Keeping Track of income and expenses

[aplacetogrow]

I am just starting out and wondering if anyone has suggestions for keeping track of expenses and income. any suggestions or tips would be greatly appreciated. Thank You

[jodaycare]

I use an accounting ledger book from Staples. I put each clients name across the top and enter the dates that the fees cover under the description and then just fill in the amount as I receive it. I do the same for expenses, categories ( food, toys/supplies, miscellaneous, office expenses etc.) across the top then just enter the date and store name under the description. For my household bills I just keep them all together and add them all up at the end of the year. Don't forget that you can claim any bank fees you incur on the account that you put your fees into, I claim 50% of the bank fees. Oh and keep all of your receipts. Hope this helps.

[playfelt]

I just made up a chart using word on the computer and put in the dates, fees paid and the receipt number as I give clients a receipt with each payment using a duplicate receipt book so one confirms the other. I also have it all tracked on a master sheet that adds up monthly so at the end of the year I have all the info ready to do annual tax receipts for families.

[Inspired by Reggio]

I prefer computer as it is easier for me and requires less 'storage' of paperwork for taxes ~ everything is on a zip drive thingy.

I am like Playfelt except I use a Microsoft Excel file for tracking my income and another for expenses ... it does all the MATH for me which I :wub: cause I went into daycare cause I only need to know how to count to 100 ;)

[aplacetogrow]

Hi Reggio, I am not to familiar with excel but love the idea that it does all the math! did you make your own chart or did you use a template?

[Inspired by Reggio]

Hi Reggio, I am not to familiar with excel but love the idea that it does all the math! did you make your own chart or did you use a template?

Made my own ~ it is really easy to use. However if you are not familiar with Excel most local libraries offer 'free or cheap' classes on how to use it ~ that is how I learned all the cool things it can do for 'small businesses' ;)