Bank account?
Who do you use for your business checking? Do they charge a minimum and a fee? Right now I just dump all the daycare income into my husband and my joint account, I don't actually mind it. I keep track of the income through minute menu so it kinda hasn't been an issue so far. I only have three kids so it's not too hard to keep track of.
What do you do for this? |
I also just use mine and hubby's personal checking since I only have my small, legally unlicensed home care. However, I do keep my books very strict, monitoring the income and expenses, etc. I don't see a need yet for a separate account. Maybe if I branch out in the future!
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A local branch. They are all over in MI, but only MI. Business is connected to personal online so I can easily transfer between accounts.
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I just opened a personal checking account that was only used for the Daycare.
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I use a Navy Federal Business account. They charge a fee for edeposits. My only issue is that there's always long lines and broken ATM's when I need to make a deposit so I travel to another city to do it.
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I dont use a separate acct for daycare. Never has been an issue.
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I have a small business account at my local credit union. There's no fees, and its just easier for me to keep it separate.
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I use a local bank. They advised a regular personal checking account. I use it for daycare and craft business both. Never had an issue other than setting off their suspicious activity alerts a few times. Apparently ordering from early childhood suppliers and knife making supply companies at the same time confuses the computers. :lol:
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I just use me and my husbands checking acct. It is easier that way since that is the acct I pay bills out of. I have a separate book that I keep my daycare records in like expenses, payments, etc. Never had any issues.
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I got a business account with a local credit Union this past year. It has been really nice keeping it separate. My accountant tells me it will help my taxes this year too, we will see
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Originally Posted by DaveArmour: I have a personal checking account that I use solely for DC. |
I have a business savings account. No charge. Local CU.
I have it so I can prove my income for loans. |
I use a personal savings account. My bank wanted much higher minimum balances and fees for the business account so I just have parents make checks out to me personally.
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Originally Posted by Unregistered: |
I have a Business Checking through Bank of America. There is a fee of 12.95 per month if you do not have any direct deposits.
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All our accounts are joint, no matter what they are for.
Check out Tom Copelands blog. He does not recommend a "Biz account" , he said to just use a "personal account" and call it a biz account. (nothing wrong with it, he just does not find a reason to do it unless you have checks written out to a biz name) Anyways, I checked into my credit unions and neither charge a fee for a basic account. One CU will only do a savings account with no ATM / Debit card. The other one does only checking but puts limits one number of deposits per month. (which I would not be able to go over unless, I deposited daily for every family) You could use a spreadsheet to keep track of income and expenses. However, I use Quicken to do all that for me. At the end of the year, I just pull up anything that I tagged as Daycare and print the report. |
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