Step 1: Set up the five foundational accounts: an INCOME account, a PROFIT account, an OWNER’S COMP account, a TAX account, and an OPEX account. In most cases, you will already have one or two accounts with your bank. Keep the primary checking account you already have as your OPEX Account, and set up the remaining accounts: INCOME, PROFIT, OWNER’S COMP, and TAX. For simplicity’s sake, set them all up as checking accounts. Some banks may charge fees or have minimum balance requirements. Don’t let that deter you. Ask to speak to the bank manager and negotiate the fees and requirements. If the
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