Posting Income and Expenses on Pp

[Jilleysue]

I am very confused as to when to post expenses on PP. What if you have expenses that have nothing to do with a show. How do other people do this. I have no clue I went to input them for the last month and I just don't know what I am doing.
Help please!!!!!

 

[fruit76loop]

It's easy!All you have to do is click on the money icon and put all of your receipts in! You will want to catagorize them...such as Food for a show, postage, Mortgage, (you can write part of this off as long as you have a home office) Phone Bill, water bill, gas bill, power bill, cell bill, etc. etc.

Then you just add your reciepts and tally them in. They do not have to be associated with a certain show but if they are, you can put that show # in too!

HTH

 

[Jilleysue]

I don't understand, it automatically puts a show number and what about the already put in codes that are there?

 

[Jilleysue]

Sorry call me dumb on this part

 

[fruit76loop]

not dumb!There is nothing dumb about you!! Silly girl!

First to put in codes that you want to use for your business go to UPDATE then income/expense codes. You can add, delete or change any codes you want.

They hit the dollar button and they click ADD. You can then change all of the fields in the screen. Mine does not show a show # when I do that, but I am not sure if that is because I have already entered all of my expenses for the year or what.

If you need help, feel free to call me tomorrow and I can walk you through it. My number is 307-362-1686! I would love to help you!

 

[Jilleysue]

Do I add receipts up for each category for the month, or do I put each receipt I have in PP?

 

[Jilleysue]

Thank you...Everyone is soo Helpful. I sure Carolyn will say, why didn't you ask...but I am usually up till the weeee hours till I figure this stuff out..I don't give up. She thinks I am crazy...LOL.....HAHAHA.
I just realized I haven't been doing this.

 

[Jilleysue]

What do you use the category CONSULT GIFT FOR?

 

[dannyzmom]

What do you use the category CONSULT GIFT FOR?

LOL - you're funny. You night owl.
Use CONS GIFT for times when you give a hostess an extra gift - or if you say "Bring a friend & get a free gift" - the cost of the gift you give out gets expensed under "CONS GIFT"

 

[chefann]

Or if you offer "Direct shipping for the cost of show shipping" (I frequently do this in my email newsletter to try to get a few extra sales), then you put the part of the shipping cost that you covered as "Consultant Gift." When you use that as a payment type on the order screen, it will ask when you balance the show if you want to add the Gift amounts to your expense report.

 

[jrstephens]

I have a question tooSomeone on here said to keep up with items we purchased for ourelf under someone elses show for tax purposes to show it as a consultant gift. Well, I went back to change those screens to consutlant gifts on what I bought personally. It will not let me change it if it is more than 6 months old and the ones it did let me change it did not create an expense and put them on my report. What do I do about this?

I guess I could jut not worry about it thies year and now better for next year, but I would like to get all I can this year.

 

[fruit76loop]

Jennifer,

All you have to do is add them manually. Just go back through and write down the date and amount then you can manually add them in. Once you balance a show, it will ask if you want to add the expense and when you click yes it is added to your expenses. But if you add an expense after you balance a show it is not added to the yearly list.

I enter each receipt individually with a small explanation of what the receipt is.

As far as consultant gifts, there is a fine line between a gift and an incentive. You are only allowed to write off $25 for each occurance or person for a gift. So, when I offer my host an additional product if they have 5 orders before or if they reach the $1000 level then I enter this in as an incentive, not a gift. But if I am giving a gift as a thank you, then I enter it as a gift. I find this an easy way to keep track of the limit on gifts.

 

[jrstephens]

Jennifer,
As far as consultant gifts, there is a fine line between a gift and an incentive. You are only allowed to write off $25 for each occurance or person for a gift. So, when I offer my host an additional product if they have 5 orders before or if they reach the $1000 level then I enter this in as an incentive, not a gift. But if I am giving a gift as a thank you, then I enter it as a gift. I find this an easy way to keep track of the limit on gifts.

Thanks for the instructions.

What I am doing did not go to the host. It is my personal products I ordered under their names. Should I not be putting it as a Consultant gift and just add it in as a separate payment or something. It is not a whole lot, so, I may just not even worry about it. I worry about if I were ever audited b/c I did not order them in my name. Most is in my mom's name and the money just came out of my account - I did not have to write a check for it or anything.

 

[Jilleysue]

Do I add receipts up for each category for the month, or do I put each receipt I have in PP?

Did someone answer this for me??? I am such an air head????

 

[dannyzmom]

Did someone answer this for me??? I am such an air head????

I do each one individually.

 

[fruit76loop]

Yep!!

I enter each receipt individually with a small explanation of what the receipt is.

Did you get it all figured out?

 

[fruit76loop]

I dunno

Thanks for the instructions.

What I am doing did not go to the host. It is my personal products I ordered under their names. Should I not be putting it as a Consultant gift and just add it in as a separate payment or something. It is not a whole lot, so, I may just not even worry about it. I worry about if I were ever audited b/c I did not order them in my name. Most is in my mom's name and the money just came out of my account - I did not have to write a check for it or anything.

I am not sure on that one. I would ask a tax advisor or CPA just to be on the safe side. I do know that we are not supposed to order items for ourselves on shows but do personal orders to get our discount. But if you don't tell the PC police...I used to order big bottles of spices on shows, just because I hated putting in personal orders for just a bottle of spice. But now...yipeee!!...I don't have to because they are on the supply order form.

I would definately ask someone with more know-how in the tax field about your write offs. Without a receipt or check I don't know how you can write it off. But that is just my 2 cents! Dont think I helped any...

 

[pcleah]

How do I enter mileage? I tried to do it the othe day and got confused. Do I have to change the rate? I think it was .39, but I thought it was .44. Thanks for all the info. I too had all these questions!!!!

 

[jenniferknapp]

I am not sure on that one. I would ask a tax advisor or CPA just to be on the safe side. I do know that we are not supposed to order items for ourselves on shows but do personal orders to get our discount. But if you don't tell the PC police...I used to order big bottles of spices on shows, just because I hated putting in personal orders for just a bottle of spice. But now...yipeee!!...I don't have to because they are on the supply order form.

I would definately ask someone with more know-how in the tax field about your write offs. Without a receipt or check I don't know how you can write it off. But that is just my 2 cents! Dont think I helped any...

What does everyone else do when they order products for themselves under someone else's name and don't have a check or receipt to prove it? TIA!

 

[Jilleysue]

I just talked to my accountant....Did you guys know you could enter satellite and cable? The food channel is on there and hey, we need this for learning tips......LOL!!!!!

 

[pchefjodie]

Can we still add in reciepts for last year in PP or is it just better to wait until we file taxes and give them the reciepts?

 

[fruit76loop]

Still add them!You can still add any expenses that you had from 2006. You will want all of your expenses added in for the whole year, this makes it so much easier!

 

[dannyzmom]

I just talked to my accountant....Did you guys know you could enter satellite and cable? The food channel is on there and hey, we need this for learning tips......LOL!!!!!

Speaking of accountant...I still need you to hook me up with yours...the one I used last year was a LOSER (you can poke back thru the archives and read my rants about him)

 

[Jilleysue]

Ummm I have a couple. The one at the office that works for HR block. He'll do well and a bit more reliable and then I have another one...a bit more "aggressive" (gave me the satellite tip....LOL) but you have to keep on him to get things done..which doesn't bother, but may annoy some.