2019-11-26 Hypha Worker Co-op: Finance WG Meeting

from template | Meetings | Calendar | Tasks | Code | Drive

Time: Tue, Nov 26, 2019 @ 10:00am
Location: https://jitsi.hypha.coop/hyphacoop
Attending: yj, bl, pc
Cultivator: bl
Notetaker: bl

Agenda

• credit card
• go through QB books
  • explain accounts yj has set up in QB
• invoicing in USD (skipped)
• set up TransferWise (skipped)

Notes

#acc indicates questions for our accountant

• credit card, personal?
  • dc +1 to this from chat
  • you can call to add the personal card to the corp account and have it visible
  • move funds to pay personal Desjardins credit card
  • let yj and dc sort out if one/both will get the card
• category you put each expense -> connects to a Chart of Accounts
  • #acc remove extra categories from Chart of Accounts?
  • yj: we need to add specific ones according to our business activities
    • yj: usually we just leave them
  • yj: what to do with expenses before incorporation (i.e. our incorp cost) #acc
    • yj: accountant friend says, on day of incorporation, log that liability
    • yj: log as long-term liability for now
      • pc: thought it would be paid back in 12 months
      • logging as long-term liability for now (can change when needed)
      • logged against employee or vendor? now against employee
    • incorp cost creates an asset so it needs to be amortized over a long time
  • what category for domain name?
    • yj: now in Computer ant Internet Expense
    • bl: think should be same category as hosting, digital ocean, etc.
  • pc: how are account types and account descriptions (subtypes) different
    • yj: show up as headers and subheaders on financial statements (shows example)
  • yj: interest earned prior to incorp date
    • bl: so small that we can just lump it into Aug 1st long-term liability
  • pc: Computer and Internet Expense / Other Misc Expense, can we stay away from misc expenses #acc
  • pc: #todo review DMG financial summary
    • bl: prefer not to since we have an accountant
    • yj: are they a tech co-op? I have a resource to ask specific questions
      • pc: they are a non-profit but not tech co-op
    • yj: could give us ideas of questions we can raise to our accountant / bookkeeper
    • bl: mindful of capacity and don’t want to personally do research using collective capacity
  • yj: we need to get the books to look okay and give to accountant
  • yj: figure out how to set up payroll
    • bl: +1
  • #todo yj: sort credit card with dc
  • #todo yj: upload receipts to QB
  • #todo bl: set up TransferWise and make PR to payment doc
  • #todo bl: US invoice in QB and send to Aether
  • #todo pc: research payroll before next WG meeting
  • #todo pc: need TD1 and TD1-ON from everyone

Action Items for Cultivator

• Migrate items with #todo:person to task board
• Publish meeting notes to GitHub
• Publish meeting template for next meeting

_{Edit this page}