Jump to content
Sign in to follow this  
Dr. Beeper

Small Investment Accounting

Recommended Posts

Any suggestions for an accounting package for a small investment LLC?  Entity is for non-operated oil and gas assets. There won’t be much ins and outs and as a non-operator, I don’t see the need for any specialty package like WolfePak. Debating just doing this in Excel. 

Share this post


Link to post
Share on other sites

How many transactions per year? Anything under 100-200 and excel is good enough

Share this post


Link to post
Share on other sites

Define transactions. Most months, there’ll be revenue checks and one expense check. Some months there may be some capital projects, like 1. Some months, there will be more acquisitions and capital contributions. 

Share this post


Link to post
Share on other sites

I’ll ask the question a bit differently. A transaction would be any entry: an expense, revenue, capital contribution, etc.

The real question is whether you are able to create your own P&L, cash flow and balance sheet at the end of the year, OR do you just hand it over to someone to prepare that, such as your accountant? Because if there are a lot of transactions the accountant or bookkeeper would rather operate in quickbooks, etc. but if there are only 100-200 transactions, if you just gave your accountant those numbers I’m a spreadsheet they can easily prepare the taxes and financial statements for you.

Share this post


Link to post
Share on other sites
49 minutes ago, Dbeasy said:

I’ll ask the question a bit differently. A transaction would be any entry: an expense, revenue, capital contribution, etc.

The real question is whether you are able to create your own P&L, cash flow and balance sheet at the end of the year, OR do you just hand it over to someone to prepare that, such as your accountant? Because if there are a lot of transactions the accountant or bookkeeper would rather operate in quickbooks, etc. but if there are only 100-200 transactions, if you just gave your accountant those numbers I’m a spreadsheet they can easily prepare the taxes and financial statements for you.

Probably 50 transactions as it stands now in a calendar year. Could be 30. Won’t be more than 100. 

Share this post


Link to post
Share on other sites

Ya agree. I have two businesses with about 100 or so transactions that I manage in quickbooks but it’s really more hassle than it’s worth and it’s throwing away money on the yearly fees. I did it just to get familiar with online quickbooks for future business holdings.

Just setup categories in a spread sheet, list all the transactions, summarize by category at year end and let accountant prepare tax forms.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

mpu


Football ... Basketball ... Baseball ... Other Sports ... Recruiting ... Gambling ... Movies & TV ... Music ... Hobbies ... Lulz ... Food & Travel ... Daily Texan ... Help ... For Sale ... Politics ... Board Discussion
×
×
  • Create New...