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Questions about day to day expenses

Discussion in 'Business Operations' started by rbljack, Feb 3, 2013.

  1. rbljack

    rbljack LawnSite Senior Member
    from Texas
    Posts: 702

    Im still researchign quickbooks these days, and may go with online version, but havent decided yet. My question for this post relates to how you pay, track and file day to day expenses like fuel, drinks, trimmer line, gas, etc.

    I'm going to set up a dedicated checking account for the buisness, along with a debit card. How do yall typically pay for day to day expenses as I llisted above? Hand written check, debit card, or cash? If cash, im assuming a Petty Cash account is necessary to ensure everything is tracked properly in quickbooks.

    Once the item is paid for, do you have an excel spreadsheet or day planner or something to keep track of each purchase. Do you do anything special with the receipts?

    Any help would be appreciated. In the near future we are going to a CPA to have our taxes done for last year, and Im going to have him/her assist me with setting up a quickbooks account as well. Hoping 2013 will be much more organized.
     
  2. JFGLN

    JFGLN LawnSite Senior Member
    Posts: 941

    You can pay your expenses any way you want. Cash, check, etc.... Enter these items into Quickbooks as needed. Keep the receipts in a file cabinet and set up a folder for each month. Once they are in the folder you will probably never look at them again. All the info is in QBs where you can get reports. For example, click on "fuel expense" and create a report for your monthly or yearly cost for fuel.

    Having an accountant set up your QBs is a good idea. Get it set up right from the beginning will save a lot of grief later.
     
  3. DQL10

    DQL10 LawnSite Senior Member
    Posts: 291

    Exactly. And stay on top of it. Enter your expenses after every work day. Trust me on that one!
     

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