AboutVanessa Powell Expertise I am experienced with general bookkeeping, payroll, journal entries, adjusting entries, all types of pension accounting, compliance issues, ERISA, benefit plan auditing, financial statements, payroll tax, Form 5500, retirement planning, and related issues.
Please no homework questions. Only US accounting, please.
Experience I am a CPA candidate and in the running for the Watt Sells award for 2010 (for top exam scorers.) I audit employee benefit plans for the large accounting firm I work for, as well as performing compilations, planning, and tax services.
Organizations California Society of CPAs.
Education/Credentials Graduated summa cum laude from Colorado Technical University. Our firm requires CPA continuing education for all staff accountants, whether licensed or not, so I take 80 hours of CPE every two years. Much of it in the field of accounting, auditing, and employee benefit plans.
Awards and Honors Graduated summa cum laude (with highest honor). Watt Sells candidate.
Past/Present Clients I have clients from all over the world, in nearly every industry. Most of my audit clients are employee benefit plans and not-for-profit entities. Most of my compilation engagements are manufacturing and restaurants.
Question When paying yourself, what account to you put it under?
Answer It depends on a couple of things. If the LLC is organized as, essentially, a partnership (the most common form- you would file a form 1065 for tax purposes), then it would be a draw to a member when they are paid. So it's an equity adjustment, the actual account depending on how your equity section is set up. If you have a draw account, it would go there. If you don't, and simply have an equity account for each partner/member, then it would be debited against that.
