Real Planet - Recordkeeping


		Sometimes a person needs help dealing with the details. This is why Sara hired her very smart friend Kari Blitz to help out in keeping track of things.
		Regardless of whether you are a Sole Proprietor like Sara or a Partnership like Ricky Rightnow and Squig Man, you gotta keep the numbers straight -- how much money you're bringing in, how much you're doling out, and how much you're owed. Best way to do this is to use a decent Bookkeeping System, there are choices, so get ready to make some executive decisions.


	Keep business records and transactions separate from personal ones. Separate your business and personal checking accounts. Keep records on a regular basis (daily or weekly). Keep all paperwork (e.g., invoices, bills, receipts). File paperwork by year and type of income or expense. Record date of transaction, dollar amount, and description. Keep business records three years from date taxes filed. For property you own and depreciate, you must keep the records as long as you own the property.