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#9 Accounting
Archived series ("Inactive feed" status)
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This feed was archived on May 27, 2020 02:08 (
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Manage episode 157126382 series 1211294
Content provided by Ray Anderson. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Ray Anderson or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
In this session of How To Start and Manage a Dog Walking and Pet Sitting Business, I'm going to talk to you about book keeping and accounting. 1. Daily Service Calls
Service Calendar
Monday, January 04, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
10:30 AM
Customer 3 (M, W, F)
11:15 AM
Customer 4 (M-F)
1:00 PM
Customer 5 (Tu, Th)
Tuesday, January 05, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
11:15 AM
Customer 4 (M-F)
1:00 PM
Customer 5 (Tu, Th)
Wednesday, January 06, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
10:30 AM
Customer 3 (M, W, F)
11:15 AM
Customer 4 (M-F)
Thursday, January 07, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
1:00 PM
Customer 5 (Tu, Th)
Friday, January 08, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
10:30 AM
Customer 3 (M, W, F)
11:15 AM
Customer 4 (M-F)
2. Customer Payments
Client
Rec'vd
Check #
Amount
Tot Earn
Jan
Customer 1
01/04/16
#2778
$100.00
$100.00
Customer 2
01/04/16
#2031
$100.00
$200.00
Customer 3
01/04/16
#154
$60.00
$260.00
Customer 4
01/04/16
#1713
$100.00
$360.00
Customer 5
01/04/16
#3654
$40.00
$400.00
Balance Forward
$0.00
Ch # 2778
$100.00
Fee
Customer 1 (M-F)
Total Credit
$100.00
$20.00
Monday, January 11, 2016
$80.00
?
$20.00
Tuesday, January 12, 2016
$60.00
?
$20.00
Wednesday, January 13, 2016
$40.00
$20.00
Thursday, January 14, 2016
$20.00
$20.00
Friday, January 15, 2016
$0.00
$20.00
3. Running Totals of Customer Payments
Client
2016 Cum
Customer 1
$100.00
Customer 2
$100.00
Customer 3
$60.00
Customer 4
$100.00
Customer 5
$40.00
Then next time Customer 1 pays you another $100 for the following week’s of walks, add that $100 to the existing $100 to make it $200 in the 2016 Cum (for Cumulative) column. Do that for every customer and you’ll see how much each one of your customers pays you over time.
4. Monthly Income
Jan (1)
Feb (2)
Mar (3)
Apr (4)
May (5)
Jun (6)
Sub-Total
2016
$400.00
$400.00
Jul (7)
Aug (8)
Sep (9)
Oct (10)
Nov (11)
Dec (12)
Total
2016
$400.00
Using our example of 5 customers who pay you a total of $400 per month, you can use this simple set-up to track your monthly income as well as your 6-month midpoint income as well as your annual income. As your business grows, your monthly income will grow along with it.
5. Running Total Income and Tax burden
Tot Earn
32% Taxes
Taxes
$100.00
$32.00
$32.00
$200.00
$32.00
$32.00
$260.00
$19.20
$51.20
$360.00
$32.00
$83.20
$400.00
$12.80
$96.00
These cells should be added at the end of the cells of 2. Customer Payments above. I’m using the formula that you will have to pay around 32% of your income to State and Federal tax agencies. This will allow you to set aside in your savings account the amount of money that you should pay quarterly. If you pay your taxes on April 15, the IRS will charge you an interest rate for not having paid your quarterly taxes on time. 6. Expenses by Category
Expenses
Date
Vendor
Purpose
Account
Amount
Sls Tax
Totals
1/4/2016
Vendor 1
2 leashes
20b Equip
$25.00
$1.50
$26.50
1/6/2016
Vendor 2
Off Supplies
18 Off Supp
$43.64
$2.62
$46.26
In this example I’m noting that I’ve made two business expenditures. I’ve noted the actual amounts with a separate notation for the Sales Tax which you’ll be able to deduct from your income taxes. Note that I’ve used the IRS 1040, Schedule C designations in the Account column, namely 20b and 18. You can do this if you have a Schedule C in your files for a reference. This will make it easier at tax time to itemize your deductions. You’ll add up all of your #20b expenses and then your #18 expenses as well as all of your other expenses and include those sums in your Schedule C. It’s much simpler than it sounds, really!
Internet sources cited in this session …
www.facebook.com/dogwalkerpodcast
Google “free basic accounting and bookkeeping courses online”
27 episodes
Share
Archived series ("Inactive feed" status)
When?
This feed was archived on May 27, 2020 02:08 (
Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.
What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 157126382 series 1211294
Content provided by Ray Anderson. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Ray Anderson or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
In this session of How To Start and Manage a Dog Walking and Pet Sitting Business, I'm going to talk to you about book keeping and accounting. 1. Daily Service Calls
Service Calendar
Monday, January 04, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
10:30 AM
Customer 3 (M, W, F)
11:15 AM
Customer 4 (M-F)
1:00 PM
Customer 5 (Tu, Th)
Tuesday, January 05, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
11:15 AM
Customer 4 (M-F)
1:00 PM
Customer 5 (Tu, Th)
Wednesday, January 06, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
10:30 AM
Customer 3 (M, W, F)
11:15 AM
Customer 4 (M-F)
Thursday, January 07, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
1:00 PM
Customer 5 (Tu, Th)
Friday, January 08, 2016
9:00 AM
Customer 1 (M-F)
9:45 AM
Customer 2 (M-F)
10:30 AM
Customer 3 (M, W, F)
11:15 AM
Customer 4 (M-F)
2. Customer Payments
Client
Rec'vd
Check #
Amount
Tot Earn
Jan
Customer 1
01/04/16
#2778
$100.00
$100.00
Customer 2
01/04/16
#2031
$100.00
$200.00
Customer 3
01/04/16
#154
$60.00
$260.00
Customer 4
01/04/16
#1713
$100.00
$360.00
Customer 5
01/04/16
#3654
$40.00
$400.00
Balance Forward
$0.00
Ch # 2778
$100.00
Fee
Customer 1 (M-F)
Total Credit
$100.00
$20.00
Monday, January 11, 2016
$80.00
?
$20.00
Tuesday, January 12, 2016
$60.00
?
$20.00
Wednesday, January 13, 2016
$40.00
$20.00
Thursday, January 14, 2016
$20.00
$20.00
Friday, January 15, 2016
$0.00
$20.00
3. Running Totals of Customer Payments
Client
2016 Cum
Customer 1
$100.00
Customer 2
$100.00
Customer 3
$60.00
Customer 4
$100.00
Customer 5
$40.00
Then next time Customer 1 pays you another $100 for the following week’s of walks, add that $100 to the existing $100 to make it $200 in the 2016 Cum (for Cumulative) column. Do that for every customer and you’ll see how much each one of your customers pays you over time.
4. Monthly Income
Jan (1)
Feb (2)
Mar (3)
Apr (4)
May (5)
Jun (6)
Sub-Total
2016
$400.00
$400.00
Jul (7)
Aug (8)
Sep (9)
Oct (10)
Nov (11)
Dec (12)
Total
2016
$400.00
Using our example of 5 customers who pay you a total of $400 per month, you can use this simple set-up to track your monthly income as well as your 6-month midpoint income as well as your annual income. As your business grows, your monthly income will grow along with it.
5. Running Total Income and Tax burden
Tot Earn
32% Taxes
Taxes
$100.00
$32.00
$32.00
$200.00
$32.00
$32.00
$260.00
$19.20
$51.20
$360.00
$32.00
$83.20
$400.00
$12.80
$96.00
These cells should be added at the end of the cells of 2. Customer Payments above. I’m using the formula that you will have to pay around 32% of your income to State and Federal tax agencies. This will allow you to set aside in your savings account the amount of money that you should pay quarterly. If you pay your taxes on April 15, the IRS will charge you an interest rate for not having paid your quarterly taxes on time. 6. Expenses by Category
Expenses
Date
Vendor
Purpose
Account
Amount
Sls Tax
Totals
1/4/2016
Vendor 1
2 leashes
20b Equip
$25.00
$1.50
$26.50
1/6/2016
Vendor 2
Off Supplies
18 Off Supp
$43.64
$2.62
$46.26
In this example I’m noting that I’ve made two business expenditures. I’ve noted the actual amounts with a separate notation for the Sales Tax which you’ll be able to deduct from your income taxes. Note that I’ve used the IRS 1040, Schedule C designations in the Account column, namely 20b and 18. You can do this if you have a Schedule C in your files for a reference. This will make it easier at tax time to itemize your deductions. You’ll add up all of your #20b expenses and then your #18 expenses as well as all of your other expenses and include those sums in your Schedule C. It’s much simpler than it sounds, really!
Internet sources cited in this session …
www.facebook.com/dogwalkerpodcast
Google “free basic accounting and bookkeeping courses online”
27 episodes
All episodes
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Similar to How To Start and Operate a Dog Walking and Pet Sitting Business
Outsource Acelerator Podcast, hosted by Derek Gallimore, explores business and outsourcing mastery. Inside-knowledge from the outsourcing capital of the world - Manila, Philippines.
…
continue reading
Wharton faculty and industry leaders discuss their latest research, books, and relevant business topics. Hosted on Acast. See acast.com/privacy for more information.
…
continue reading
In each episode of "Goldman Sachs Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.
…
continue reading
News and views on business and the world of personal finance. Plus the very latest from the financial markets around the globe
…
continue reading
Wake-up with America's first news - Host Gordon Deal goes beyond the headlines with the day's first look at news and business news from the U.S. and around the world; bringing a lively blend of intelligent information, humor, and expert analysis to morning radio.
…
continue reading
The daily drama of money and work from the BBC.
…
continue reading
Anyone who tells you women don’t need financial advice specifically for them is wrong. Women, whether they’re the caretakers, the breadwinners, or both, face a unique set of financial challenges. That’s where HerMoney comes in. In her frank, often funny, but always compassionate way, Jean Chatzky takes every audience of women through the steps they need to take today to live comfortably (and worry-free) tomorrow, offering the latest research, expert tips and personal advice. Want more money ...
…
continue reading
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