Bookkeeping for a newbie - what do I do??
Hi everyone,
When first starting out, what did you do to keep track of your expenses, revenues, receipts, quotes, numbers, numbers, money, money, etc...? What software or programs helped you the best?
Also, what were some of the mistakes you made that you wish someone had warned you about?
I am looking to purchase a quad in Fresno but a big part of my hesitation is keeping track of the finances. Even with a degree in finance, I am very nervous of what I should do. I know I can't know everything starting out, but I want to make sure I set up a good bookkeeping foundation versus cursing myself down the road.
As always, I appreciate everything you guys have to say...it has all been so informative and helpful!
Rosy
Most Popular Reply
I use this google sheet to track my properties and think that it's sufficient. It's modeled after the Sch E and the only think it doesn't include is depreciation so it's east to give to whoever does your taxes. You can change around the categories however you want and keep a contemporaneous log of your miles as well.
Not sure if I'm allowed to link so mods delete it I'm not supposed to.