monthly files

[crikster6]

One way that I keep track of my business expense and income is to make a file folder for each month. Any receipts or sales I make that month go into the folder. At the end of the month, go through the folder, and tally up business expenses and income, and detail where the expenses go (total mileage for the month, lunch with a prospect cost, product sales, taxes, convention fees, product purchases, customer sales etc.) Then I take all that monthly stuff and put it in a large envelope and write the totals on the front, and file it away. At the end of the tax year all I have to do is pull out 12 big envelopes, total the different income/expense and I'm done. I just wrap a big rubber band or two around the envelopes and file it in my Tax box in case I ever get audited. It's sure alot easier to remember what a $2.85 receipt for postage was for a few weeks ago than 6 months ago!
Crystal

[elan01]

I do the same thing. When I come home from the store, I put my receipts in my file for the month. It's easier to keep track of everything if you do it right away.

[propartyplan.com]

Great Idea, I need a simple plan and this may work!!

[tjcjlc99]

ill have to remember that

[PrincessHouseKatie]

I use Quick Books for all my tracking. I keep everything together by month for audit purposes, but I put it all into quick books.