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Pampered Chef: PC debit card linked with checking acct. or no?

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  1. TropicalChef

    TropicalChef Novice Member

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    Hi all!

    Can you tell me what the pros and cons of linking your PC debit card to your personal checking acct.? My recruiter prefers it this way but I don't know why. I read somewhere on here (can't remember where) that we should have a separate acct for PC. How would I go about doing this? Do I need to transfer some money into the PC checking acct.? What do you all prefer and why? Sorry if this is a "dumb" question. New to PC and still figuring everything out. :blushing: Thanks!
     
    May 22, 2010
    #1
  2. Maragib

    Maragib Member

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    It is a lot easier to track your expenses at the end of the year for Taxes. Also if it a separate account a spouse can't accidentally take out the money you need to cover the show you submit. You will also be able to see right away how much you are earning versus spending and not have to sift through a personal account.
    Mara
     
    May 22, 2010
    #2
  3. raebates

    raebates Legend Member Staff Member

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    I prefer to keep my PC account separate. It just makes it easier for me to keep track of everything. I think I started it with $50, keeping that in there to cover any mathematical mistakes I might make.
     
    May 22, 2010
    #3
  4. Jennifer E

    Jennifer E Member

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    I have a seprate account. Just makes it alot easier. My PC account is at the same bank as my personal account, so that way I can transfer money online between accounts, if needed to cover something. I also love the fact that PC does not pull the money out of my account the second I submit a show. Often, the items have already arrived at the hosts home before the money is even out of my account!
     
    May 22, 2010
    #4
  5. NooraK

    NooraK Legend Member Gold Member

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    Firstly, once you're outside of your first (I think) 30 days, you have to have either PC debit or a PC credit card in order to submit shows through P3. Sompe consultants (like me) don't want extra credit cards, some consultants like the convenience of having a credit card and paying it at the end of the month.

    It is a really good idea to have a separate account. It makes it easier for you to keep track of your PC expenses, and know which amount of your balance is for your shows and such. To get a separate account, just go to you bank and let them know you'd like to open a new checking account. YOu can have them nickname it your PC account, but it does not need to be a business account. Like Rae said, it is a good idea to put a small starter balance in there. I enjoy being able to transfer between my PC and personal accounts so that it's more clear when I'm taking funds from commission for personal use as "income" after paying for my expenses.

    And of course, the only "dumb" question is the one you don't ask because you're embarrassed. We're all glad to help you out and point you in the right direction.
     
    May 22, 2010
    #5
  6. Kenzie09

    Kenzie09 Member

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    Even though you are opening an account for your 'business', don't tell them its
    a business account. Most banks charge differently for businesses. Just open a
    regular checking account, and have your guests write checks to you :]
     
    May 22, 2010
    #6
  7. TropicalChef

    TropicalChef Novice Member

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    Thank you all for your responses! I will have to open a separate acct. then and call HO about switching my PC debit card to the new acct. then.

    Some of you mentioned having a separate acct. to "cover" expenses. What would we need to cover? I remember when I had my Grand Opening I gave my guests a 10% discount, so that came out of pocket, but I havent been doing this long enough to know what other expenses would come out. Do you mean supply orders and such?

    Thanks, again! (You have to forgive me, I was a DEDICATED PC customer before I became a Consultant, so I still dont know the "business" side of PC yet). =/
     
    May 23, 2010
    #7
  8. lesliec

    lesliec Veteran Member

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    Extra expenses would be anything that you give customers and mark as consultant gift. I have this happen a lot with outside orders. It never fails that the math is done wrong and they owe me a few cents. I usually end up just putting it in as a gift, but then I have to have that money in my account b/c PC will still debit the amount from me. It could also include supply orders, or any extra gifts you give your hostess. My director always gives a SB to customers who order $40 or more, so that would be an extra dollar out of her pocket..... hope that all makes sense.
     
    May 23, 2010
    #8
  9. TropicalChef

    TropicalChef Novice Member

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    Yes, it does! Thanks a bunch for explaining.
     
    May 23, 2010
    #9
  10. NooraK

    NooraK Legend Member Gold Member

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    Many things you buy for your business can be considered tax-deductible business expenses. You may want to speak to a tax professional about the specifics, but here are a few things that may qualify:

    -Pens for your guests to use at your shows
    -Filing supplies for your records
    -Printer paper to print specials, order forms etc.
    -Ink for your printer
    -Postage for host packets and other mailers
    -Your Personal Website subscription
    -Supply orders (catalogs, order forms, invitations etc.)
    -Groceries for trying out new recipes
    -Gifts to hosts and guests
    -Logo wear
    -ChefSuccess membership
    -Conference registration and expenses

    There are lots more. It's easier to keep track of these expenses for tax purposes when you have a separate account. Also, use the Expense Tracker in P3 to keep track of them as well.
     
    May 23, 2010
    #10
  11. doughmama

    doughmama Advanced Member Silver Member

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    I use a p chef visa instead of the debit card and I ONLY use it for p chef parties and expenses. I make sure to always pay on time, which is not an issue because the customers' payments are already in the bank. Plus I get a rebate (think 1%) on all of my charges so I actually make a little extra money for each party charged on the account.
     
    May 23, 2010
    #11
  12. TropicalChef

    TropicalChef Novice Member

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    Oh, wow! Thank you for the tax info and visa card info!
     
  13. Intrepid_Chef

    Intrepid_Chef Legend Member Silver Member

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    I use a secondary account as well, mostly for PC but also for money I'd prefer not to spend. Right now it's set up so $100 from each paycheck goes there, which I use for gas. Also send my tax returns to this account.

    I keep very, very, very little in my account beyond that. Sometimes less than a dollar.

    Just makes it easier to track my other expenses and bills. I've given up writing everything down and just check my balance obsessively.
     
  14. ms_twana

    ms_twana Member

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    Hello. Okay, so I don't really get the whole PC debit card thing. What's the point of forcing us to get one if it just has to be connected to our own account?
     
    Last edited: Oct 9, 2010
    Oct 8, 2010
    #14
  15. NooraK

    NooraK Legend Member Gold Member

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    PC has to be able to get money for your shows from you one way or another. The PC debit card is a link to your account. You'll probably never use the actual physical card (it's not a Visa Debit Card), but getting it set up just means PC has your banking information, and you've given them permission to withdraw funds from whatever account you've linked it to.

    Your other option is to sign up for a PC credit card. Some consultants just don't want another credit cards, others prefer using the credit card and then paying the bill once a month.
     
    Oct 8, 2010
    #15
  16. ms_twana

    ms_twana Member

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    Gotcha. Thanks.

    I still don't see why they had to turn it into a debit card. They could have just required us to give them our account info. But, I guess that makes it easier for them to track. Thanks.
     
    Oct 9, 2010
    #16
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