation.
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How to connect your Amazon Business account to Quickbooks OnlineTo connect your Amazon Business and QuickBooks accounts, make sure you’re both the primary administrator for the Amazon Business account, and the master admin or a company admin for your QuickBooks company. Here’s how to connect the accounts: Sign in to your QuickBooks account as an admin. Go to the Amazon Business Purchases app page. Select Get app now. When prompted, sign in to your Amazon Business account as the primary administrator. Select the import start date. All of the Amazon Business purchases you made on or after that date will sync with QuickBooks for your review. Select Finish. The app then begins to import your Amazon Business purchases into QuickBooks. If there’s a lot to import, you may not see all of them right away. Don’t worry, the app keeps going until the job is done. After the first import, the app checks your Amazon Business account four times a day and brings the latest transactions into QuickBooks.
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How to add us into your Amazon Seller Central AccountFirst, you will need to invite us as a user, using the email “bookkeeper@greenspaceteam.com” – this will allow us to view and pull your inventory reports each month directly from Amazon. You’ll want to make sure you’ve setup the proper permissions by going to “Settings”, “User Permissions” and then click “Edit” next to our new user and make the following selections: Give us “Admin” access to your entire “Reports” section. Be sure we have access to your “Fulfillment Reports” (this is usually found in the “Inventory” section and may be called something like “Manage FBA Inventory/Shipments.” Once you add us in, we’ll complete the process and confirm that we have access with you. Resource – Support instructions provided here on the Amazon Seller Central support page: https://sellercentral.amazon.com/gp/help/external/901?language=en-US&ref=mpbc_201028560_cont_90
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How to add us into your Launch 27 accountNavigate to the gear icon at the bottom left of the Launch27 home page. Under the “People” section, select the “Office Staff” option. Create a user by clicking “Add New” at the top right. Once you’ve selected to add a new user, you’ll be prompted to enter our information. Use the information below and then click “Save”. Email: bookkeeper@greenspaceteam.com Name: Greenspace Bookkeeping *make sure to check the box that says “Mark as confirmed and send welcome email” Role: Staff
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How to add us into your Bank of America accountHere are the steps to adding a new user to your Online Banking profile: Login to your account and click the “Business Services” tab Click “Add new user” Enter the details below Name: Greenspace Bookkeeper Online ID: provided by your bookkeeper Passcode: passWORD123 (this will be changed once we have access) Email Address: bookkeeper@greenspaceteam.com Then click “Continue” Review the information (you can leave the SafePass and Administrator options turned off), then click “Continue to Accounts & Services” Under “Accounts” turn ON all business related accounts and then check the boxes underneath in the “View/Inquiry Settings” – be sure to check BOTH boxes – “View Statements” and “View Check Images” Then click “Finish” Send an email to your bookkeeper as soon as you’ve set up our access and we’ll confirm that the connection has been successful
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Setting up your Ledgersync access for non-compatible bank/credit card accountsIf you have a bank or credit card that doesn’t allow for bookkeeper access, then we will utilize a software called Ledgersync to get access to details such as transactions, check images, deposit records, and statements. Your bookkeeper will send you a link and login information to use when setting up your account. Once you have received this info, follow the steps below: Click the link your bookkeeper sent you where you will be prompted to setup your password You will then be taken to a login page – use the username provided to you by your bookkeeper and the password you just setup to login. Once you are logged in and on the home page, click your name on the left side of the screen and then click the “+” button to add your account. Make sure you agree to the Terms and Conditions and click Continue Search for your bank or credit card provider and click the provider name Enter your login information (remember, this is the SAME login information as if you were logging directly into your bank or credit card account). You may be prompted to enter security questions or authorization codes. Wait while the system pulls your account information and then select the checkboxes next to each account you’d like to share with Greenspace Once you are done selecting, click the “Save and Continue” button. Now the system will attempt to pull the data we need and your bookkeeper will let you know if there we need any further information.
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Add access to Valley National BankUser Management allows access to add users, edit user rights, assign limits and delete users. Each user has their own set of rights, which may include: Rights to create payments and templates for certain transaction types Approval limits Rights to access accounts Rights to different features available in online banking Set up a new User at Settings>Manage Users>Add User. Enter the required information and click Save. When adding Greenspace as a user, make sure to fill out the fields with the following details: First Name: Greenspace Last Name: Bookkeeper Email Address: bookkeeper@greenspaceteam.com Phone: 813-402-0607 Logon ID: this ID will be provided by your bookkeeper Password: pa$$WORD123 (this will be changed to a secure password once we login the first time) User Role: Make sure to assign the user role that provides us with the access you’d like us to have to your bank account – we’ll need to view checks, deposit images and bank statements! If your setup requires a SSN or Address, you can use the following info: SSN (EIN): 462-89-3567 Address: 800 Third Avenue, FRNT A, #1099 New York, NY 10022
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Add access to Hancock WhitneyPlease follow the instructions provided by Hancock Whitney below. You may also click here to view them directly on their website. Q:Can I give my bookkeeper, CPA, etc., access to my Online Banking? A:You may set up our subuser feature by selecting “Subuser Administration” located under “Accounts & Services” on the main menu. This allows you to give others their own username and password to log in to Business Online Banking. You will also be able to control their access to accounts and what actions they can perform through the “Subuser Administration” page. Q:How do I control what accounts subusers can see and actions they can perform? A:During the subuser setup process, the administrator will select entitlements to determine which accounts the subuser can see and what functions they can perform. To edit these entitlements, select “Subuser Administration” located under “Accounts & Services” on the main menu. On the “Subuser Administration” page, select “Entitlements” next to the subuser’s name. You can also set the subuser’s profile to “Active” or “Locked” from this page. When adding Greenspace as a user, make sure to fill out the fields with the following details: First Name: Greenspace Last Name: Bookkeeper Email Address: bookkeeper@greenspaceteam.com Phone: 813-402-0607 Logon ID: this ID will be provided by your bookkeeper Password: pa$$WORD123 (this will be changed to a secure password once we login the first time) User Role: Make sure to assign the user role that provides us with the access you’d like us to have to your bank account – we’ll need to view checks, deposit images and bank statements! If your setup requires a SSN or Address, you can use the following info: SSN (EIN): 462-89-3567 Address: 800 Third Avenue, FRNT A, #1099 New York, NY 10022
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Add access to "banking-services"To add Greenspace to your bank account managed by “ibanking-services” or “ebanking-services”, follow the instructions below: 1.) Login to your bank account, then navigate to the “Administration” section and choose “Manage Users” 2.) Click “Create new user” 3.) Fill out the requested fields with the following information: User ID: greenspace Password: password123 (this will be updated to a more secure password upon first login) First name: Greenspace Last name: Bookkeeper Primary e-mail address: bookkeeper@greenspaceteam.com User Telephone Number: 8134020607 4.) Click “Continue” and choose any appropriate roles. Typically you can leave this section blank: 5.) Click “Continue” and choose any appropriate accounts. Typically, you will want to choose the following (make sure to select all applicable accounts in dropdowns): Accounts Deposit Reports Information Reporting Loan Statements and Documents 6.) Click “Continue”. You should see that “No services were added to this user that require limit settings” and then click “Continue.” 7.) Verify the user’s profile as needed and then click “Submit”
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Add access to ChaseLogin, click “Account Management” and then choose “Add New User”. Use the following information: First Name: Greenspace Last Name: Bookkeeper Email: bookkeeper@greenspaceteam.com Phone: 8134020607 Username: *Provided by your bookkeeper Then, make sure to set our access level to your business accounts only, choose "See activity only” and be sure to check “See check images” and “See statements”.
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Add access to American ExpressTo add Limited view-only Access for your bookkeeper, login to your American Express account and navigate to Account Services > Manage Other Users > Add Someone to Your Account Enter the following details: Full Name: Greenspace Bookkeeper Email: bookkeeper@greenspaceteam.com Click Continue and then choose “Limited Access” Click Continue and follow the prompts to complete the setup . This will send us an invite to view your account and your bookkeeper will follow up with any further instructions.
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How to add us into ADPIn order to detail out your ADP payroll transactions, please follow the steps below to allow us access to view your ADP payroll reports: Sign in to the RUN application and go to the Data Access Authorization page on the Company tab. Enter our 8-digit Firm ID: 21292639 and verify our name and address information as listed below: Firm Name: Greenspace Street Address: 800 3rd Ave, FRNT A. #1099 City: New York State: New York Zip Code: 10022 Then select the applicable check boxes for authorization to your payroll reporting information.
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How to add us into your Gusto Payroll accountSign in to Gusto as the Primary administrator. Click the Settings tab. Click the Admins tab. Click Add new admin. Select the employment status, enter the name “Greenspace Bookkeeper”, and indicate whether you’d like to give them full access or select permissions individually. Make sure you enter the email “bookkeeper@greenspaceteam.com” Click Add Admin.
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How do I form an LLC?Forming an LLC is a pretty simple process and relatively cheap when compared to some other options when forming a company (C Corps, S Corps, etc). Everyone’s situation is different and so it’s a good idea to learn a little bit about each type of legal structure and make the right decision for your financial and tax situation. You need to file your paperwork to form an LLC with your state. Remember you need a permanent address and someone available during business hours (in case you get sued). Because of this requirement, usually small businesses use a service like CorpNet, which charges around $200 to file your LLC paperwork and will list themselves as the registered agent for a year. Next you’ll need an EIN (employer identification number) from the IRS. This part is very easy! Just follow the simple steps on the EIN Assistant site provided by the IRS. It only takes a few minutes! You may want to set up a DBA or Assumed Name to run your business under. For example, if you named your new LLC “Jane Smith LLC”, but you want to call yourself “Super Cool Widgets Company” you’ll need to file a form to do that! You’ll want to find the Secretary of State website for your state and there will usually be a link to register a new name for your company. There is often a small fee and simple instructions on what the requirements are for your state.
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How can I protect my business idea?Let’s say your business idea is based on a great, unique idea or invention, you’ll want to make sure your idea is protected. There are a lot of different ways to protect your ideas such as: copyright, trademarks, NDA’s, and patents. You will want to consult with a lawyer specialized in these types of protection before making a decision, but below are some basic resources to get you started! Patents and Trademarks – USPTO.gov There are a lot of helpful resources on this site that will walk you through what each item is and how to get started. Non-disclosure agreements – NOLO.com Having employees or contractors sign a non-disclosure agreement is a good precaution to take when dealing with a unique, protected idea. Copyrights – Copyright.gov Copyrighting your work may be applicable in certain scenarios. The link provides helpful information about what a copyright is and what it protects.
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What records are required by the IRS?The IRS requires business owners to keep records of business activities, and you get to choose how to keep your records as long as it fits certain criteria. The system must clearly show your income and expenses and you must have a summary of business transactions (usually found in accounting ledgers). Also, you must keep supporting documentation of your transactions. There are a few main categories of records you need to focus on: Gross receipts (money you bring in) Purchases (stuff you buy to re-sell to customers) Expenses (the overhead and cost to run your business) Assets (large purchases such as property used for business) Liabilities (money you owe) Records of these types of transactions vary depending on your business activities and type. For example, invoices are a common documentation of gross receipts, but it may differ if you just do cash sales. Remember, the main concern when keeping IRS approved records is to keep information organized and complete.
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What receipts do I need to keep?As a small business owner you might often hear that you need to make sure to keep all your receipts in case the IRS audits you in the future, but you actually only need to keep some receipts. According to the IRS Publication 463, if the expense is over $75 you will need to keep documentary evidence of the transaction. This means you will need something more substantial than a bank or credit card statement. A receipt (documentary evidence) should clearly state the date, vendor, amount, and purchase detail. You’re probably wondering if your picture or scanned in photo of your receipt will be accepted by the IRS and it will! The IRS has been accepting scanned copies of documents since 1997 (according to the Revenue Proclamation Rule 97-22). The rule is your scan has to be an exact copy of the original and contain all important information. Just be sure to have these saved in an organized manner so that’s it will be easy to find in case of an audit.
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Can I deduct clothing I purchased for business?The short answer is, probably not. The IRS is VERY specific about what a deductible clothing expense is and they will look at your industry and deduction claim to evaluate whether or not your expense is actually deductible. The rule boils down to two requirements: You are REQUIRED to wear the clothes as a condition of your employment AND the clothes are NOT suitable for everyday wear For example, you buy a nice dress shirt to wear to work. That would NOT be deductible. However, if the dress shirt is required and perhaps has a logo or special attributes that make it not suitable to wear anytime, then it may be deductible. If you are not sure if your clothing is deductible, it probably isn’t, but it’s always a good idea to run the deduction past your tax accountant.
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What do I need to take the deduction for charitable contributions?In order for the charitable contribution to be deductible, it must be to a qualified organization. If you’re not sure if the organization is qualified, you can use the EO Select Check tool from the IRS. The Exempt Organizations Select Check is an online search tool that allows users to search for and select an exempt organization and check certain information about its federal tax status and filings. To take the deduction, you must have a written letter from the qualified organization with their name, the amount of the contribution, and the date. If you donate something other than cash, different rules may apply. For more information, refer to Publication 526, Charitable Contributions
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How do I figure out my estimated taxes?If you are an employee, your employer takes care of withholding taxes from your paychecks and send that money to the IRS for you, but if you are self employed you may need to pay estimated taxes each quarter. It depends on your situation, but here are some questions you will need to ask yourself: Do you expect to owe less than $1,000 in taxes for the tax year after subtracting your federal income tax withholding from the total amount of tax you expect to owe this year? If so, you’re safe—you don’t need to make estimated tax payments. Do you expect your federal income tax withholding (plus any estimated taxes paid on time) to amount to at least 90 percent of the tax that you will owe for this tax year? If so, then you’re in the clear, and you don’t need to make estimated tax payments. Do you expect that your income tax withholding will be at least 100 percent of the tax on your previous year’s return? Or, if your adjusted gross income (Form 1040, line 37) on your tax return was over $150,000 ($75,000 if you’re married and file separately), do you expect that your income tax withholding will be at least 110 percent of the tax you owed in tax for the previous year? If so, then you’re not required to make estimated tax payments. If you answered “no” to all of those questions then you must make estimated tax payments! So how do you figure out what to pay? You will need to come up with an estimate of your income and deductions that you will report on your tax return. You can use a tax preparation software, bookkeeping software, or Form 1040-ES to help you calculate what you will owe. The actual rule is “If your previous year adjusted gross income was more than $150,000 ($75,000 if you are married filing a separate return), you must pay the smaller of 90% of your expected tax for 2016 or 110% of the tax shown on your 2015 return to avoid an estimated tax penalty.” Once you know the total amount you need to pay (using the rule above), take the amount of taxes and simply divide it by four and pay each quarter by the due date. Additional Resources Want to read what the IRS has to say about it? https://www.irs.gov/publications/p17/ch04.html#en_US_2016_publink100032382 Or, try out one of these handy calculator to get an estimate of what you might owe: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/ https://apps.irs.gov/app/withholdingcalculator/
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How do I account for federal tax payments?If you pay estimated taxes or you pay your taxes all at once, you’ll want to make sure you are accounting for this correctly. Basically the IRS says you cannot deduct federal income taxes as a business, so these transactions you want to make sure you are not entering as an expense. See IRS Publication 535 Chapter 5 for more detail on deductible taxes: “You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes.” Depending on how your business it taxed, usually small business owners either get a K-1 or fill out a Schedule C for their business. This means that the business owner personally pays federal taxes. Therefore you can’t take federal tax payments as a deduction in the business itself. When these taxes are paid (usually from the business bank account) these transactions should be treated as an equity transaction. Keep in mind that a C Corporation (which is treated as an entity in itself) will deal with these transactions differently! It’s always a good idea to ask your tax accountant about your specific situation.
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