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What should I know about accounting and bookkeeping? The importance of keeping adequate records cannot be stressed too much. Without financial records, you cannot determine how well your business is doing or where it is going. At a minimum, records are needed to substantiate: Your tax returns under federal and state laws, including income tax and Social Security laws; Your request for credit from vendors or a loan from a bank; and Your claims about the business, should you wish to sell it. What other items do you feel are important for your businesses bookkeeping needs?
Should my line of credit be positive or negative on my balance sheet? I have a line of credit that needs to be manually added to a balance sheet. It is paid off. Should this show up as a negative or positive value on the sheet? How can I show how much is lent to me without having it show up as if it is owed? Should loans to affiliated companies show up as positive or negative?I have several loans lent to several businesses. Should this amount show up as positive or negative on a balance sheet?