How Do I Enter Expenses Into P3 for Taxes? 2 Helpful Tips!

[princessmeshelle]

Like many people, I am getting ready to have my taxes done. I'm trying to enter my receipts in to P3 and I noticed that the only categories you can enter under are:
Commission
Gift
Kit Enhancement
Mileage
Postage
Personal Order
Sample Order
Show Expense
Supply Order

I have receipts for office supplies, groceries for practice recipes, Merril along with packing lists from all the supply orders I have placed. So 2 questions:

1) Can I print receipts for my supply orders? Or is the packing list basically my recipt? I ask because ther is no total of how much was spent. If I need to print them how do I do that?

2) All the other receipts that I have to enter manually, (from office max, the grocery stor and Merril) What do I enter them under? Postage is obvious, as well as mileage. But the only thing I can think of is Supply Order, but I just wanted to check what others do.

 

[jbdowd0798]

You can create your own catagories...I did but don't ask me how! ha ha

When you place your supply order it should create an expense transaction for you in P3.

If you buy food or something for a show- its goes under Show Expense. If you bought stuff in your fourth month- Kit Enhancement, all your commission, Oh and the other stuff I think I just as supplies (but not supply order).

Does that help at all?

 

[chefann]

That's right - create new categories. Click on the little dollar sign with a plus (add expense) at the top of the screen. When a new window opens to put in an expense, there's a link to "Edit categories." Click that. Another window will pop open where you can add categories.

 

[esavvymom]

I created categories like:
Advertise (booths, business cards, etc)
HomeOffice (or something like that- because there is a character limit)
Postage
TrainingYou could enter your grocery receipts under Show Expense, or create a category for Food if it's for practice maybe?
I'm sure you can come up with other ideas maybe for categories- depending on your receipts.And depending on what supply orders you are talking about- if you ordered them through P3- those orders should automatically be in your Expenses. But if you are talking about an order through Merrill, or PC's Consultant Corner- you'll probably need the receipt. I know you can log into Merrill and click on your Order History to pull up past orders (or check emails). For the Consultant Corner's orders, if you didn't save the confirmation page (you should always do that)- then check and see if you received an email confirmation. I have two orders that I did this way -before I knew I could do them through P3- when I ordered samples and outlet items last fall. I don't have an email but I did save the webpage that confirmed the order.Don't forget to include your Commissions! I didn't realize I had to do that either- but I downloaded my Commission statements and entered those as my Commission Income (I didn't get a 1099 this year since I just started a few months ago). So once all of that is entered, it's on one nice neat report. Good luck!

 

[jbdowd0798]

THanks Ann- I need to make a few more specific expense catagories and would have figured it out but you reminded me.

 

[lauradahl]

I have not used P3 for my expenses, but I'm thinking now starting off the new year, I would like to try. What I'm wondering is this...is it easy to look at end of the year expenses? Can you get a "yearly" report so to say? Does it total up and give you the cumulative totals for the categories? My husband is a great spread sheet creator and that is how I do it now, but if I could do it here....have the "year end" report to give to him, I think I would like that better! I guess to go in there and check out the options for expenses and see for myself if that is how I wanna track expenses for 2009.

 

[jbdowd0798]

Yes it does! I love P3 for that as you can run a report anytime to see your income and expenses. You can change the dates if you need specific information as well!!

 

[lauradahl]

Yes it does! I love P3 for that as you can run a report anytime to see your income and expenses. You can change the dates if you need specific information as well!!

OK, I went and took a quick look at a "report" and I think it would be a good switch for me. I could just print off my year end report for my DH and that would make him very happy. I still have not done it yet for 2008....I guess I could actually start now and run it for 2008. I see it has all my supply/samples and KE too.

 

[candiejayne]

I wasn't going to put my expenses in P3, but as I was gathering things I decided to do so. It was so much easier then trying to sort it all out. I printed out the report and put it in a manilla envelope with all of my recipes and such and it's all nicely together should I need it incase of an audit.