Jilleysue
Silver Member
- 1,507
Posting Income and Expenses on Pp
- Thread starter Jilleysue
- Start date
Click For Summary
Discussion Overview
The thread explores various experiences and questions related to posting income and expenses on Pampered Chef's platform. Participants share their confusion, methods, and insights regarding categorizing expenses, entering receipts, and understanding specific categories like "Consult Gift."
Discussion Character
- Anecdotal
- Opinion-based
- Exploratory
Main Points Raised
- One participant expresses confusion about when to post expenses that are not related to specific shows.
- Another participant shares their experience that entering receipts is straightforward by categorizing them appropriately.
- Several users mention the importance of categorizing expenses correctly, such as distinguishing between gifts and incentives.
- One participant notes the challenge of changing expense categories for older receipts and the implications for tax reporting.
- Another participant discusses their method of entering each receipt individually with explanations.
- One participant raises a question about how to handle personal products ordered under someone else's show for tax purposes.
- Another participant shares that they learned from their accountant that certain expenses, like satellite and cable, can be included.
Areas of Agreement / Disagreement
Views differ on the best practices for entering expenses and categorizing them, with no clear consensus emerging on how to handle specific situations.
Contextual Notes
Participants share personal experiences and methods related to expense tracking and categorization, reflecting a range of familiarity with the platform.
Who May Find This Useful
Consultants looking for insights on managing their expenses and understanding the nuances of categorizing them may find this discussion helpful.
I am very confused as to when to post expenses on PP. What if you have expenses that have nothing to do with a show. How do other people do this. I have no clue I went to input them for the last month and I just don't know what I am doing.
fruit76loop
Gold Member
- 1,156
It's easy!All you have to do is click on the money icon and put all of your receipts in! You will want to catagorize them...such as Food for a show, postage, Mortgage, (you can write part of this off as long as you have a home office) Phone Bill, water bill, gas bill, power bill, cell bill, etc. etc.
Then you just add your reciepts and tally them in. They do not have to be associated with a certain show but if they are, you can put that show # in too!
HTH
Then you just add your reciepts and tally them in. They do not have to be associated with a certain show but if they are, you can put that show # in too!
HTH
Jilleysue
Silver Member
- 1,507
Jilleysue
Silver Member
- 1,507
fruit76loop
Gold Member
- 1,156
not dumb!There is nothing dumb about you!! Silly girl!
First to put in codes that you want to use for your business go to UPDATE then income/expense codes. You can add, delete or change any codes you want.
They hit the dollar button and they click ADD. You can then change all of the fields in the screen. Mine does not show a show # when I do that, but I am not sure if that is because I have already entered all of my expenses for the year or what.
If you need help, feel free to call me tomorrow and I can walk you through it. My number is 307-362-1686! I would love to help you!
First to put in codes that you want to use for your business go to UPDATE then income/expense codes. You can add, delete or change any codes you want.
They hit the dollar button and they click ADD. You can then change all of the fields in the screen. Mine does not show a show # when I do that, but I am not sure if that is because I have already entered all of my expenses for the year or what.
If you need help, feel free to call me tomorrow and I can walk you through it. My number is 307-362-1686! I would love to help you!
Jilleysue
Silver Member
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Jilleysue
Silver Member
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Jilleysue
Silver Member
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dannyzmom
Gold Member
- 9,271
chefann
Gold Member
- 22,050
Or if you offer "Direct shipping for the cost of show shipping" (I frequently do this in my email newsletter to try to get a few extra sales), then you put the part of the shipping cost that you covered as "Consultant Gift." When you use that as a payment type on the order screen, it will ask when you balance the show if you want to add the Gift amounts to your expense report.
jrstephens
- 7,085
I have a question tooSomeone on here said to keep up with items we purchased for ourelf under someone elses show for tax purposes to show it as a consultant gift. Well, I went back to change those screens to consutlant gifts on what I bought personally. It will not let me change it if it is more than 6 months old and the ones it did let me change it did not create an expense and put them on my report. What do I do about this?
I guess I could jut not worry about it thies year and now better for next year, but I would like to get all I can this year.
I guess I could jut not worry about it thies year and now better for next year, but I would like to get all I can this year.
fruit76loop
Gold Member
- 1,156
Jennifer,
All you have to do is add them manually. Just go back through and write down the date and amount then you can manually add them in. Once you balance a show, it will ask if you want to add the expense and when you click yes it is added to your expenses. But if you add an expense after you balance a show it is not added to the yearly list.
I enter each receipt individually with a small explanation of what the receipt is.
As far as consultant gifts, there is a fine line between a gift and an incentive. You are only allowed to write off $25 for each occurance or person for a gift. So, when I offer my host an additional product if they have 5 orders before or if they reach the $1000 level then I enter this in as an incentive, not a gift. But if I am giving a gift as a thank you, then I enter it as a gift. I find this an easy way to keep track of the limit on gifts.
All you have to do is add them manually. Just go back through and write down the date and amount then you can manually add them in. Once you balance a show, it will ask if you want to add the expense and when you click yes it is added to your expenses. But if you add an expense after you balance a show it is not added to the yearly list.
I enter each receipt individually with a small explanation of what the receipt is.
As far as consultant gifts, there is a fine line between a gift and an incentive. You are only allowed to write off $25 for each occurance or person for a gift. So, when I offer my host an additional product if they have 5 orders before or if they reach the $1000 level then I enter this in as an incentive, not a gift. But if I am giving a gift as a thank you, then I enter it as a gift. I find this an easy way to keep track of the limit on gifts.
jrstephens
- 7,085
fruit76loop said:
Thanks for the instructions.
What I am doing did not go to the host. It is my personal products I ordered under their names. Should I not be putting it as a Consultant gift and just add it in as a separate payment or something. It is not a whole lot, so, I may just not even worry about it. I worry about if I were ever audited b/c I did not order them in my name. Most is in my mom's name and the money just came out of my account - I did not have to write a check for it or anything.
Jilleysue
Silver Member
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dannyzmom
Gold Member
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fruit76loop
Gold Member
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fruit76loop
Gold Member
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I dunno
I am not sure on that one. I would ask a tax advisor or CPA just to be on the safe side. I do know that we are not supposed to order items for ourselves on shows but do personal orders to get our discount. But if you don't tell the PC police...I used to order big bottles of spices on shows, just because I hated putting in personal orders for just a bottle of spice. But now...yipeee!!...I don't have to because they are on the supply order form.
I would definately ask someone with more know-how in the tax field about your write offs. Without a receipt or check I don't know how you can write it off. But that is just my 2 cents! Dont think I helped any...
jrstephens said:
I am not sure on that one. I would ask a tax advisor or CPA just to be on the safe side. I do know that we are not supposed to order items for ourselves on shows but do personal orders to get our discount. But if you don't tell the PC police...I used to order big bottles of spices on shows, just because I hated putting in personal orders for just a bottle of spice. But now...yipeee!!...I don't have to because they are on the supply order form.
I would definately ask someone with more know-how in the tax field about your write offs. Without a receipt or check I don't know how you can write it off. But that is just my 2 cents!
Dont think I helped any...
pcleah
- 190
jenniferknapp
Gold Member
- 3,470
fruit76loop said:I am not sure on that one. I would ask a tax advisor or CPA just to be on the safe side. I do know that we are not supposed to order items for ourselves on shows but do personal orders to get our discount. But if you don't tell the PC police...I used to order big bottles of spices on shows, just because I hated putting in personal orders for just a bottle of spice. But now...yipeee!!...I don't have to because they are on the supply order form.
I would definately ask someone with more know-how in the tax field about your write offs. Without a receipt or check I don't know how you can write it off. But that is just my 2 cents!
What does everyone else do when they order products for themselves under someone else's name and don't have a check or receipt to prove it? TIA!
Jilleysue
Silver Member
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fruit76loop
Gold Member
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dannyzmom
Gold Member
- 9,271
Jilleysue
Silver Member
- 1,507
Ummm I have a couple. The one at the office that works for HR block. He'll do well and a bit more reliable and then I have another one...a bit more "aggressive" (gave me the satellite tip....LOL) but you have to keep on him to get things done..which doesn't bother, but may annoy some.
Frequently Asked Questions
What types of income should I report on my Pampered Chef income statement?
You should report all income generated from your Pampered Chef sales, including commissions from personal sales, bonuses from team performance, and any additional income from hosting parties or events. It's important to keep accurate records of all sources of income to ensure proper reporting.
How do I track my expenses for my Pampered Chef business?
You can track your expenses by keeping detailed records of all business-related purchases, such as product inventory, marketing materials, and supplies. Using a spreadsheet or accounting software can help you categorize and monitor these expenses effectively.
Are there specific expenses I can deduct as a Pampered Chef consultant?
Yes, as a Pampered Chef consultant, you can deduct expenses such as product costs, shipping fees, promotional materials, training costs, and any business-related travel expenses. It's essential to keep receipts and documentation for all deductions claimed.
How often should I update my income and expenses records?
It's advisable to update your income and expenses records regularly, ideally on a monthly basis. This practice helps you stay organized, monitor your business performance, and prepare for tax season without last-minute stress.
What should I do if I have questions about reporting my income and expenses?
If you have questions about reporting your income and expenses, consider reaching out to a tax professional or accountant who is familiar with direct sales businesses. Additionally, Pampered Chef provides resources and support for consultants that can help clarify any uncertainties.
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