Meeting Title: Uttam <> Angelica Date: 2024-02-06 Meeting participants: Angelica Estrada, Uttam Kumaran
WEBVTT
1 00:02:23.430 ⇒ 00:02:33.590 Angelica Estrada: Hey, Tom, good morning. Hi! Good morning. How are you? I’m good. How about you? I’m I’m doing well. thanks.
2 00:02:33.970 ⇒ 00:02:39.859 Angelica Estrada: yes, I’ll be sharing some of the regarding your books, and
3 00:02:40.240 ⇒ 00:02:44.009 Angelica Estrada: I have some questions.
4 00:02:44.130 ⇒ 00:02:45.380 Uttam Kumaran: or
5 00:02:46.400 ⇒ 00:02:51.140 Angelica Estrada: I have some transactions that needs your confirmation.
6 00:02:51.430 ⇒ 00:02:52.950 Angelica Estrada: Okay.
7 00:02:53.010 ⇒ 00:02:54.690 Angelica Estrada: so
8 00:02:54.740 ⇒ 00:02:57.349 let me share my screen.
9 00:03:03.440 ⇒ 00:03:06.900 Angelica Estrada: Can you see my screen now? Yes.
10 00:03:07.350 ⇒ 00:03:09.580 Uttam Kumaran: okay. So
11 00:03:09.590 ⇒ 00:03:11.749 I have already.
12 00:03:11.970 ⇒ 00:03:22.400 Angelica Estrada: coded most of the time a majority of the transactions. So I just have, like a few credit card payments that needs to match
13 00:03:22.660 ⇒ 00:03:27.590 Angelica Estrada: and transfers and a couple of people transfers
14 00:03:27.770 ⇒ 00:03:29.920 Angelica Estrada: happy poll transactions left
15 00:03:30.400 ⇒ 00:03:33.159 Angelica Estrada: here. But
16 00:03:33.420 ⇒ 00:03:37.019 Angelica Estrada: one thing I want to confirm is
17 00:03:37.080 ⇒ 00:03:38.670 Angelica Estrada: just remove this
18 00:03:41.490 ⇒ 00:03:45.420 Angelica Estrada: number one is, oh.
19 00:03:45.470 ⇒ 00:03:47.790 Angelica Estrada: this transactions.
20 00:03:48.150 ⇒ 00:03:53.600 Angelica Estrada: I have categorized this transactions as I’m categorized
21 00:03:53.930 ⇒ 00:04:04.599 Angelica Estrada: incoming expense. So I would like to know, like more details about this transaction. and whether this are personal or for business.
22 00:04:05.750 ⇒ 00:04:09.980 Uttam Kumaran: Yeah. So there’s the and which
23 00:04:10.990 ⇒ 00:04:13.509 Uttam Kumaran: and these are transfers between which accounts.
24 00:04:14.040 ⇒ 00:04:18.219 Angelica Estrada: this is from the checking account.
25 00:04:19.029 ⇒ 00:04:25.049 Angelica Estrada: So there was a debit. There was a deduction of the 10,000.
26 00:04:28.020 ⇒ 00:04:30.809 Angelica Estrada: Let’s check the complete details.
27 00:04:32.510 ⇒ 00:04:33.889 Angelica Estrada: Just pull that
28 00:04:39.950 ⇒ 00:04:41.840 Angelica Estrada: here.
29 00:04:49.040 ⇒ 00:04:52.169 Angelica Estrada: This, this is the 10,000
30 00:04:57.150 ⇒ 00:05:01.939 Uttam Kumaran: I assume. This is a transfer between, like, my, a personal. Yeah.
31 00:05:02.250 ⇒ 00:05:06.720 Angelica Estrada: Okay, so this is your personal account.
32 00:05:06.860 ⇒ 00:05:09.289 Angelica Estrada: Okay, I’ll take note of that.
33 00:05:11.380 ⇒ 00:05:20.879 Uttam Kumaran: And then for the for the other transactions like it’d be great. Maybe you could walk me through like like, what? What are the major categories? And
34 00:05:21.190 ⇒ 00:05:22.909 yeah, that’d be great too.
35 00:05:23.000 ⇒ 00:05:29.489 Angelica Estrada: okay. on this other 1, 8, 3, 9, 5,
36 00:05:30.790 ⇒ 00:05:31.710 Angelica Estrada: check.
37 00:05:37.020 ⇒ 00:05:40.140 Angelica Estrada: okay, this is also 30, 23.
38 00:05:41.590 ⇒ 00:05:45.150 Uttam Kumaran: Yes, likely the same thing
39 00:05:58.240 ⇒ 00:05:59.520 Angelica Estrada: the.
40 00:06:00.150 ⇒ 00:06:02.909 Angelica Estrada: And let me just
41 00:06:03.080 ⇒ 00:06:05.679 Angelica Estrada: check this 13 k.
42 00:06:15.280 ⇒ 00:06:19.410 Angelica Estrada: This one discover back.
43 00:06:21.680 ⇒ 00:06:25.930 Uttam Kumaran: Oh, this is a this is a, this is a transfer into the business.
44 00:06:26.680 ⇒ 00:06:30.110 Angelica Estrada: Oh, so this is like a contribution from you.
45 00:06:30.230 ⇒ 00:06:31.100 Uttam Kumaran: Yes.
46 00:06:31.370 ⇒ 00:06:32.230 okay.
47 00:06:36.490 ⇒ 00:06:38.940 Angelica Estrada: configuration from.
48 00:06:39.850 ⇒ 00:06:46.810 Angelica Estrada: oh, okay. So we’re good with this. So here in the expenses, we have like
49 00:06:48.120 ⇒ 00:06:51.270 Angelica Estrada: almost 90 transactions.
50 00:06:51.300 ⇒ 00:06:55.659 Angelica Estrada: Ii understand that most of these are
51 00:06:55.930 ⇒ 00:07:06.709 Angelica Estrada: expenses in bars in some restaurants, but I would like to verify. If this are really for business or
52 00:07:06.770 ⇒ 00:07:16.410 Uttam Kumaran: these are all you can consider. Owner Comp. Like a lot of these are just personal expenses. The only things that are
53 00:07:16.590 ⇒ 00:07:19.780 Uttam Kumaran: business expenses is the one is the cal.com.
54 00:07:20.290 ⇒ 00:07:24.239 Angelica Estrada: Okay. This one, so this is all 3 of those are business
55 00:07:25.400 ⇒ 00:07:30.520 Angelica Estrada: okay, business.
56 00:07:35.800 ⇒ 00:07:38.500 Uttam Kumaran: And then if you keep scrolling down.
57 00:07:40.120 ⇒ 00:07:47.570 Uttam Kumaran: There’s one thing that’s called Gum road on 33, that’s a educational expense.
58 00:07:48.750 ⇒ 00:07:49.840 Angelica Estrada: Okay.
59 00:07:52.500 ⇒ 00:07:53.820 Angelica Estrada: education.
60 00:07:54.700 ⇒ 00:07:56.500 Uttam Kumaran: Yeah.
61 00:07:57.280 ⇒ 00:07:58.589 Angelica Estrada: and then.
62 00:08:00.780 ⇒ 00:08:04.020 Uttam Kumaran: if you keep scrolling down
63 00:08:07.420 ⇒ 00:08:09.400 Uttam Kumaran: let me just take a look.
64 00:08:21.610 ⇒ 00:08:24.139 Uttam Kumaran: I think that may be.
65 00:08:28.220 ⇒ 00:08:30.950 Uttam Kumaran: I think that may be the only other.
66 00:08:33.059 ⇒ 00:08:38.870 Uttam Kumaran: Oh, so the the Vsp, those that’s like A, that’s personal healthcare.
67 00:08:40.020 ⇒ 00:08:42.630 Angelica Estrada: Okay, health care.
68 00:08:48.940 ⇒ 00:08:53.699 Uttam Kumaran: Is it like an insurance? Yeah, that’s personal vision insurance.
69 00:08:54.520 ⇒ 00:08:59.790 Angelica Estrada: Okay, yeah, I’m thinking. Since you’re running a payroll for yourself.
70 00:09:00.360 ⇒ 00:09:04.050 would you like to have to add this as your benefit?
71 00:09:05.310 ⇒ 00:09:08.810 Uttam Kumaran: Yeah, I guess. Let me know. What do you think is the best to do with that?
72 00:09:09.330 ⇒ 00:09:10.610 Angelica Estrada: Yeah.
73 00:09:10.800 ⇒ 00:09:23.979 Angelica Estrada: I will check with Gustav, because before I’ve done this with one of my clients. So we’re running payroll for herself, and she has employee benefit. So we’re also doing that in.
74 00:09:24.070 ⇒ 00:09:26.920 Angelica Estrada: I’ll check how we can send for you.
75 00:09:27.450 ⇒ 00:09:34.730 Uttam Kumaran: Yeah, cause I. So I because I’m the only employee. I’m the only I’m I’m just paying this.
76 00:09:35.220 ⇒ 00:09:39.219 Uttam Kumaran: II was paying this through the healthcare exchange. But
77 00:09:39.270 ⇒ 00:09:49.570 Angelica Estrada: yeah, I don’t know what the best way to categorize it as can you confirm? If your business is an S corporation, it is
78 00:09:50.180 ⇒ 00:09:51.689 Angelica Estrada: okay. Great. Yeah.
79 00:09:51.820 ⇒ 00:09:55.389 I think we can add this as a bit.
80 00:09:56.010 ⇒ 00:09:58.129 Angelica Estrada: and your fear alright.
81 00:09:58.360 ⇒ 00:10:01.090 help up. This venmo transfers
82 00:10:01.950 ⇒ 00:10:06.590 Uttam Kumaran: none of the all the venmo transfers are personal.
83 00:10:06.990 ⇒ 00:10:08.609 Okay, just personal.
84 00:10:09.980 ⇒ 00:10:15.329 Angelica Estrada: Actually, there’s one venmo transfer like I will check the 500,
85 00:10:15.550 ⇒ 00:10:17.910 Uttam Kumaran: maybe. Can you just send me a
86 00:10:18.280 ⇒ 00:10:21.040 Uttam Kumaran: a quick slack? With that I can check
87 00:10:22.000 ⇒ 00:10:23.409 Angelica Estrada: this one
88 00:10:24.010 ⇒ 00:10:30.110 Uttam Kumaran: all a lot of the all, the business kind of transactions are all happening mainly through paypal.
89 00:10:30.830 ⇒ 00:10:34.910 Angelica Estrada: then transfer
90 00:10:35.910 ⇒ 00:10:37.230 Angelica Estrada: $500.
91 00:10:43.120 ⇒ 00:10:51.230 Angelica Estrada: And then all of this are, you’re okay with categorizing this as owner’s expense.
92 00:10:51.280 ⇒ 00:10:54.140 Angelica Estrada: Yeah, just expenses. Okay, I’m sorry.
93 00:10:55.440 ⇒ 00:11:04.690 Angelica Estrada: Yeah. And so we’re good with that. So I can update this today. And then
94 00:11:04.890 ⇒ 00:11:09.039 Angelica Estrada: I think I just have an issue with brand connection.
95 00:11:09.310 ⇒ 00:11:10.290 Uttam Kumaran: Okay.
96 00:11:11.500 ⇒ 00:11:15.859 Angelica Estrada: would you be able to reconnect it today?
97 00:11:16.220 ⇒ 00:11:20.620 Uttam Kumaran: Oh, yeah, I can. Should I try to do it right now.
98 00:11:20.660 ⇒ 00:11:22.360 Okay, yes, please.
99 00:11:22.580 ⇒ 00:11:31.749 Angelica Estrada: Because when I was checking the balance sheet earlier because I already map I mean, say.
100 00:11:31.930 ⇒ 00:11:39.100 Angelica Estrada: Good! Still, with quick book. So we already have gusto journals here, I can show you.
101 00:11:40.230 ⇒ 00:11:41.670 Angelica Estrada: Oh, nice. Okay.
102 00:11:43.060 ⇒ 00:11:46.830 Angelica Estrada: go to the piano press.
103 00:12:03.190 ⇒ 00:12:03.930 Angelica Estrada: Oh.
104 00:12:12.680 ⇒ 00:12:21.230 Angelica Estrada: I’ll just show you an example of the Payroll journal from this, though.
105 00:12:21.870 ⇒ 00:12:26.460 so we’re crediting your net pay, which is 1192,
106 00:12:26.470 ⇒ 00:12:29.800 Angelica Estrada: and then the tax payment of 2 58,
107 00:12:30.250 ⇒ 00:12:35.480 Angelica Estrada: and this is her gross wage, gross salary, which is 13,
108 00:12:35.800 ⇒ 00:12:47.350 Angelica Estrada: and your deductions the Social Security Medicare. But this one. So this taxes. I just
109 00:12:47.660 ⇒ 00:12:55.120 Angelica Estrada: book. All of this in one account. Payroll, taxes, expense. Are you okay with that?
110 00:12:55.380 ⇒ 00:12:56.800 Angelica Estrada: Yeah. So
111 00:12:57.290 ⇒ 00:13:09.019 Angelica Estrada: once we run peril. And so we will sync the transactions here. So the journal will be posted by gusto. Automatically. You can see you can see this one.
112 00:13:09.290 ⇒ 00:13:13.149 Angelica Estrada: This is received through the 0 Api from gusto.
113 00:13:13.410 ⇒ 00:13:17.530 Angelica Estrada: And then, so we’re using the payroll clearing account.
114 00:13:18.050 ⇒ 00:13:25.470 Angelica Estrada: So this amount should match with the sections in your checking account.
115 00:13:25.760 ⇒ 00:13:28.569 Angelica Estrada: But upon checking earlier
116 00:13:29.160 ⇒ 00:13:30.950 Angelica Estrada: me just check.
117 00:13:31.980 ⇒ 00:13:35.530 Angelica Estrada: I still have balance in the clearing account.
118 00:13:39.540 ⇒ 00:13:40.750 Angelica Estrada: Hearing
119 00:13:43.230 ⇒ 00:13:44.369 Angelica Estrada: this one.
120 00:13:46.870 ⇒ 00:13:47.670 Just
121 00:13:53.200 ⇒ 00:13:58.320 Angelica Estrada: so here for the December pay a roll.
122 00:13:59.680 ⇒ 00:14:07.859 Uttam Kumaran: Did you? Did you use the same bank account for your December payroll.
123 00:14:08.770 ⇒ 00:14:15.809 Uttam Kumaran: So yes, it’s the so. It’s the same bank account that’s getting expensed right now for all payroll.
124 00:14:16.600 ⇒ 00:14:20.770 Okay. you just check what’s causing the difference.
125 00:14:23.990 ⇒ 00:14:25.589 This is match
126 00:14:27.990 ⇒ 00:14:29.340 all this one?
127 00:14:30.090 ⇒ 00:14:33.609 Angelica Estrada: Oh, okay, okay, yeah. That’s a contractor payment.
128 00:14:33.720 ⇒ 00:14:41.300 Uttam Kumaran: Alright, I think I’m good with this looks like there, there’s 2 of them. There’s one there. There’s one November thirteenth. There should be maybe a couple of them.
129 00:14:41.650 ⇒ 00:14:46.640 Yep. yep, I think I just mismatched this one. Yeah, I’ll fix this.
130 00:14:46.860 ⇒ 00:14:49.189 Uttam Kumaran: Okay. And then I’m just connecting.
131 00:14:49.760 ⇒ 00:14:52.190 Uttam Kumaran: I’m just connecting the chase account. Now.
132 00:14:52.520 ⇒ 00:14:54.469 Angelica Estrada: okay, thank you.
133 00:15:08.800 ⇒ 00:15:16.560 Angelica Estrada: I also, I just saw this bill graph bills. Is this really 26 million?
134 00:15:17.510 ⇒ 00:15:30.050 Uttam Kumaran: No, I don’t know what. I don’t really don’t know what that is. I was just trying to use the bill, but I don’t know really how it works, so that’d be that’d be helpful. I don’t know. Do you use the bills in here at all.
135 00:15:30.320 ⇒ 00:15:41.349 Angelica Estrada: Yup, for this item. Sorry? Yeah. You could delete all these. Okay? And then we can just record any bill that you have.
136 00:15:42.260 ⇒ 00:15:48.089 Angelica Estrada: So the bills you’re supposed to use for like any vendors.
137 00:15:48.530 ⇒ 00:15:49.330 Angelica Estrada: Yep.
138 00:15:49.780 ⇒ 00:15:56.289 Angelica Estrada: So if you have. Yeah, I saw that you share the file for your vendors.
139 00:15:57.450 ⇒ 00:15:58.390 Uttam Kumaran: Yes.
140 00:15:59.020 ⇒ 00:16:01.749 Angelica Estrada: yeah, we can use disabled will payment.
141 00:16:03.680 ⇒ 00:16:04.780 Uttam Kumaran: Okay? Great.
142 00:16:05.110 ⇒ 00:16:14.060 But for the payment, maybe you will still use you’ll still do the transfer or payment online.
143 00:16:15.180 ⇒ 00:16:16.950 Uttam Kumaran: What do you mean?
144 00:16:17.510 ⇒ 00:16:20.430 Angelica Estrada: Like the actual payment? You will still do it.
145 00:16:23.600 ⇒ 00:16:31.740 Uttam Kumaran: Yes, I’m still handling it. Yeah. So so II think mainly I have all the the emails for expense tracking coming in.
146 00:16:31.980 ⇒ 00:16:38.710 Uttam Kumaran: And then, yeah, everything on that spreadsheet we can use is like the working doc for
147 00:16:38.780 ⇒ 00:16:40.919 Uttam Kumaran: expenses. Yes.
148 00:16:41.430 ⇒ 00:16:50.680 Angelica Estrada: okay, yeah. I’ll set up those as a recurring. So I can remind you that we have like a bill to pay just in
149 00:16:50.750 ⇒ 00:16:53.640 Angelica Estrada: so we can avoid missing those.
150 00:16:54.890 ⇒ 00:16:57.939 Angelica Estrada: Okay? And then
151 00:16:59.380 ⇒ 00:17:05.550 Angelica Estrada: and yeah, just another question. For your bank and credit card accounts.
152 00:17:05.660 ⇒ 00:17:09.350 I noticed that those are under your name.
153 00:17:10.410 ⇒ 00:17:12.319 Uttam Kumaran: I’m here.
154 00:17:12.329 ⇒ 00:17:17.049 Uttam Kumaran: I just opened so the the American card is under
155 00:17:17.109 ⇒ 00:17:21.880 Uttam Kumaran: the business, and then all the new bank accounts that I opened are all under the business name.
156 00:17:22.319 ⇒ 00:17:23.290 Angelica Estrada: I’ll get.
157 00:17:23.780 ⇒ 00:17:28.110 Angelica Estrada: So this all the counts are just for 2023.
158 00:17:28.950 ⇒ 00:17:34.719 Uttam Kumaran: That’s correct. Yeah. So the the city business card is
159 00:17:34.770 ⇒ 00:17:42.299 Uttam Kumaran: open under the bank, the business, and then the the primary checking account that I’ve been using. I’m no longer
160 00:17:43.000 ⇒ 00:17:44.670 Uttam Kumaran: planning on using. That’s
161 00:17:44.780 ⇒ 00:17:50.139 Uttam Kumaran: that I’m kind of like slowing down. Everything’s now coming into the own, the
162 00:17:50.390 ⇒ 00:17:59.560 Uttam Kumaran: the tax owners com profit, and then the owner’s expense. And again, those are the tax and profit or primary. Just transfer accounts like
163 00:17:59.800 ⇒ 00:18:04.160 Uttam Kumaran: there’s gonna be the. There should be no expenses really tied
164 00:18:04.410 ⇒ 00:18:05.560 Uttam Kumaran: to those.
165 00:18:05.770 ⇒ 00:18:09.749 Uttam Kumaran: I’ll just be moving money into there for categorization.
166 00:18:09.970 ⇒ 00:18:10.970 Angelica Estrada: Okay?
167 00:18:11.090 ⇒ 00:18:16.589 Angelica Estrada: But when you receive payments from your customers it will still be
168 00:18:16.660 ⇒ 00:18:17.900 Angelica Estrada: to strike.
169 00:18:18.480 ⇒ 00:18:23.310 Uttam Kumaran: It’s through stripe and paypal, and it will come to that. 7, 7, 1, 8, account.
170 00:18:23.880 ⇒ 00:18:31.150 Uttam Kumaran: 7, 7. I’ll get this in the old account. Yeah, it should be coming through to this.
171 00:18:31.630 ⇒ 00:18:32.760 Okay.
172 00:18:34.920 ⇒ 00:18:38.300 Angelica Estrada: he had. I think that’s
173 00:18:39.390 ⇒ 00:18:44.250 Angelica Estrada: pretty much it. So yeah, I’ll be able to update all of this today.
174 00:18:44.460 ⇒ 00:18:46.690 Angelica Estrada: And your.
175 00:18:47.130 ⇒ 00:18:56.019 this is how your pnl currently looks like what will still change. I’ll just show you.
176 00:18:56.520 ⇒ 00:19:00.140 Uttam Kumaran: okay. And I just connected that stripe account.
177 00:19:00.580 ⇒ 00:19:02.120 Angelica Estrada: Okay, thank you.
178 00:19:05.690 ⇒ 00:19:13.029 Angelica Estrada: So this currently Rpn, so I’ll be Updating sometimes actions. And then
179 00:19:13.290 ⇒ 00:19:17.810 most of this majority, this 51 K will be
180 00:19:18.130 ⇒ 00:19:20.609 Angelica Estrada: we’ll be gone here
181 00:19:21.040 ⇒ 00:19:29.389 Angelica Estrada: because it will go to your equity account, since both this are for person also, you’ll be having, like, probably net income.
182 00:19:29.860 ⇒ 00:19:30.750 Uttam Kumaran: Okay.
183 00:19:31.420 ⇒ 00:19:32.100 yep.
184 00:19:34.570 ⇒ 00:19:36.129 Uttam Kumaran: hmm, okay, great.
185 00:19:36.600 ⇒ 00:19:42.820 Angelica Estrada: So so can you do my sending me a link to this document
186 00:19:43.940 ⇒ 00:19:45.969 all that these documents?
187 00:19:46.420 ⇒ 00:19:57.950 Angelica Estrada: You can actually see this in 0, or you want me to download. No, no, this is fine. Just a 0 link would be great. Just a 0 link.
188 00:20:05.740 ⇒ 00:20:07.370 Yep, I just sent it.
189 00:20:08.050 ⇒ 00:20:09.140 Uttam Kumaran: Okay, great.
190 00:20:09.880 ⇒ 00:20:13.769 Uttam Kumaran: And then I will follow up on that on the $500 venmo.
191 00:20:13.990 ⇒ 00:20:15.040 Yes.
192 00:20:16.100 ⇒ 00:20:21.799 Angelica Estrada: and I’ll be updating the transactions. I’ll finish the reconciliation.
193 00:20:21.850 ⇒ 00:20:23.910 Uttam Kumaran: Okay? And then
194 00:20:24.120 ⇒ 00:20:29.390 Angelica Estrada: it will probably have an updated pnl for the business, and I’ll send it to you.
195 00:20:29.700 ⇒ 00:20:30.620 Uttam Kumaran: Okay.
196 00:20:31.340 ⇒ 00:20:34.809 alright, thank you so much. Do you have any question?
197 00:20:35.110 ⇒ 00:20:51.129 Uttam Kumaran: No, that’s it. So I guess what we can do next is once. That’s all done. I’m I’m going to kind of engage with the my accountant here to begin like taxes and then maybe I can let you know what they say?
198 00:20:51.320 ⇒ 00:20:52.180 Angelica Estrada: Yes.
199 00:20:53.090 ⇒ 00:20:58.599 Angelica Estrada: sure have a great day.
200 00:20:58.620 ⇒ 00:21:00.340 Uttam Kumaran: See you? Bye, bye.