This is a YouTube video titled "Starting a Business? Watch This 👀 #shorts" containing a monologue or instructional talk from September 2, 2023, explaining how to capture business expenses in QuickBooks and the challenges of tracking expenses before setting up a bank account. The speaker provides practical advice for new business owners on managing their finances and tax reporting.
What I'm going to go over are, step by step, how to capture those expenses in QuickBooks. Typically, before you can set up a bank account, you have to have your operating agreement, you have to have your articles of incorporation, and whatever else that your bank is requesting of you. So that kind of creates a problem where you can't really track those expenses. So a lot of times, people are often writing personal checks, and, you know, they're just going about their business, and maybe they never give that information to their accountant. So at the end of the year, you're sitting there with, you know, $2,000 or whatever that number is in expenses that you can't claim on your taxes because you never reported that information, or maybe you just didn't know how, especially if you're doing this yourself.
