Business question

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Paul Downes

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Joined
May 19, 2004
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216
Location
Westphalia, Mi, USA.
I am getting some final business details together and am in the process of ordering some checks for my business. Is there a particular reason why I would want to order business checks? I usually use duplicate checks to help with record keeping. I will be using quickbooks to do my paperwork/business tracking. What do you folks who have a pen business think?
 
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I do not have a pen business and I use Paypal to buy and receive all of my payments for TurnTex. I do, however, own a construction company and use Quickbook Premier for it. If you plan to write a number of checks and mail them, then it is real handy to use computer checks that you can print out. That way you only enter something into QB once and it prints the check. Of course we print MANY checks per month so it is worth it to us but maybe not for a small pen business.
 
Paul Downes said:
I am getting some final business details together and am in the process of ordering some checks for my business. Is there a particular reason why I would want to order business checks? I usually use duplicate checks to help with record keeping. I will be using quickbooks to do my paperwork/business tracking. What do you folks who have a pen business think?
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Paul,

I thought I could handle the few checks that come to my pen business, just in my personal account. NOPE. The bank will not accept checks made out to your business unless you have an account in that business name.
 
I just set up a business account and need to write a few checks for supplies. I guess I forgot about quickbooks ability to print checks. I take it that you buy check printing stock for the printer? I just retired from my career and am starting another one. I have a lot to learn.
 
Cheer up!!! I've been in business 35 years. Every time I think I have learned the rules, they CHANGE them.

It's a conspiracy!!!

Attempt to make me look dumb.

It worked.
 
There's nothing different about business checks than personal ones....business checks are typically bigger (1/3 sheet) with more room to document what the check is for. They're more expensive. You can just use regular ones (for a separate business account, of course). I bought the big ones for my business, I guess b/c I wanted to feel business-like! I don't write many checks at all though, so it didn't really make a difference either way for me.
 
Although there are some headaches in getting a business going, it's something I've nearly done many times. I finally have jumped in the pond and my worse frustration is the fact that I'm retired and don't seem to have enough time to go fishing as much as I want. :) I did go turkey hunting today and helped one of my sons score an a nice bird. We have 3 more tags to fill so I will be playing hooky from the business and other work for a bit. I guess I'm feeling a little guilty for neglecting the pen business. I did have 3 different people drop off figured log butts in the last week. A friend stopped by today and pulled a stained maple butt out of the back of his truck. He is a veneer buyer and when they butted off the log to make it a veneer he saw that it had what he called "porcupine" stain. ?? Never heard of it. It has a lot of reddish hues and he said it was caused by porcupines when they gnaw the bark off the base of the tree.
 
For a simple start-up (low volume), just open a bank account in the business name and order standard duplicate checks with the business name on them. If the business is a DBA, the bank will want to see proof that you have filed a DBA certificate or Assumed Name certificate with your county clerk. All of those things are very easily accomplished.

Unless you have a lot of tax knowledge, get a CPA to help you out in the beginning. It will save you a lot of trouble down the road.
 
There is the option of requesting cheques to be written to your name rather than the business name. You can then use a personal account instead of a business account.
Help saves some bank fees which is important when you don't have a lot of sales yet.
The down side is you need to keep good records to be able to track which cheques are personal and which are business.
 
bradh said:
There is the option of requesting cheques to be written to your name rather than the business name. You can then use a personal account instead of a business account.
Help saves some bank fees which is important when you don't have a lot of sales yet.
The down side is you need to keep good records to be able to track which cheques are personal and which are business.
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I would not suggest doing this....get a separate account. It won't cost you anything to get a business account if your depositing less than 250 checks a month....even then if you are you can afford to pay the fees!! The IRS comes down pretty hard on comingling funds, so a separate account is a must if you're operating a business. I would suggest filing a DBA as well so things don't get fuzzy with your taxes.
 
The problem with keeping your business and personal accounts separated is that the amount of money you aren't making from selling pens will be obvious to your wife.
 
I have the DBA's already set up. I also have business banking set up and there are no fees at my credit union. I just didn't know why I might want specific business checks versus "personal" checks. I will be writing checks for business expenses from the business account to keep things separate.

My wife has been very encouraging for me to get the business rolling. She has even threatened to learn woodworking and spend time in the wood shop. If she starts making a ball bat or 3 ft. rolling pin I guess I will have to watch my back. I did know one guy who "joined the lodge" His wife hit him on the head with a lodge frying pan because he went bowling with his buddies instead of staying home with her and "doing nothing" Only 3 weeks into a very short marriage!!
 
I use Peachtree Acounting software and run 3 sets of books. I print my own checks depending on which account I have to use. I use VersaCheck to print the checks. I get it at Sam's Club, 500 blank checks plus the software for about $30. This way I do not have to buy 250 for each account. I just print the number I need with my laser printer. Also, if I want to change something on the checks, I can do it without ordering 250 from the bank.
 
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