# US Bookkeeping in QuickBooks or Xero

> We keep monthly books for US LLCs and corporations in QuickBooks Online or Xero: categorising transactions, reconciling bank, card and payment-processor accounts, tracking receivables and payables, and closing each month with a P&L and balance sheet. Year-end books feed directly into the federal and state returns, Form 5472 and any sales-tax filings, so tax season doesn't start with a clean-up.

Practice: US Accounting, Payroll & Sales Tax — https://www.industax.com/services/us-accounting-compliance/

Foreign-owned companies need clear records of every transaction with their owners — capital contributions, loans and distributions — for Form 5472, and of intercompany charges for transfer pricing. We build that into the chart of accounts.

Work is done by our accounting team in India on US accounting principles, with US tax returns prepared alongside by our team and partner US preparers.

## Key facts

| Item | Detail |
| --- | --- |
| Software | QuickBooks Online, Xero |
| Close | Monthly, with reconciliations |
| Basis | Cash or accrual (US GAAP-style) |
| Feeds | Form 1120/1065, 5472, sales tax, 1099s |

## Who needs this

- Foreign-owned US LLCs and C corps
- US startups and small businesses
- E-commerce and SaaS companies

## What's included

- Monthly reconciliation and close
- Owner and intercompany tracking
- Management reports
- Year-end tax pack

## Documents

- Bank, card and Stripe/PayPal access
- Invoices and bills
- Loan and owner transactions

## Process

1. **Set up** — Chart of accounts and feeds connected.
2. **Close** — Monthly reconciliation and reports.
3. **Hand over** — Year-end pack for tax returns.

## FAQs

### Cash or accrual books for a US startup?

Small businesses can usually file on the cash basis, but investors and lenders prefer accrual books. Many companies keep accrual books and convert for tax where allowed.

### Can you clean up past years' books?

Yes. Catch-up bookkeeping reconstructs prior periods from bank and processor statements so overdue returns can be filed.

### Do you work with our US CPA?

Yes. We can prepare books and the tax pack for your existing CPA, or our team and partners can prepare the returns.

## Official sources

- IRS — Internal Revenue Service: https://www.irs.gov/

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Canonical page: https://www.industax.com/services/us-accounting-compliance/us-bookkeeping
Publisher: Indus Tax — CA-led tax and compliance firm (https://www.industax.com). Contact: info@industax.com, 9059139258.
This is general information, not advice for your specific facts.