Efficiently Managing Expenses with PP: Tips and Best Practices

[MichelleT]

I want to track all my expenses with PP (because I think it's a great tool!) but what do I put my start up costs under? Personal? I'm talking about things like an organizer, folders, ink, paper and things like that. Also, when I bought some of my stuff, I also bought stuff for my first show at the same time. Do I seperate them, or since they are all on the same receipt leave it all together. What do you put the groceries that you buy to practice recipes under? Sorry so many questions, I just want to make sure I do it right, and find out the best way to do it.

 

[ChefSandyK]

What I've done...is create categories (PP lets you do this). Anything from Staples goes into the "office" category (folders, the laptop, info stamper, etc). I have a "Groceries" category for ingredients I buy for test recipes. Any PC products I buy I put under "Kit enhancement". True, this isn't technically what PC would think of as a Kit enhancement order, but they don't use the PP information...and kit enhancement makes sense to me so I could remember what it was at tax time in case I'm ever audited. I don't remember if BIZLUNCH was a PP category...if not, I added it. Also, whenever I am adding reciepts in these categories, I go ahead and add the milage involved with them. Because I can NEVER remember to write down milage, I just put the addresses in mapquest and let it do it for me...and write down on a 3x5 card those addresses I use frequently. (Grocery store, staples, costco, etc)

Hope this helps,
Sandy

 

[MichelleT]

Thanks Sandy, I didn't realize that I could add a catagory!

 

[ChefSandyK]

You're WelcomeI'm a military spouse, too (noticed the AFB in your signature). We're Army, though...Ft. Lewis, WA.

Have a great day,
Sandy

 

[AnaCash]

Hi there! I completely understand your desire to track all of your expenses with PP. It's a great tool for keeping everything organized and in one place. When it comes to your start-up costs, I would suggest putting them under the "Business Expenses" category. This way, you can easily see how much you have invested in your business.As for your first show purchases, I would recommend separating them from your personal expenses. This will make it easier for you to track your business expenses and income separately. If they are all on the same receipt, you can still enter them separately in PP by creating a new transaction for each item.For groceries that you buy to practice recipes, I would suggest putting them under the "Food and Beverage" category. This will help you keep track of how much you are spending on ingredients for your recipes.I hope this helps and please don't apologize for asking questions. It's always better to make sure you are doing things correctly from the start. Best of luck with your business!