Accounting question

[watchout]

I have been told a key factor in being an entrepreneur is having a proper understanding of accounting. The problem is that my accounting background is really weak and I don't want to take a class in accounting because I hate school.

Now I read this article about about how people are learning languages through language software or online. Now I am think I would like to give that a shot since I feel more comfortable learning from my computer.

I am not interested in becoming a CPA, I just want a good foundation on accounting and bookkeeping.

Does anyone have any recommendations on any type of software or website to learn accounting?

[StephenG]

Hi Watch, I can relate to what you are saying. When i first started off I had a fear of accounting as well. In just a short time accounting became one of my favorite tools in the company. Depending on how complicated you business is there are many over the counter accounting programs that are very easy to use with very little instruction. The art to proper accounting comes in when you set up your accounts. You can set up accounts with as little or as much detail as you want. The numbers will talk to you and help guide your decisions. This is where the small entrapanuer can gain a big advantage over the larger corporations. I detail the hell out of my accounts, I enjoy the numbers and it makes decisions much easier. Steve

[SCJeff]

I would still really suggest taking just one course at a community college just to get a basis of accounting. I hate school too, but I see it as a necessary evil, some of the classes I'm taking have such valuable information that I would have never learned outside of school. And in the long run I think it will help you so much as you go out into the business world to have a strong foundation on which to stand.

[HENARRY JAYA]

Your due date is March 31 therefore you added up the GST for the first three months of the year (first quarter) The GST you collected in your business I assume is the $1507.20 and the GST you paid out is $904.72 therefore you owe $602.48. (Line 115 is -602.48) and you have to pay it by the end of April. (If I'm not understanding you properly and your figures are reversed you get a refund of the $602.48)

[rogercbryan]

I have been told a key factor in being an entrepreneur is having a proper understanding of accounting. The problem is that my accounting background is really weak and I don't want to take a class in accounting because I hate school.

Now I read this article about about how people are learning languages through language software or online. Now I am think I would like to give that a shot since I feel more comfortable learning from my computer.

I am not interested in becoming a CPA, I just want a good foundation on accounting and bookkeeping.

Does anyone have any recommendations on any type of software or website to learn accounting?

Accounting is easily the most important and most overlooked skill in running your own business. It can be complicated at times but for the most part a few basic skills can go a long way. I would recommend buying a version of QuickBooks along with an Accounting for Dummies and a QuickBooks for Dummies Book. Read them both and then sat-up your company in QB. When you are first starting our you'll just be making basic debits and credits. After about 90 days I would hire a CPA to look at your books (costs about $250). Then if you like to them have them set-up to do annual reviews of everything.

If you have any common sense you'll be able to self teach yourself the basics. If you have the time I would say that taking a class at a community college is an excellent idea as well.