Monthly Books for Local Owners
McKinney businesses range from a single boutique on the square to builders with dozens of homes under way. Each needs books that are current and useful. BOMCAS keeps books for McKinney businesses remotely, closed every month with reconciliations and a report.
How our monthly close works is set out on the Texas bookkeeping page; this page applies it to McKinney businesses.
Retail Inventory
Shops on the square sell their own goods and items on consignment. Owned inventory is an asset until sold; consigned goods belong to the consignor, and only the shop's commission is its revenue. We reconcile point-of-sale inventory to the books and record markdowns, shrinkage and consignment payouts.
Breweries
A brewery tracks malt, hops and other materials through production, with batches in fermenters, beer in bright tanks and kegs and cans in the cooler. Production costs are added to inventory, and excise tax reports need production and removal figures that agree with the books. Kegs out with distributors and taproom sales are tracked separately.
Event Venues
Venues take deposits and progress payments long before the event. These are recorded as customer deposits and recognised when the event takes place. Refunds and rescheduled events are tracked against the original contract, and payments to caterers and vendors are matched to each event.
Builders and Contractors
Each home or project is a job, with land, permits, materials, labour, supervision and interest assigned to it. Construction loan draws and payments to subcontractors are recorded by job, and lien waivers are collected with each payment. When a home closes, its costs move from inventory to cost of sales.
Aviation Firms
Maintenance shops track parts inventory and labour by aircraft, flight schools track aircraft hours and instructor time, and charter operators track flights, fuel and excise tax collected. Aircraft costs, including engines and major overhauls, are tracked as assets, and hours since overhaul are noted so reserves for the next one can be planned.
Farms and Ranches
Ranches and farms on McKinney's edges record livestock purchases and sales, hay and feed, grazing leases and equipment. Keeping farm records separate from personal accounts supports the Schedule F and agricultural use for property tax.
Law and Professional Firms
Law firms near the courthouse hold client funds in trust accounts, which must be reconciled monthly to the client ledger and the bank, and never mixed with the firm's own money. Professional practices track work in progress, billing and collections by partner or client so owners can see what each part of the practice produces.
Nonprofits
McKinney has many community nonprofits, churches and arts groups. Their books separate restricted donations from general funds, record grants and in-kind gifts and support the Form 990. Board members want simple monthly reports showing cash, restricted balances and results against budget.
Cleaning Up Before a Sale
Owners planning to sell a business find that buyers and lenders ask for three years of clean financial statements. Catching up reconciliations, writing off stale balances and separating personal expenses well before a sale supports a better price.
Business Personal Property
McKinney businesses render their equipment and inventory to the Collin Central Appraisal District by April 15. Aircraft based in McKinney are taxable property too, and owners must render them.
Included Each Month
- Reconciliations.
- Inventory and job reports.
- Deposit schedules.
- Sales and excise tax figures.
- Payroll entries.
- Financial statements.
McKinney Bookkeeping Questions
How should consignment sales be recorded?
Only the shop's commission is revenue; the rest is owed to the consignor.
When does a venue record a deposit as income?
When the event takes place.
Are aircraft taxed as business property?
Yes, aircraft are rendered and taxed by the appraisal district.
Can you track each home a builder sells?
Yes, as a separate job.
Talk to BOMCAS About Bookkeeping in McKinney
Monthly figures drive sales and excise tax and payroll, and the year's books produce the business return, owners' personal returns and planning. Gaps are rebuilt under late filing, and foreign owners covered by cross-border tax. Statewide detail on business tax, personal returns, sales and use tax, payroll, tax planning, back taxes and cross-border matters is on our Texas pages, linked together from the Texas overview.
Running a shop on the square, building in east McKinney or weighing an offer for family land? Tell BOMCAS what is going on and we will come back with what we would look at first and what a quote needs. You can use the contact page or the form below, phone 780-667-5250, or email info@bomcas.ca. The McKinney overview links every McKinney service. This is general information, not advice for your particular case.