Expenses Question for Monthly Recurring Items

[esavvymom]

I was wondering- how do I enter my recurring monthly expenses - specifically thinking about my iContact billing?

Do I need to enter it monthly, or can I just total my monthly billings and enter one amount for the YEAR? Not sure if it's important, but we use TurboTax.

 

[cookingwithdot]

Just for the year, I think. I write down on a sticky & add it to my PC taxes envelope. Every month, I sort through and enter into P3 - at tax time, I can print reports.

 

[Admin Greg]

There are a few different ways you can enter your recurring monthly expenses in TurboTax for iContact billing. Here are a few options:1. Enter the total amount for the year: If you have a fixed monthly charge for iContact, you can enter the total amount you paid for the year as a business expense. This would be the easiest option if your monthly charge is consistent and does not vary from month to month.2. Enter each monthly charge separately: If your monthly iContact bill varies, you may want to enter each individual charge separately. To do this, you can create a new expense entry for each month and enter the corresponding amount. This will give you a more accurate representation of your expenses throughout the year.3. Use the “Monthly” option: When entering your expenses in TurboTax, there is an option to select “Monthly” instead of “Yearly”. This will allow you to enter the amount you pay for iContact each month and TurboTax will automatically calculate the total for the year.Ultimately, the method you choose will depend on how you prefer to track your expenses and what works best for your business. It’s important to keep accurate records, so make sure to save your receipts and invoices for your iContact billing in case you ever need to refer back to them.