How do you track and collect all the expanses?

[Doron Nisenbaum]

Hi,

I am about to have my first TAX report this year, and the CPA is asking for all the expense.

During the rehab, I got tons of receipts and invoices. 

How do you keep track? Do you have some filing system?

Thanks

  Doron

[Account Closed]

Profit & Loss Report:  QuickBooks 

QuickBooks is all about forms, headers and sub-headers.  You use them in everyday life.  You may write down a Shopping list of things to buy at the store.  You may write the name of the Store at the top of the list and then the items you plan to buy as a sub-account (Indenting) the items you plan to buy.   This is QuickBooks. 

Here is an example of a Profit and Loss Report 

It is a "Video" of all that you do and have done during the year.  You can view this report for any given day, or month, or year.  Type in the dates, and QuickBooks will generate this report for you based on the date you choose. 

If you have a lot of properties, you can view them individually, by choosing the Profit & Loss by Class Report.  Here is an example of an apartment building. 

Profit & Loss Report by Class:  QuickBooks

Everything we do in life, for the first time, looks hard.  The reason is because we have never done it before.  But once we try it, we suddenly discover how silly we were for not doing it sooner, and could kick ourselves dearly.  

QuickBooks has been around for a very long time and will continue to be there.  It is reasonably priced, and your CPA's prefer to use it.  

I think we get intimidated because QuickBooks is a Financial Software Program.  We automatically think, IRS, Income Taxes, I don't know this stuff, therefore, I can't do it. 

But QuickBooks isn't really just for your Accountant to do your taxes with, it's really for YOU, to see where you stand financially, any time you need to know.  You need to have something that is going to be accurate to help you know whether or not you should invest more money into the business, e.g., buy that next house, or wait. 

Hope I have helped those of you who may be undecided.

Nancy Neville