Thank you so very much!
I have my start date as July of 21 when I signed the contract.
All expenses prior to the start date for example office supplies, subscriptions like Adobe, printer ink, and the such are accumulated and capitalized as an intangible asset ( I think of things that would be operational expenses if paid after the start date)
The expenditures for desk, chair, computer, travel for formation, meeting the potential client/investors are Recorded as Start-Up Costs and amortized starting in 2021.
Operational expenses after the start date are recorded as reg business expenses and will be listed in my P&L and Balance Sheet to be used with TT Business for form1065.
Currently, in my QB desktop Chart of accounts, the fixed assets are listed as such and, I had originally had all the expenditures in their appropriate expense accounts.
So should these my next steps to prep for 1065:
- record all transactions prior to start date elsewhere, and not in my QB, to document Start-Up Costs, formally listed fixed assets, and Intangible Asset separately and record them in TT Business when asked
- Record reg business expenses and income normally, and move those costs to an equity account if paid out of pocket.
- Record any UPE somewhere else as well and only record them in TT Business when asked about the nonreimbursable expenses.
