Bank Account for Pampered Chef

[TinkerLuv]

Hi I am having my first show this weekend and was told it is easier to have a separate bank account just for checks people write so Pampered Chef can deduct from the bank account. What if i dont have a separate bank account for pampered chef? How do they get payments from my shows? Or who do people make the check out to?

 

[pamperedbecky]

YOu have to apply for either the PC debit card or the PC credit card. I do the debit card and I do have a separate account for PC, but it's not imperative. When I have guests write me checks or pay with cash, I deposit these into my account. Then (it's supposed to be) about 4-5 business days after I submit the show, Pampered Chef deducts the money from my bank account. Same with paperwork/supply orders, sample orders, personal orders, etc. It's very easy to do.

Guests would make the check out to you. Some hosts are comfortable having guests pay THEM, then the host writes a check to you for all of their orders. You'll get lots of different opinions on the best way to do it. I know there are several ways people here do this.

But, it's not totally necessary to have a separate account for PC. I think it just makes it easier to keep track of things. If I ever have to pay a guest back for a mistake in calculating their order where I've overcharged them, then I just write it with a check from my PC account. However, I do have my commission checks deposited into our main household account. Then I just transfer money if I need to for things like paperwork/supply orders.

Good luck at your first show!! Have fun with it. Let us know how it goes!

 

[Sk8Mom209]

I do not have a separate bank account, but do have the PC debit card. I am planning on opening another account, for my household, as it seems it would be much easier to balance that way.

Regarding customer payment, I prefer to have the guests make their checks payable to me not the host. It is much easier to cover a $50 check that bounces, than a $500 check . I have never given guest/hosts the option of paying the host and it has not been an issue.

 

[sOhSherri]

Regarding customer payment, I prefer to have the guests make their checks payable to me not the host. It is much easier to cover a $50 check that bounces, than a $500 check . I have never given guest/hosts the option of paying the host and it has not been an issue.

PLUS...if the guest writes you a check, you have their contact info on the check. If the host has lots of outside orders from a show or has done a catalog show then you don't have customer info. to make those CCC calls. Just my two cents!

 

[Jennie4PC]

I think it is so much easier having my own account for PC that way i dont have to make sure to keep our money for house expenses seperate from the shows that i do.

 

[Intrepid_Chef]

You can use your regular bank account if ya want ... but it's just easier to have a separate account exclusively (or at least mostly) for PC so your household expenses don't get messed up.

Plus ... most banks give you some kind of nifty gift for opening an account!

 

[lkprescott]

Having a separate account that you use for business purposes only (away from personal, household things) will help in the case of an audit. Having business transactions separate from personal will help show that it's a legitimate business. It's also much easier keeping track of things. I have a separate account at the same bank as my personal though some folks will say a separate bank helps too... but so far it's working out well. *knock on wood*... you'll just want to make sure you get your customer's money in there in time for the PC debit to hit and keep track of that. Having a show 'bounce' is not fun.

 

[heat123]

Definitely recommend getting a seperate acct for PC so it is strictly for your biz. It's so much easier to keep track of incoming and outgoing checks and deposits and withdrawls! I couldn't imagine trying to balance my PC acct tied into our personal acct! I even have a seperate personal acct. that my bookeeping income goes into totally seperate from PC and DHs income! Less confusion when they are all seperate!

 

[DebbieJ]

Hey folks....this thread is almost 2 years old....why are we resurrecting it?

 

[lkprescott]

LOL... I hadn't even noticed the dates. Ah well...