With business bookkeeping and basic tax tips for new and old entrepenuers

Thursday, January 7, 2010

What’s the best way to enter my expenses?

Alright, now that we’ve discussed the major expense categories, we should discuss the various ways you can track them. As I have mentioned previously, if you don’t have a lot of expenses, let’s say 25 or less for the year, you can probably just do a spreadsheet. However if you have a regular business that has a regular amount of receipts, what is the best way to track these?

My advice is to go thru your monthly business bank statement, which as I advised previously you should have opened a separate business account for your business and not run it thru your personal account. If you also are using a credit card for your business, you also want to try to keep a clean card that is only used for the business. You can then use that as a record for data entry.

There are several bookkeeping programs out there, and the one I use is Quickbooks so I will discuss that one. The other programs out there are similar.

I have also used DacEasy which is a program I also like, and of course there are others such as Peachtree.

Next, enter each item, or do summary entries?

Provided by Alamo Bookkeeping Associates LLC

No comments:

Post a Comment