{ "schemaVersion": "1.0", "item": { "slug": "bookkeeping-basics", "name": "Bookkeeping Basics", "source": "tencent", "type": "skill", "category": "数据分析", "sourceUrl": "https://clawhub.ai/JK-0001/bookkeeping-basics", "canonicalUrl": "https://clawhub.ai/JK-0001/bookkeeping-basics", "targetPlatform": "OpenClaw" }, "install": { "downloadMode": "redirect", "downloadUrl": "/downloads/bookkeeping-basics", "sourceDownloadUrl": "https://wry-manatee-359.convex.site/api/v1/download?slug=bookkeeping-basics", "sourcePlatform": "tencent", "targetPlatform": "OpenClaw", "installMethod": "Manual import", "extraction": "Extract archive", "prerequisites": [ "OpenClaw" ], "packageFormat": "ZIP package", "includedAssets": [ "SKILL.md" ], "primaryDoc": "SKILL.md", "quickSetup": [ "Download the package from Yavira.", "Extract the archive and review SKILL.md first.", "Import or place the package into your OpenClaw setup." ], "agentAssist": { "summary": "Hand the extracted package to your coding agent with a concrete install brief instead of figuring it out manually.", "steps": [ "Download the package from Yavira.", "Extract it into a folder your agent can access.", "Paste one of the prompts below and point your agent at the extracted folder." ], "prompts": [ { "label": "New install", "body": "I downloaded a skill package from Yavira. 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Read SKILL.md from the extracted folder and install it by following the included instructions. Tell me what you changed and call out any manual steps you could not complete." }, { "label": "Upgrade existing", "body": "I downloaded an updated skill package from Yavira. Read SKILL.md from the extracted folder, compare it with my current installation, and upgrade it while preserving any custom configuration unless the package docs explicitly say otherwise. Summarize what changed and any follow-up checks I should run." } ] }, "documentation": { "source": "clawhub", "primaryDoc": "SKILL.md", "sections": [ { "title": "Overview", "body": "Bookkeeping tracks where money comes from and where it goes. Most solopreneurs hate bookkeeping, so they avoid it — then face chaos at tax time or when applying for loans. This playbook gives you a simple system: minimal time, maximum clarity. Disclaimer: This is educational content, not professional accounting advice. Consult a CPA for complex situations." }, { "title": "Step 1: Choose Your Accounting Software", "body": "Don't use spreadsheets. Use accounting software. It automates most of the work and keeps you compliant.\n\nSoftware comparison:\n\nSoftwareBest ForPricingLearning CurveFeaturesWaveFreelancers, very small businessesFree (pay for payments/payroll)EasyBasic invoicing, expense tracking, reportsQuickBooks OnlineMost solopreneurs, scaling businesses$15-50/monthMediumFull accounting, invoicing, tax reports, integrationsFreshBooksService businesses, invoicing-heavy$17-55/monthEasyInvoicing, time tracking, expense trackingXeroInternational businesses, contractors$13-70/monthMediumFull accounting, multi-currency, payroll\n\nSelection guide:\n\nJust starting, no revenue yet → Wave (free)\nRevenue < $50K/year → Wave or FreshBooks\nRevenue $50K-250K/year → QuickBooks Online\nInternational clients or contractors → Xero\n\nRecommendation: Start with Wave (free). Upgrade to QuickBooks when you hit $50K revenue or need more features." }, { "title": "Step 2: Set Up Your Chart of Accounts", "body": "A chart of accounts is a list of categories for organizing income and expenses. Most software comes with defaults — use them unless you have a specific reason to customize.\n\nBasic chart of accounts (solopreneur):" }, { "title": "INCOME CATEGORIES:", "body": "Sales Revenue (product/service sales)\nConsulting Revenue\nOther Income (interest, refunds, etc.)" }, { "title": "EXPENSE CATEGORIES:", "body": "Cost of Goods Sold (COGS): Direct costs to deliver your product/service (if applicable)\nOperating Expenses:\n\nAdvertising / Marketing\nSoftware / Tools / Subscriptions\nContractor Payments\nOffice Supplies\nProfessional Services (lawyer, accountant)\nTravel / Meals (business-related)\nInsurance\nBank Fees / Merchant Fees\nHome Office Deduction (if applicable)\nUtilities (if home office)\nOther Expenses\n\nRule: Don't over-categorize. 10-15 categories max. Too many creates confusion. Too few makes tax prep hard." }, { "title": "Step 3: Track Every Transaction", "body": "Every dollar in and every dollar out must be recorded. No exceptions.\n\nIncome tracking:\n\nRecord every payment received (invoice, client name, date, amount)\nUse invoicing software (Wave, QuickBooks, FreshBooks) to generate invoices and track payments automatically\nFor cash payments, create manual invoices or receipts\n\nExpense tracking:\n\nConnect your business bank account and credit card to your accounting software (auto-imports transactions)\nCategorize each expense when it imports (software learns patterns over time)\nSave receipts (digital copies, not paper — use apps like Expensify or Shoeboxed, or just your phone camera)\n\nReceipt rules (IRS):\n\nKeep receipts for expenses > $75\nKeep receipts for ALL meals, travel, and entertainment (even under $75)\nStore digitally (cloud storage, accounting software, or receipt app)\nRetain for 7 years (IRS audit window)\n\nBank/credit card reconciliation (monthly):\nReconciliation = matching your accounting software records to your actual bank statements.\n\nHow to reconcile (15-30 min/month):\n\nDownload bank statement for the month\nOpen your accounting software's reconciliation tool\nCheck off each transaction in software that matches the bank statement\nInvestigate any mismatches (missing transactions, duplicate entries)\nMark reconciliation as complete\n\nWhy this matters: Catches errors, fraud, or missed transactions. If software balance ≠ bank balance, something's wrong." }, { "title": "Step 4: Separate Business and Personal Finances", "body": "NEVER mix business and personal money. It's the #1 bookkeeping mistake.\n\nWhy separation matters:\n\nSimplifies bookkeeping (business account = business transactions only)\nProtects your LLC liability protection (mixing funds pierces the corporate veil)\nMakes taxes easier (clear business expenses vs personal)\nLooks professional to clients, lenders, investors\n\nHow to separate:\n\nOpen a business bank account (use your EIN, not SSN)\n Get a business credit card\n Pay yourself a salary or owner's draw (transfer from business to personal account on a schedule)\n Pay all business expenses from business account ONLY\n Pay all personal expenses from personal account ONLY\n\nIf you accidentally pay a personal expense from business account:\n\nRecord it as \"Owner's Draw\" or \"Personal Expense\" in your bookkeeping\nDon't try to deduct it on taxes (it's not a business expense)" }, { "title": "Step 5: Understand Basic Financial Statements", "body": "Your accounting software generates these automatically. You should review them monthly." }, { "title": "Profit & Loss (P&L) / Income Statement", "body": "Shows: Revenue - Expenses = Profit (or Loss)\n\nWhat it tells you: Are you making money? Which expense categories are highest?\n\nExample:\n\nRevenue: $10,000\nExpenses:\n Marketing: $2,000\n Software: $500\n Contractor: $3,000\n Other: $1,000\nTotal Expenses: $6,500\nNet Profit: $3,500\n\nHow to use it:\n\nCompare month-over-month (are you growing?)\nIdentify expense trends (is one category ballooning?)\nCalculate profit margin (Net Profit / Revenue = 35% in example above — healthy is 20-50%)" }, { "title": "Balance Sheet", "body": "Shows: Assets = Liabilities + Equity\n\nWhat it tells you: What you own (assets), what you owe (liabilities), and what's left over (equity/net worth).\n\nMost solopreneurs can ignore this unless applying for a loan or raising funding." }, { "title": "Cash Flow Statement", "body": "Shows: Cash in - Cash out = Net cash flow\n\nWhat it tells you: Are you running out of cash? (even profitable businesses can have cash flow problems if customers pay late)\n\nHow to use it:\n\nTrack cash balance over time\nPredict cash shortages (if expenses > revenue for next 2-3 months)\nPlan for large purchases or dry spells" }, { "title": "Step 6: Prepare for Tax Time", "body": "Good bookkeeping makes tax prep fast and cheap. Bad bookkeeping means expensive CPA hours or IRS penalties.\n\nTax prep checklist (do this all year, not just at tax time):\n\nCategorize every transaction monthly (don't wait until December)\n Save receipts for deductible expenses\n Track mileage if you drive for business (apps: MileIQ, Everlance)\n Set aside 25-30% of revenue for taxes (transfer to separate savings account)\n Generate a P&L at year-end (December 31)\n Prepare a summary of all income and expenses by category\n Hand off to your CPA or tax software (TurboTax, TaxAct)\n\nCommon deductible expenses (U.S.):\n\nHome office (if you have dedicated workspace)\nSoftware and subscriptions\nContractor payments\nMarketing and advertising\nProfessional services (lawyer, accountant)\nBusiness travel and meals (50% of meals, 100% of travel)\nEquipment and tools\nBusiness insurance\nBank and merchant fees\n\nNon-deductible (can't write off):\n\nPersonal expenses\nCommuting (home to office — but client visits are deductible)\nClothing (unless it's a uniform or specialized work gear)\nEntertaining clients (used to be 50% deductible, now 0% as of 2021 — check current rules)\n\nRule: When in doubt, ask your CPA. Don't guess on deductions." }, { "title": "Step 7: Monthly Bookkeeping Routine (30-60 min/month)", "body": "Consistency prevents end-of-year chaos. Do these tasks monthly:\n\nMonthly bookkeeping checklist:\n\nReconcile bank and credit card accounts (match software to statements)\n Categorize any uncategorized transactions\n Review P&L (revenue vs expenses, profit margin)\n Send outstanding invoices (if clients haven't paid)\n Follow up on overdue invoices (Net-30 past due? Send reminder)\n Pay bills due this month (don't miss deadlines or you'll pay late fees)\n Set aside taxes (transfer 25-30% of profit to tax savings account)\n Check cash flow (will you run out of cash in next 2-3 months? If yes, plan ahead)\n\nTime required: 30 min if your bookkeeping is current. 3 hours if you've been ignoring it.\n\nRule: Do this monthly. Don't wait until tax season." }, { "title": "Step 8: When to Hire a Bookkeeper or CPA", "body": "DIY bookkeeping works if:\n\nRevenue < $100K/year\nSimple business model (no inventory, payroll, or complex transactions)\nYou can commit 1 hour/month to bookkeeping\n\nHire a bookkeeper if:\n\nRevenue > $100K/year\nComplex transactions (inventory, multiple revenue streams, many contractors)\nYou hate bookkeeping and keep procrastinating\n\nCost: Virtual bookkeeper = $200-500/month. Worth it if it saves you 5+ hours/month.\n\nHire a CPA (tax accountant) if:\n\nRevenue > $50K/year (DIY taxes become risky)\nComplex tax situation (multiple LLCs, S-Corp election, international clients)\nYou want to maximize deductions and minimize tax liability\n\nCost: CPA = $500-2,000/year for tax prep. More if you need year-round advice.\n\nRule: DIY bookkeeping is fine. DIY taxes past $50K revenue is risky. Hire a CPA." }, { "title": "Bookkeeping Mistakes to Avoid", "body": "Not tracking expenses. Every dollar counts at tax time. Missing receipts = higher taxes.\nMixing personal and business finances. Creates a mess. Separate accounts from day one.\nNot reconciling monthly. Errors compound. Reconcile monthly or you'll regret it at year-end.\nWaiting until tax season to organize. Bookkeeping in December is painful. Do it monthly.\nNot setting aside money for taxes. Quarterly taxes sneak up on you. Save 25-30% of profit consistently.\nGuessing at expense categories. If unsure, ask a CPA. Wrong categorization = IRS audit risk." } ], "body": "Bookkeeping Basics\nOverview\n\nBookkeeping tracks where money comes from and where it goes. Most solopreneurs hate bookkeeping, so they avoid it — then face chaos at tax time or when applying for loans. This playbook gives you a simple system: minimal time, maximum clarity. Disclaimer: This is educational content, not professional accounting advice. Consult a CPA for complex situations.\n\nStep 1: Choose Your Accounting Software\n\nDon't use spreadsheets. Use accounting software. It automates most of the work and keeps you compliant.\n\nSoftware comparison:\n\nSoftware\tBest For\tPricing\tLearning Curve\tFeatures\nWave\tFreelancers, very small businesses\tFree (pay for payments/payroll)\tEasy\tBasic invoicing, expense tracking, reports\nQuickBooks Online\tMost solopreneurs, scaling businesses\t$15-50/month\tMedium\tFull accounting, invoicing, tax reports, integrations\nFreshBooks\tService businesses, invoicing-heavy\t$17-55/month\tEasy\tInvoicing, time tracking, expense tracking\nXero\tInternational businesses, contractors\t$13-70/month\tMedium\tFull accounting, multi-currency, payroll\n\nSelection guide:\n\nJust starting, no revenue yet → Wave (free)\nRevenue < $50K/year → Wave or FreshBooks\nRevenue $50K-250K/year → QuickBooks Online\nInternational clients or contractors → Xero\n\nRecommendation: Start with Wave (free). Upgrade to QuickBooks when you hit $50K revenue or need more features.\n\nStep 2: Set Up Your Chart of Accounts\n\nA chart of accounts is a list of categories for organizing income and expenses. Most software comes with defaults — use them unless you have a specific reason to customize.\n\nBasic chart of accounts (solopreneur):\n\nINCOME CATEGORIES:\nSales Revenue (product/service sales)\nConsulting Revenue\nOther Income (interest, refunds, etc.)\nEXPENSE CATEGORIES:\nCost of Goods Sold (COGS): Direct costs to deliver your product/service (if applicable)\nOperating Expenses:\nAdvertising / Marketing\nSoftware / Tools / Subscriptions\nContractor Payments\nOffice Supplies\nProfessional Services (lawyer, accountant)\nTravel / Meals (business-related)\nInsurance\nBank Fees / Merchant Fees\nHome Office Deduction (if applicable)\nUtilities (if home office)\nOther Expenses\n\nRule: Don't over-categorize. 10-15 categories max. Too many creates confusion. Too few makes tax prep hard.\n\nStep 3: Track Every Transaction\n\nEvery dollar in and every dollar out must be recorded. No exceptions.\n\nIncome tracking:\n\nRecord every payment received (invoice, client name, date, amount)\nUse invoicing software (Wave, QuickBooks, FreshBooks) to generate invoices and track payments automatically\nFor cash payments, create manual invoices or receipts\n\nExpense tracking:\n\nConnect your business bank account and credit card to your accounting software (auto-imports transactions)\nCategorize each expense when it imports (software learns patterns over time)\nSave receipts (digital copies, not paper — use apps like Expensify or Shoeboxed, or just your phone camera)\n\nReceipt rules (IRS):\n\nKeep receipts for expenses > $75\nKeep receipts for ALL meals, travel, and entertainment (even under $75)\nStore digitally (cloud storage, accounting software, or receipt app)\nRetain for 7 years (IRS audit window)\n\nBank/credit card reconciliation (monthly): Reconciliation = matching your accounting software records to your actual bank statements.\n\nHow to reconcile (15-30 min/month):\n\nDownload bank statement for the month\nOpen your accounting software's reconciliation tool\nCheck off each transaction in software that matches the bank statement\nInvestigate any mismatches (missing transactions, duplicate entries)\nMark reconciliation as complete\n\nWhy this matters: Catches errors, fraud, or missed transactions. If software balance ≠ bank balance, something's wrong.\n\nStep 4: Separate Business and Personal Finances\n\nNEVER mix business and personal money. It's the #1 bookkeeping mistake.\n\nWhy separation matters:\n\nSimplifies bookkeeping (business account = business transactions only)\nProtects your LLC liability protection (mixing funds pierces the corporate veil)\nMakes taxes easier (clear business expenses vs personal)\nLooks professional to clients, lenders, investors\n\nHow to separate:\n\n Open a business bank account (use your EIN, not SSN)\n Get a business credit card\n Pay yourself a salary or owner's draw (transfer from business to personal account on a schedule)\n Pay all business expenses from business account ONLY\n Pay all personal expenses from personal account ONLY\n\nIf you accidentally pay a personal expense from business account:\n\nRecord it as \"Owner's Draw\" or \"Personal Expense\" in your bookkeeping\nDon't try to deduct it on taxes (it's not a business expense)\nStep 5: Understand Basic Financial Statements\n\nYour accounting software generates these automatically. You should review them monthly.\n\nProfit & Loss (P&L) / Income Statement\n\nShows: Revenue - Expenses = Profit (or Loss)\n\nWhat it tells you: Are you making money? Which expense categories are highest?\n\nExample:\n\nRevenue: $10,000\nExpenses:\n Marketing: $2,000\n Software: $500\n Contractor: $3,000\n Other: $1,000\nTotal Expenses: $6,500\nNet Profit: $3,500\n\n\nHow to use it:\n\nCompare month-over-month (are you growing?)\nIdentify expense trends (is one category ballooning?)\nCalculate profit margin (Net Profit / Revenue = 35% in example above — healthy is 20-50%)\nBalance Sheet\n\nShows: Assets = Liabilities + Equity\n\nWhat it tells you: What you own (assets), what you owe (liabilities), and what's left over (equity/net worth).\n\nMost solopreneurs can ignore this unless applying for a loan or raising funding.\n\nCash Flow Statement\n\nShows: Cash in - Cash out = Net cash flow\n\nWhat it tells you: Are you running out of cash? (even profitable businesses can have cash flow problems if customers pay late)\n\nHow to use it:\n\nTrack cash balance over time\nPredict cash shortages (if expenses > revenue for next 2-3 months)\nPlan for large purchases or dry spells\nStep 6: Prepare for Tax Time\n\nGood bookkeeping makes tax prep fast and cheap. Bad bookkeeping means expensive CPA hours or IRS penalties.\n\nTax prep checklist (do this all year, not just at tax time):\n\n Categorize every transaction monthly (don't wait until December)\n Save receipts for deductible expenses\n Track mileage if you drive for business (apps: MileIQ, Everlance)\n Set aside 25-30% of revenue for taxes (transfer to separate savings account)\n Generate a P&L at year-end (December 31)\n Prepare a summary of all income and expenses by category\n Hand off to your CPA or tax software (TurboTax, TaxAct)\n\nCommon deductible expenses (U.S.):\n\nHome office (if you have dedicated workspace)\nSoftware and subscriptions\nContractor payments\nMarketing and advertising\nProfessional services (lawyer, accountant)\nBusiness travel and meals (50% of meals, 100% of travel)\nEquipment and tools\nBusiness insurance\nBank and merchant fees\n\nNon-deductible (can't write off):\n\nPersonal expenses\nCommuting (home to office — but client visits are deductible)\nClothing (unless it's a uniform or specialized work gear)\nEntertaining clients (used to be 50% deductible, now 0% as of 2021 — check current rules)\n\nRule: When in doubt, ask your CPA. Don't guess on deductions.\n\nStep 7: Monthly Bookkeeping Routine (30-60 min/month)\n\nConsistency prevents end-of-year chaos. Do these tasks monthly:\n\nMonthly bookkeeping checklist:\n\n Reconcile bank and credit card accounts (match software to statements)\n Categorize any uncategorized transactions\n Review P&L (revenue vs expenses, profit margin)\n Send outstanding invoices (if clients haven't paid)\n Follow up on overdue invoices (Net-30 past due? Send reminder)\n Pay bills due this month (don't miss deadlines or you'll pay late fees)\n Set aside taxes (transfer 25-30% of profit to tax savings account)\n Check cash flow (will you run out of cash in next 2-3 months? If yes, plan ahead)\n\nTime required: 30 min if your bookkeeping is current. 3 hours if you've been ignoring it.\n\nRule: Do this monthly. Don't wait until tax season.\n\nStep 8: When to Hire a Bookkeeper or CPA\n\nDIY bookkeeping works if:\n\nRevenue < $100K/year\nSimple business model (no inventory, payroll, or complex transactions)\nYou can commit 1 hour/month to bookkeeping\n\nHire a bookkeeper if:\n\nRevenue > $100K/year\nComplex transactions (inventory, multiple revenue streams, many contractors)\nYou hate bookkeeping and keep procrastinating\n\nCost: Virtual bookkeeper = $200-500/month. Worth it if it saves you 5+ hours/month.\n\nHire a CPA (tax accountant) if:\n\nRevenue > $50K/year (DIY taxes become risky)\nComplex tax situation (multiple LLCs, S-Corp election, international clients)\nYou want to maximize deductions and minimize tax liability\n\nCost: CPA = $500-2,000/year for tax prep. More if you need year-round advice.\n\nRule: DIY bookkeeping is fine. DIY taxes past $50K revenue is risky. Hire a CPA.\n\nBookkeeping Mistakes to Avoid\nNot tracking expenses. Every dollar counts at tax time. Missing receipts = higher taxes.\nMixing personal and business finances. Creates a mess. Separate accounts from day one.\nNot reconciling monthly. Errors compound. Reconcile monthly or you'll regret it at year-end.\nWaiting until tax season to organize. Bookkeeping in December is painful. Do it monthly.\nNot setting aside money for taxes. Quarterly taxes sneak up on you. Save 25-30% of profit consistently.\nGuessing at expense categories. If unsure, ask a CPA. Wrong categorization = IRS audit risk." }, "trust": { "sourceLabel": "tencent", "provenanceUrl": "https://clawhub.ai/JK-0001/bookkeeping-basics", "publisherUrl": "https://clawhub.ai/JK-0001/bookkeeping-basics", "owner": "JK-0001", "version": "0.1.0", "license": null, "verificationStatus": "Indexed source record" }, "links": { "detailUrl": "https://openagent3.xyz/skills/bookkeeping-basics", "downloadUrl": "https://openagent3.xyz/downloads/bookkeeping-basics", "agentUrl": "https://openagent3.xyz/skills/bookkeeping-basics/agent", "manifestUrl": "https://openagent3.xyz/skills/bookkeeping-basics/agent.json", "briefUrl": "https://openagent3.xyz/skills/bookkeeping-basics/agent.md" } }