View Full Version : Expenses

05-03-2009, 09:40 AM
When keeping record of and deducting expenses, do you also do any tax paid on those expenses?

Does anyone know of any microsoft access databases for expenses? Are there any computer programs that keep track of expenses?

Dan F
05-03-2009, 11:29 AM
I guess you could find some database templates all over the internet, even Microsoft has some.

05-03-2009, 11:50 AM
There are tons of options for bookkeeping and accounting programs. Some names off the top of my head include Simply Accounting and Quickbooks. Accountants around here recommend Simply Accounting, but I simply hate it. It works though...but then so does an old fashioned ledger.

When I ran a dayhome, I set up my tracking/recording in Excel - it took a while to set up just the way I wanted it, but it worked well for me at the time.

05-03-2009, 08:11 PM
I know a lot of people who use Microsoft Excel. Some even use their checkbook register (which works fine with the cash basis).

Don't buy a Cadillac if a Toyota will work.

05-04-2009, 05:39 PM
When using Excel, how do you separate the different types of deductions? I want to separate the deductions into the categories on the Schedule C.

I don't know much about excel, so I am thinking a separate spreadsheet for each category

05-04-2009, 09:10 PM
Take a look at other spreadsheet applications. There are a few methods of doing it.

05-05-2009, 06:07 PM
We have a completely free edition of Simply Accounting First Step! It's designed for small businesses with basic requirements. It prepares invoices, pays bills, tracks revenue and expenses, and calculates GST/HST and PST/QST.

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05-13-2009, 08:47 PM
Does shipping and tax go into a purchase expense?

05-13-2009, 09:02 PM
So if you buy a $10.00 item online, pay $5.00 for shipping and $0.50 in tax -- do you expense out $15.50? Yes.

On the supplier side, the $15 is revenue, and $0.50 is a liability until they remit it to the state. Then whatever the actual costs for shipping are would be their company's expense.

05-13-2009, 10:52 PM
Thank you!

05-14-2009, 12:51 AM
You can use multiple columns of a spreadsheet to record different expenses, and then tally in any order you like, each type of deduction or even all at once.

05-14-2009, 11:50 AM
Make sure your spreadsheet adds ALL of the columns. I've had too many nightmare spreadsheets where you have data in (for example) cells A1-A20, but people are only adding A1-A18.

Your accountant may try footing the column...

05-14-2009, 04:35 PM
I am just going to keep my receipts and when the time comes separate them into the categories and total them up.

05-16-2009, 06:20 PM
I just use quickbooks for everything...

your accountant should teach you what to do..

i asked my accountant which program he wanted me to use....options were peachtree or quickbooks...

Quickbooks is very easy to work with!