How Do You All Keep Track of Mileage and Expenses

[sillylittlechef]

How do you all keep track of mileage and expenses. I had been writing down in a notebook my mileage, but have forgotten a few times. I can check to see how many miles to and from shows are through mapquest. and then enter that info into PP. My worry is that if I ever get audited that I will have to show the odometer info before the show and after the show. Does anyone have any ideas or tips?

 

[sailortena]

Write the mileage info and all expenses in PP. In the notes area you can put your starting and ending odometer readings if you want, but I usually say something like, "RT to party, closing show mileage" or something like that. Like for instance, I am going to Texas for a show this weekend. It is 350 miles each way, so I will put the odometer readings since it is such a long trip.

 

[ltkacz]

I have a calendarI got free through my other job. I keep it in my car, and as I get ready to go to a show, I right down my milage on the day I'm doing the show. Works great.

Expenses.....I just have an envelope I keep the receipts in, and I try really hard to write at the top what it was for, so that at the end of the year I can have everything in one place. Works pretty well for me.

 

[lisacb77]

Oh man I have kept track of the miles but never the start and finish odometer. I hope that's not going to be a problem for me! I hate to have to try and re-create that. I got in that bad habit I guess as my day job only requires the total so I didn't think twice about this.

 

[DebbieJ]

I keep a little mileage log in my car. I bought it at Office Max for a couple dollars.

I make sure I put all expenses on my business checking account and then I track them by assigning categories in Microsoft Money.

 

[ange13]

I have never kept track of the odometer and have never had a problem, just the miles--and I use mapquest for most of those cuz I always forget when I get home to write down the miles!!!! duh...

my receipts i file in manila folders for each month, i found that easier than one big envelope so that at the end of the year I can try to remember what was going on during that month, plus i TRY to enter all the receipts into PP before I file them. plus, if I find a few extra minutes i can pull a month out and enter those rcpts a lot easier than going thru a big envelope like I used to do! makes tax time go smoother!!

 

[lisacb77]

Thanks Ange, I feel a little better!

 

[mrssyvo]

Have an accountant for a hubby !!I am SO THANKFUL I do not have to worry about this. My husband is an accountant, and he keeps track of all of this for me. I KNOW I could not do this job if I had to worry about this stuff.

Every day he asks me where I have been, what I have done. (At first I thought he was just interested in my day), and then he goes and logs all of my mileage. He keeps track of deposits, withdrawals, food expenses, income/expenses- He is definelty earning his trip!!!!!

 

[pchefsharron]

Wow, I was just thinking about this very thing. I really need to get into the habit of keeping track of this area of my business. It would be soooo much easier to stay on top of things rather than crunching to remember, what was my mileage, recipe ingredients/receipt.... I've decided to really start treating my business as my job, not just a hobby anymore. I have made the goal of becoming a director by my birthday in May. So I really need to get my franny in gear. Thanks for all your helpful info.

 

[ChefAggi]

Need help on this!!I have found since I started this business back in March that I'm not keeping as many reciepts as I should be. I guess this first year I might learn the hard way, but I'm figuring between now and tax time there will be alot more questions and answers on this site on suggestions and advice of what can be to our benefit come tax time. For the moment I have kept all receipts for my stationary/copying, my kit expense, and my supply orders. I haven't kept anything for mileage. I use my Mother's car for the moment and not sure that I can claim those as its not my car. I'm not sure if I can claim for my laptop as I purchased it in 2005 and didnt start my business some four months later in 2006. I did pick up a good accounting log book for myself and plan to start using it religiously come January 1st. Most of my ingredients reciepts I give to my host so they see what I purchased for their $20 for their shows, and then they reimburse me at their show. As for other ingredients, you mean I can claim grocery reciepts for recipes that I might test on myself and friends before demoing them at shows? What else should I know about and need to tally for income tax time!!

Cheers!!

 

[beepampered]

I put expenses in Quicken (as well as some "consultant gift" things that I'll let PP track for me). I put total mileage in a spreadsheet in Excel. Perhaps the letter of the law is to do odometer reading but I can't think that they will assume you lie just because you don't have it. I do know that TurboTax asks for the mileage at the beginning and the end of the year as well as how many you want to deduct.

 

[chefann]

Don't forget, too, that specific laws about what can be deducted varies from country to country. So, Aggi, make sure you check with some other Canadians before you rely on info that you get here.

I try to stay on top of my expenses, using a multi-pocket sorter to hold receipts. It looks like a plastic coupon organizer, but sized to hold a letter-size sheet folded in thirds. I put food receipts in one slot, office supplies in another, postage in a third, etc. It lives in the kitchen, so when I come into the house with bags, I can just pop the receipts right in it. For tracking mileage, I have a program called "Trip" on my Palm Pilot that allows me to enter start and end time and odometer readings, with a contact name (host), city and reason. That allows me to log mileage for cluster meetings, too. Then at the end of the year, I enter all the mileage into PP at once.

If there's ANYTHING that you spend specifically for your business, track it. Then when you start to do your taxes for the year, you can verify with a tax professional. But it's better to be safe than sorry - if you spent it but don't have the receipt, you can't deduct it. And if you think that you'll forget what something was for (especially if it's a weird expense), make a note on the receipt before you file it.

 

[jenniferknapp]

Does anyone deduct those purchases that were put into a husband or mom's name?? To get to those incentive levels and such... If so, do you just keep the receipt and circle the things that you actually paid for?

 

[BNORCROSS]

for each show I book, I get a 9 x 12 envelope, I write all the host's information on the front, when/where what time, so on...and then I tuck all the receipts in the envelope...when I am checking them out at the show, I tuck thier orders as well as the money in the envelope, after I enter the show into PP, I staple all orders and receipts together and put in the envelope and file the envelopes according to shows... I also made a spreadsheet for the beginning and ending mileage (but still forget to use it), but I guess you could also write that info down on your envelope as well...