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Daycare Center and Family Home Forum>Bank Account Just For Daycare?
Provider_Manda 07:14 PM 02-18-2013
I was wondering if any of you have a seperate checking account just for the daycare? We went to a CPA today to have our taxes done and he talked with us about a seperate checking account. We have talked about it but are alittle confused as to do it or not. We use one checking account for everything, and Im not sure how to juggle to accounts and just keep the daycare account soley for it if we pay bills with both mine and my husbands checks.
Any advice would be greatly appreicated !!
Any advice would be greatly appreicated !!
itlw8 07:40 PM 02-18-2013
You deposit the childcare money into that account and but the day care stuff with it and then pay yourself and move that money to the personal account or you can pay the utilities and such from the childcare account so then you need to deposit personal money into the childcare account.
mom2many 07:53 PM 02-18-2013
I've been doing this for years and never had a separate business account.
I also sold Mary Kay for almost the same amount of time and was told I might want to consider opening up a separate checking account for this business too, but chose not to. It has never been an issue in either case.
I also sold Mary Kay for almost the same amount of time and was told I might want to consider opening up a separate checking account for this business too, but chose not to. It has never been an issue in either case.
Little Star75 11:51 PM 02-18-2013
It shouldn't be an issue but its good to have a separate account just for your business. I started my daycare in June 2012 and opened my separate business account in August. I only deposit the incoming income from childcare and use the debit for daycare related purposes. Personally... I rather have everything separate but that just me.
Starburst 12:49 AM 02-19-2013
This is what my fiance and I plan on doing when I start my daycare. I'll initially put all my daycare income into my business account and then I will probably have another seperate account (or a savings account) just for taxes and then any left over money I have I will either be put into our joint account or I will keep some of the money in my business abount and use it to buy stuff I need for the daycare; that way I can keep tabs on my daycare spending- the bank I have now I can check my balance online- and I can add notes like what I bought or what money the diposit was from. But I am thinking about going back to a credit union- better interest rates.
HomeMADE 04:16 AM 02-19-2013
I was just talking to my mom about this very thing. She said that I should open a seperate account for the DC. I agree however we have some bills that we are attempting to pay off and we are applying everything I make to those, with a plan to be debt free in 6months. Then I was thinking of opening a DC account.
I also could not find a checking account locally that would allow me to open a free checking account without direct deposit or $1500. So I am going to continue to research.
I also could not find a checking account locally that would allow me to open a free checking account without direct deposit or $1500. So I am going to continue to research.
daycarediva 04:21 AM 02-19-2013
I have a separate business checking and savings. I deposit all of my money for the week, withdraw a SET amount, transfer 20% to savings for tax related purposes (If I don't have to pay in, I reinvest this into daycare use usually). I use my business debit card for daycare ONLY expenses.
I HAVE to keep things separate or I would deposit all of my money, get confused about what 20% is for daycare tax and what is our regular savings, etc. WAY too much money to be messing around with.
My dh owns his own business and does the same thing.
I HAVE to keep things separate or I would deposit all of my money, get confused about what 20% is for daycare tax and what is our regular savings, etc. WAY too much money to be messing around with.
My dh owns his own business and does the same thing.