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Spreadsheet for Tracking Expenses......

In summary, Lisa is still finishing up her taxes and is looking for help. She is using a spreadsheet to track her expenses and is also using PP to keep track of her commissions and fees. She is also keeping a folder of receipts and is paper clipping them as she adds them to her PP account. Lisa has started a file folder for any bills related to her home office.
Lisa/ChefBear
Gold Member
1,293
Hi all, I'm still finishing my taxes for last year :mad: and I didn't do a great job of logging everything, so I'm scrambling. What I'm wondering is, someone on one of the boards I'm on mentioned a "custom" excel spreadsheet they made/use :confused:

If anyone can help out a first time pc tax filer and help her hubby from getting frustrated, or I should say, so that next year I won't be frustrated like this, I'd really appreciate it.

Thanks again,

Lisa
 
I track all of my expenses through Pampered Partner. Have you looked into that? I do everything except my mileage. It allows you to set up your own categories, then it'll print up a nice report for you for everything. I just printed that up and gave it to our accountant with a few extra things that he had to take percentages of (phone bill, cell phone bill, internet provider bill, etc) and it was really easy. I'd suggest that perhaps, but then again, I'm no good with spread sheets.
 
I use PP also. I keep every business expense there. Even the mileage. there is a spot on your show screen to input mileage and show expenses.
 
SpreadsheetI'll email you a spreadsheet...it won't come through as an attachment for some reason. I'm not real good at doing things by show and like to sit down once a month and see where I'm at. I put in all of my expenses and see where my commissions are to keep track.

I haven't really checked out the options on Pampered Partner yet but this works well for me.

I don't claim a home office because they are pretty particular on the usage of that space and we use that and our computer for personal use as well. I do take a percentage of my cell phone and internet service though.

Hope this helps.

Michele
 
Tax Tracking IdeaI think I saw this post here, but am not sure. It is something we (my DH/Secretary and I) are instituting for this year. I think it will definitely make things easier come tax time next year!

After doing my own taxes this year I think I have come up with a good system that works for me.

I keep all of my receipts for the month in a folder. At the end of the month I total everything and enter it into PP. I changed the codes in PP to reflect what is on the tax forms. (I got this suggestion from my upline director) This is the catagory's I use:
C-8 Advertising (Clothing, website, Host Gifts, Incentives)
C-9 Car Expenses (mileage)
C-10 Commmission and Fees (Paid Referrals)
C-18 Office Expense (Anything needed to run the business, postage)
C-21 Repairs and Maintenance (Updates to the house, maintenance to computer, etc.)
C-22 Other Supplies (Groceries, National Conference registration, bank fees, Product
C-24 Travel, Meals, & Entertainment (Travel-full amount, Meals-1/2 amount, and entertainment-1/2 amount)
C-25 Phone and Internet Expenses

I keep a printout of these codes taped to my desk so I always have them.

When I add up my receipts at the end of the month I mark on the receipt what code I used. Then I paper clip all the receipts for one month and keep them in a different folder labeled -Pampered Chef Receipts 2006.

Last year took me so long to sort through all the expenses with the way they where sorted in PP. I'm hoping this will save me tons of time.

I also started a file fold for any house bills, electric, gas, phone, cell phone and insurance. This way I won't have to call around to these places next year to find out what I paid to them thoughout the year. (This took me forever this year.) Now I have them handy since we can claim a percentage of these bills if we have a home office.

The thread that quote is from is located at http://www.chefsuccess.com/showthread.php?t=6269&goto=newpost

There are some other good ideas on there!

I am also attaching a few things I have collected about taxes. Hopefully something will work for you!
 

Attachments

  • BUSINESS EXPENSES - Lydia Martin.doc
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  • Keep more of what YOU Make.doc
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Last edited:
You started a thread, you started a thread....yippee ky-yay, you started a thread!!!:) Congratulations Lisa, on figuring it out!!:D
 
I just started last month, so I don't have to worry about this until next year but... do you have to claim PC on your taxes? How does that work?
 
If your income is more than a certain amount (is it $600), you need to report it to the IRS. You'll get a 1099 at the end of the year that details all your income, including the value of any incentives you earned. Be sure to keep track of ALL of your expenses related to your business....it's a great tax write off.
 
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Thanks for all the help and inputThanks so much to everyone for all the help. I'm taking bits of each and making my system.

Thanks again,

Lisa
 

1. How do I use the spreadsheet for tracking expenses?

To use the spreadsheet for tracking expenses, first enter all of your expense categories in the designated column. Then, input the corresponding amounts for each expense under the corresponding category. The spreadsheet will automatically calculate the total expenses and provide a breakdown of each category.

2. Is the spreadsheet customizable?

Yes, the spreadsheet for tracking expenses is fully customizable. You can add or remove categories, change the formatting, and even add your own formulas or calculations.

3. Can I track expenses for multiple months on one spreadsheet?

Yes, the spreadsheet is designed to track expenses for multiple months on one sheet. Simply add a new column for each month and input your expenses accordingly. The total expenses will automatically update for each month.

4. Can I import data from my bank or credit card statements?

Yes, you can import data from your bank or credit card statements directly into the spreadsheet. This will save you time and reduce the risk of human error when inputting expenses manually.

5. Can I share the spreadsheet with others?

Yes, you can share the spreadsheet with others by granting them access to the file. This is useful for couples or roommates who want to track expenses together, or for a team at work who needs to track expenses for a project.

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