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  1. #1
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    Managing Finances Income and Expenses Simple ?

    Well im having a hard time managing my fiannces as well as expenses. I only have one account and 1 credit card.

    If it was one or two places where my money goes in and out it wouldnt be so bad but for example getting paid from differences sources as well as selling on ebay on the side it just makes it complicated sometimes to tally up the numbers.

    I got direct deposits and automatic payments going in and out and its driving me insane. Im not technical at all by any means so those software solutions tend to scare me.

    Do you guys have a system or simple way of remedying this problem ?

    Yes ive researched peachtree, accont software, and own quicken but they seem to just be out of my abilities.

    If you have any advice on what works and what doesnt work for you i would love to hear them.

  2. #2
    SitePoint Wizard Lil_Red's Avatar
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    If the software is out of your abilities, I'd suggest having a bookkeeper/accountant take care of your finances.

  3. #3
    In memoriam gold trophysilver trophybronze trophy Dan Schulz's Avatar
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    I'll second that one.

  4. #4
    Life is short. Be happy today! silver trophybronze trophy Sagewing's Avatar
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    Or you can take lessons or get tutoring in Quickbooks... Some people have a hard time with it but eventually are fine. A CPA or bookkeeper to help you get set up would be great.
    The fewer our wants, the nearer we resemble the gods. Socrates

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  5. #5
    A Smarter Way to Web! zivo's Avatar
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    Thumbs up Software and separate accounts make it easier

    I strongly recommend using software like QuickBooks and having separate accounts for your business - checking and credit card(s).

    Many CPA's or accountants are also QuickBooks certified and they can get you started with using it, and using it properly, so at tax time they are not spending more time than is needed.

    Once I got the software up in running, it was a breeze to do the basics of deposits and invoices.

    mp/m

  6. #6
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    i was looking at the demos and how would u input for example advertising income ?

  7. #7
    SitePoint Wizard Lil_Red's Avatar
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    It sounds like you really need to setup an appointment with an accountant who can advise you on how to properly categorize your income and expenses.

  8. #8
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    I am in the research phase and im just gathering information to make my decision.

    For quickbooks users were any of you previously quicken users ? From looking at the demos i see that quickbooks definately seems more user friendly as well as flexible. I currently have quicken and it looks actually pretty to use after dabbling in it for a while but i dont want to waste my time converting to quickbooks since i heard that its alot of trouble switching systems in the future.

    any feedback ?

  9. #9
    A Smarter Way to Web! zivo's Avatar
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    Thumbs up It's Intuit-itive!

    Once you get started with QuickBooks, it feels very much like Quicken.

    Granted QB has some advanced features, including accounting features like the general ledger, but for most people the basics will do.

    On Intuit's Web site they list certified professionals - it may be worth the investment to work with one... I think it is!

    mp/m

  10. #10
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    My plan is to use quickbooks for business and quicken for home .....

    Its hard finding an accountant that actually knows what they are doing. Its like finding a programmer to outsource to you have to weed through like 5 or 10.

    Well lucky me i met a guy at the gym and does taxes and seems to really know whats going on. I asked him if he used quickbooks and quicken and he said yeah and will even help me get that started. So lucky for me i been networking lately... he also told me that costco has it for cheaper than retail and i blieve thats 169 for anyone who is interested.

  11. #11
    SitePoint Zealot cdndesignz's Avatar
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    OK here is the EASIEST way to get a handle on things right away - get yourself a big hard-bound ledger book, make columns in the first page for date, from whom, amount, amount of tax collected (if applicable) and what it was for (service, item, advertising etc). Take 30 seconds and LOG EVERYTHING you get. Every day, every cheque, deposit, Paypal, everything.

    Expenses - make yourself a big box for receipts, and put them all in your wallet/purse as you spend hte $$ and clean out your wallet/purse into the box once per week. All your expense bills like internet, cell phone, etc can also get thrown in to the same box.

    Voila... at least at the end of the year whether you wade through and sort/add up the income and expenses yourself or get someone else to do it, it is at least all there.... the low-tech method, but effective - many businesses have been doing it that way for decades!

  12. #12
    SitePoint Wizard Lil_Red's Avatar
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    Quote Originally Posted by cdndesignz
    OK here is the EASIEST way to get a handle on things right away - get yourself a big hard-bound ledger book, make columns in the first page for date, from whom, amount, amount of tax collected (if applicable) and what it was for (service, item, advertising etc). Take 30 seconds and LOG EVERYTHING you get. Every day, every cheque, deposit, Paypal, everything.

    Expenses - make yourself a big box for receipts, and put them all in your wallet/purse as you spend hte $$ and clean out your wallet/purse into the box once per week. All your expense bills like internet, cell phone, etc can also get thrown in to the same box.

    Voila... at least at the end of the year whether you wade through and sort/add up the income and expenses yourself or get someone else to do it, it is at least all there.... the low-tech method, but effective - many businesses have been doing it that way for decades!
    You've just described a tax preparer's worst nightmare.

  13. #13
    In memoriam gold trophysilver trophybronze trophy Dan Schulz's Avatar
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    Yeah, if you're going to go down that route, at least go through the "shoebox" each month and write up a summary of what went in and out that month so that the preparer has something to work with. Put each month's invoices and payment stubs in their own envelope, then stick them inside a folder.

  14. #14
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    what if someone steals your shoebox!!!

  15. #15
    In memoriam gold trophysilver trophybronze trophy Dan Schulz's Avatar
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    That's what a safe deposit box at the bank is for.


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