S Corp Business The statement shows one company.
The account does not have to split for the books to tell the truth.
One name on the statement.
The bank account was opened for the company, and the statement still says the company's name. An election does not force a second account. Owners who open one anyway often forget which card they used, and the books get worse.
What the bank cannot see is the label we put on each line. A withdrawal can be a paycheck, a draw, a vendor, or a tax deposit the provider already planned. The statement only knows the amount and the date.
We reconcile to that statement. When the books and the statement agree, the month can close. When they do not, we find the line with no name before we talk about a return.
The card is not a category.
A company card used for a personal errand is still a company withdrawal. The errand is a draw. Leaving it in supplies because the card is the company's card is how personal life becomes a deduction.
The reverse happens too. An owner pays a vendor from a personal card and forgets to tell the books. The vendor is real. The payment is money the owner put in. Both facts can be recorded without opening a new bank account.
If you are staring at a statement and cannot tell the lines apart, that is the week to send. Say which movement you recognize. We will ask about the ones you do not.
Match, then stop renaming.
Once a month is matched, we stop renaming its lines. A later bright idea about an old week belongs in a note, not in a silent edit. The return needs months that sit still.
The banker, the landlord, and the card processor can keep seeing one company. That is the truth. The extra detail lives in the books, where a paycheck and a draw are allowed to be different.
Keep the account you have. This page is about names inside it. If the account is already in the company's name and you can get the statement, you have what the close needs.
Send the statement.
Say whether the account is already in the company name.
You will be talking to the Steven Palmieri practice.