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Bookkeeping for sole proprietor

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Pablito
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Bookkeeping for sole proprietor

Postby Pablito » Tue, 11 Aug 2009 9:59 pm

Sole proprietor is the simplest sort of business I think. I suppose the bookkeeping should be simple as well.
It would be good to know before I apply for the company.
Any advice or web resources?
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sundaymorningstaple
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Postby sundaymorningstaple » Tue, 11 Aug 2009 10:29 pm

Lots of freebies out there that will do a basic form a bookkeeping. For a more expandable approach though, if operating here in Singapore I'd recommend MYOB. Been using it for the past 5 years (both Accounting 14 for my company and Enterprise 12 for my employers office). There is also peachtree which is good and if you are into opensource there is Gnucash which jpatokal uses for his company.

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Pablito
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Postby Pablito » Wed, 12 Aug 2009 2:45 pm

Thank you.
So, there is a software where I can put all money flow and it will spit it out in proper form.
But I am interested in theory a bit. I buy software, MS Office for example, is it me who buy or my company transaction?
Of course each transaction with a client should be in database, but what about my purchases related to business?
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Postby sundaymorningstaple » Wed, 12 Aug 2009 3:08 pm

Ideally you should maintain a separate account for your business this way it is easier to keep track of what is company expense and what is personal expense even though at the end of it all it all goes on your personal tax return (this is a big drawback of Sole Proprietors, along with the fact that if your business gets sued, so do you personally - you are protected in a Pte Ltd Company as it has a life of it's own).

Software? Is it you using it on your personal computer or your company using it on your business computer? :wink: It can get sticky if it's something often found on home PC's, business or no business. Course of the software is business/profession oriented then it's a no-brainer, Accounting & Payroll, drafting/designing, database programming all business oriented.

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Pablito
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Postby Pablito » Wed, 12 Aug 2009 5:19 pm

I found what I looked for.
Very brief and useful link on IRAS web site:
http://www.iras.gov.sg/irasHome/page.aspx?id=1656
Starter Guide for the Self-Employed
IT trainings, consulting, developing:

http://www.officeweapon.com

Take IT easy!


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