Do You Have an Accounting System?

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Does anyone have a system they use to keep track of how much money they're actually making? Like when someone (like your husband) asks how much money you're really making, what do you say?

Obviously I keep track on P3, and I'm keeping track of my bank account on Quicken, but our real income versus taxable income (which is what P3 keeps track of) is very different.

I'm working on this, but I thought if someone else already had it figured out, I wouldn't need to reinvent the wheel!

 

[PC_CPR]

What you describe is what Quickbooks would do. It pulls a report called P&L -- Profit & Loss statement where it's all figured out for you. I use Quickbooks in my regular consulting job. Since I just started PC this year, I have not yet done any accounting for PC!

 

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But does it keep track of all those hard to define monetary benefits like money saved on groceries (like when you practice a recipe and feed it to your family) and mileage that you can deduct, but since you combined it with one of your household errands, you actually saved money?

 

[sfdavis918]

It can, but you would have to reimburse yourself for it. Or you could create an account this like a liability account and record it that way.

 

[AnaCash]

Hi there! As a Pampered Chef consultant, I completely understand the importance of keeping track of our income. One system that I have found helpful is creating a spreadsheet that breaks down my income into different categories, such as commission from sales, bonuses, and any expenses I may have incurred for my business. This allows me to have a clear understanding of where my income is coming from and how much I am actually making. Additionally, I also keep track of my expenses in a separate spreadsheet so I can deduct them from my taxable income. I hope this helps! Happy cooking!