Comments on: The Importance of Keeping Good Records http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/ The Internet's #1 Freelance Writing Community Sun, 08 Nov 2009 03:42:16 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: PB http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-46657 PB Mon, 29 Sep 2008 16:48:35 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-46657 Hi! I'm new to freelancing and have an invoicing system I'm happy with. I don't know, however, how to set up my spreadsheet to keep the books – perhaps this is very obvious to some, but not to me! I'd prefer not to pay for software, because once I have the sheet set up, I'll have everything I need for my accountant. What I need to track are: invoices outstanding invoices paid funds paid to myself in salary funds put aside for tax & pension funds paid out to other freelancers (sub-contractors) commission paid out to myself on the above jobs expenses Could you advise? Thanks! PB Hi! I’m new to freelancing and have an invoicing system I’m happy with. I don’t know, however, how to set up my spreadsheet to keep the books – perhaps this is very obvious to some, but not to me! I’d prefer not to pay for software, because once I have the sheet set up, I’ll have everything I need for my accountant.

What I need to track are:
invoices outstanding
invoices paid
funds paid to myself in salary
funds put aside for tax & pension
funds paid out to other freelancers (sub-contractors)
commission paid out to myself on the above jobs
expenses

Could you advise?

Thanks!
PB

]]> By: 27 New Link Love Articles This Week | Writer's Resource Center http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23953 27 New Link Love Articles This Week | Writer's Resource Center Sun, 04 May 2008 17:14:38 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23953 [...] The Importance of Keeping Good Records [...] [...] The Importance of Keeping Good Records [...]

]]> By: Christie http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23595 Christie Wed, 30 Apr 2008 12:56:50 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23595 Hi Deb: I'm an excel girl, too. I have three spreadsheets - one for income where I record invoice number and date, client invoiced, amount invoiced for, and date received (and amount received which can differ sometimes). Then I have a mileage spreadsheet, which I catch up on every couple of weeks. I track my mileage in my date book and then transfer it in...and finally I have an expense spreadsheet which has several columns for itemization. My accountant (dad!) loved it when I printed those out and handed them to him (he wouldn't be able to handle me emailing them). My business is still new enough and small enough that this simple system works for me. Hi Deb:
I’m an excel girl, too. I have three spreadsheets – one for income where I record invoice number and date, client invoiced, amount invoiced for, and date received (and amount received which can differ sometimes). Then I have a mileage spreadsheet, which I catch up on every couple of weeks. I track my mileage in my date book and then transfer it in…and finally I have an expense spreadsheet which has several columns for itemization.
My accountant (dad!) loved it when I printed those out and handed them to him (he wouldn’t be able to handle me emailing them). My business is still new enough and small enough that this simple system works for me.

]]> By: Hazel http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23594 Hazel Wed, 30 Apr 2008 12:35:47 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23594 I'm piggy-backing on my husband's law practice, so I use TimeMatters for timekeeping (which I hate) and QuickBooks for accounting, which I'm getting used to. I've started invoicing in QuickBooks, which saves a lot of time now that I've made my own templates. I also balance my business checkbook in QB, and it downloads transactions from my bank, which also saves a lot of time. The reports are great at tax time. Thanks for the tip about TraxTime -- it's cheap enough that I'm tempted to try it. I’m piggy-backing on my husband’s law practice, so I use TimeMatters for timekeeping (which I hate) and QuickBooks for accounting, which I’m getting used to. I’ve started invoicing in QuickBooks, which saves a lot of time now that I’ve made my own templates. I also balance my business checkbook in QB, and it downloads transactions from my bank, which also saves a lot of time. The reports are great at tax time.
Thanks for the tip about TraxTime — it’s cheap enough that I’m tempted to try it.

]]> By: The Writing / Editing Job Roll » 04/30/08 Writing Jobs and Links http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23592 The Writing / Editing Job Roll » 04/30/08 Writing Jobs and Links Wed, 30 Apr 2008 12:24:15 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23592 [...] The Importance of Keeping Good Records [...] [...] The Importance of Keeping Good Records [...]

]]> By: Phil http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23583 Phil Wed, 30 Apr 2008 00:40:46 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23583 Debbie, The envelope system works fine, I used it for years, but I would be covered in paper if I continued to use it now, 15 years into the business. So I scan receipts, bills, everything into PDF files and store them electronically. I also use an old version of ACT! (new one is a memory pig) for contacts, and QuickBooks for accounting. Excel can work, and I'm sure a lot of the functionality in QB comes from spreadsheet-type calculations, but I prefer QB higher functionality. I've had some basic accounting courses, so I can usually recognize an error quickly in QB (misrecording a liability or an asset), otherwise I might use Excel. Debbie,

The envelope system works fine, I used it for years, but I would be covered in paper if I continued to use it now, 15 years into the business. So I scan receipts, bills, everything into PDF files and store them electronically.

I also use an old version of ACT! (new one is a memory pig) for contacts, and QuickBooks for accounting. Excel can work, and I’m sure a lot of the functionality in QB comes from spreadsheet-type calculations, but I prefer QB higher functionality. I’ve had some basic accounting courses, so I can usually recognize an error quickly in QB (misrecording a liability or an asset), otherwise I might use Excel.

]]> By: Nikki http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23559 Nikki Tue, 29 Apr 2008 16:59:08 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23559 I'm like Kristy but this is the first year I will really need to get a system together. I have some accounting software on my pc but I haven't used it yet but I am also an old-school Excel kind of girl... so who knows but luckily it's early enough in the year that I can go back without too much trouble and get all of this together. I’m like Kristy but this is the first year I will really need to get a system together. I have some accounting software on my pc but I haven’t used it yet but I am also an old-school Excel kind of girl… so who knows but luckily it’s early enough in the year that I can go back without too much trouble and get all of this together.

]]> By: Debbie http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23556 Debbie Tue, 29 Apr 2008 16:48:48 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23556 Excel spreadsheets and monthly envelopes for reciepts are both things I do also! Excel spreadsheets and monthly envelopes for reciepts are both things I do also!

]]> By: RLD: Taekwondo Happiness http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23555 RLD: Taekwondo Happiness Tue, 29 Apr 2008 16:47:35 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23555 I'm a MS excel person, too. I like your idea for keeping tabs on clients - I'm going to have to try that one day! I’m a MS excel person, too. I like your idea for keeping tabs on clients – I’m going to have to try that one day!

]]> By: Kristy http://www.freelancewritinggigs.com/2008/04/the-importance-of-keeping-good-records/comment-page-1/#comment-23550 Kristy Tue, 29 Apr 2008 15:49:20 +0000 http://www.freelancewritinggigs.com/the-importance-of-keeping-good-records/#comment-23550 My record of accounting is no where near where it should be, I admit it! I'm in the process of reorganizing my system, so all of these wonderful suggestions are great. Thanks for sharing everyone! My record of accounting is no where near where it should be, I admit it! I’m in the process of reorganizing my system, so all of these wonderful suggestions are great. Thanks for sharing everyone!

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