Listing expenses

[Beekiechich]

I know this probably sounds a bit of a silly question, but when you are self employed and keeping a record of your expenses, what is the best way of doing so?

Do you keep a monthly record and list things individually, or do you keep a monthly record and lump things together, ie. total monthly spend for supplies, equipment etc??

Am I making any sense?? Probably not...I know what I want to say, but can't quite manage it! lol :lol:

 

[Urban Geek]

I keep receipts for everything and make a log (ideally weekly) of all my income and outgoings. I do my tax return online and it is very straightforward. HTHs x

 

[1999judy]

I keep a book and receipts for everything. Supposed to do it weekly but sometimes its monthly.

 

[Beekiechich]

..so does that mean you literally log everything individually as you purchase it?

Sorry, really have got my dopey head on this evening!! Just want to make sure I'm doing things right:wink2:

Thanks:hug:

 

[1999judy]

..so does that mean you literally log everything individually as you purchase it?

Sorry, really have got my dopey head on this evening!! Just want to make sure I'm doing things right:wink2:

Thanks:hug:

Yes otherwise I'd forget.
I keep the receipts and book together in a plastic folder.

 

[clara doon]

I'm lazy..... I keep everything I've spent in a folder (invoices and receipts)and everything I've taken in a account book (I fill monthly from customer client cards) they give them to hubby at the end of the year to sort out ...........

 

[joe90]

I have a spreadsheet that I use on a daily basis to record all takings and expenditure. Sometimes I fill it in at the end of the week, depends how I am feeling. If you want to see a copy, send me a pm with your email addy and I'll send one over to you.

 

[beautynails]

I have three spreadsheets.
One I do daily for my income, then at the end of the month I put it into a monthly one, and I add up all my expences and put them into one.
Throughout the month I just shove all my reciepts into a folder at the end of the month they get sorted into catagories ie products, elec, stationary etc.

 

[JDs]

I have a medium size manila envelope that has on the front:

Date Expense Catagory Amount

In each column as I get them I put the info in and then put the reciept in the envelope.

Expenses are the Store you bought it from example Sally's or the name of the Telephone company, power company, insurance company etc.

Category is : office supplies, banking, Taxes, phone, Retail, Back bar etc.

At the end of the month i do not have to go back thru each receipt because everything is right on the front. I tally up each category and log it in to my spreadsheet. At the end of the year, everything is all done and if I need to find a certain receipt, I just look on the front of each envelope. I keep a envelope for every month or sometimes put two months in one envelope

 

[scattyfox]

I have a spreadsheet that i do all in my income and expenditure and i include everything and i also have a stock sheet as well and then at the end of the tax year i take it to the lcoal tax office and they help me complete my forms.

 

[EllaX]

ah - ive just done an inland revenue course on bookkeeping an accounts.
Id recommend them to anyone - they give you templates and tell you how to list expenses so when u get your tax return you have it all in the correct order and all seperated for your tax return. xx

 

[Beekiechich]

That sounds good! How do you go about getting on one of them then? Does it cost you anything?

 

[EllaX]

That sounds good! How do you go about getting on one of them then? Does it cost you anything?

i did mine through business link it cost me £10 + VAT - give your local centre a call they will be able to help you.

Also when i registered as self employed the I.R. sent me details of the free courses available HTH xx