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  #1  
Old 09-24-2015, 07:50 PM
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Default 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?
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Old 09-24-2015, 08:20 PM
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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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Old 09-24-2015, 08:55 PM
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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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Old 09-24-2015, 09:29 PM
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I just opened a personal checking account that was only used for the Daycare.
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Old 09-25-2015, 05:00 AM
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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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Old 09-25-2015, 05:18 AM
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I dont use a separate acct for daycare. Never has been an issue.
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Old 09-25-2015, 06:07 AM
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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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Old 09-25-2015, 06:44 AM
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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.
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Old 09-25-2015, 06:44 AM
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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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Old 09-25-2015, 08:06 AM
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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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Old 09-25-2015, 08:11 AM
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Quote:
Originally Posted by DaveArmour View Post
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.


I have a personal checking account that I use solely for DC.
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  #12  
Old 09-25-2015, 09:38 AM
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I have a business savings account. No charge. Local CU.
I have it so I can prove my income for loans.
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Old 09-25-2015, 10:17 AM
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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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Old 09-25-2015, 11:40 AM
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Quote:
Originally Posted by Unregistered View Post
I have a business savings account. No charge. Local CU.
I have it so I can prove my income for loans.
All of my deposits go through my business account for this reason. It's so much easier to prove income for car loans and home loans. Hubby can always get the loan in his name, but there are times I want to be a part of a loan.
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Old 09-25-2015, 11:46 AM
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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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Old 09-25-2015, 08:51 PM
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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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