So does anyone track there profits such as in excel, pen and notebook or other format? My wife wants to see how much we make this year, the amount of money we put in to buy something vs free and what profit we make off items.
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So does anyone track there profits such as in excel, pen and notebook or other format? My wife wants to see how much we make this year, the amount of money we put in to buy something vs free and what profit we make off items.
Yes...Big Chief Tablet, pencil and calculator.
Quicken or Quickbooks. They can grow with you, in that depending on the version, you can do invoicing,print checks, run YTD reports etc. If you start now, at the end of the year when you need all that info for taxes, is just a few clicks of the mouse and...WHALA...you will have all your info on a few sheets. my 2. BroJer
I use pen and paper notebook also. I also have 3 big yellow envelopes. One for payments. i will write on the front the date and how much was paid. One for the receipts when you get paid by check and the other for cash. On the front I will put the date, yard and dollar amount. I have 3 yards i use. The receipts go in the envelope. That way at any given time you add up the front of the envelope and see how much you made. I only go to the yards a total of maybe 50 times a year so they all fit nicely on the front.
If you don't keep track of profits
How would you know how much Uncle Sam Gets?
Wait....we're doing this to make a profit?
I better go buy a pen and some paper.
there goes the profit ;-)Quote:
Originally Posted by IdahoScrapper
I'm using an open source (aka freeware) software program called HomeBank. It's a simple program and you can use it to keep track of income and expenses. I wanted to avoid paying for software, but just might make the plunge and get a Quicken program soon, since I can't seem to record split transactions with the one I have.
Quickbooks - Simple Start. Free and plenty of features.
paypal does a nice statement that breaks everything down, i just need to add a small amount of info to what they provide at tax time, but most people dont receive over 20k a year in paypal payments so that wouldnt apply to them
I'm using excel. As I bring in money from scrap, I'm trying to keep my net as close to $0 as possible by plowing the $$ back in. Tools, gas, biz cards, magnetic truck stickers, those inventory storage carts, auction bids, etc, etc.
Since I went to the yard again today & got $123.05, my next purchase will be this week: A new corded sawzall with blades.
At some point I'll have everything a scrapper could possibly need (except more time!) and then I'll start rendering unto Caesar.
I use Quicken Home and Business 2010 and learning how to use it right now. might try quick books as well.
used to have a cpa do it all but got tired of paying an agency so much money
Which version do you have?Quote:
Originally Posted by BroJer
I am currently using Quicken Home and Business 2010
I have 2 "Accounts" setup...one for invoices/metal receipts and the other for all my expenses.
What I have found to be the easiest way for expenses, the version really does not matter, is to make all of your entries through the check register or a petty cash register. Each time you make an entry, you are able to setup an expense category, ie...tools, fuel, repairs, uniforms, parts, etc. It saves trying to setup all the different categories in advance. (some are standard in the program) You can enter your deposits in the petty cash register, for anything you are keeping on hand, and in the check register, for any actual deposits going to the bank. Reconciliation is easy, accurate and fast.Quote:
Originally Posted by GeorgeB
Invoicing is the same way. It is very easy to enter the info, for each new client, as you gain customers. Everything is auto recalled when you start an invoice, or check.
I also had a personal account setup. I always kept personal finances, separate from business, and paid myself on Thursday, just like the employees.
When I ran the printing company, (sold the name. now just service my customers and do sales) I had two small printers on my desk. One was for pre-printed/numbered checks, and the other for invoicing and reports. I could come into the office after running a equipment for 8-10 hours, and pay all the bills, get all the invoicing done, in no time.
Another benefit is that Quicken/Quickbooks owns Turbo Tax. If all of your entries are in order, taking care of things come tax time, is fast, easy and accurate. (I still had an accountant review it all and handle the payroll)
Anywhoooo I have used the programs since the early nineties. They are very user friendly and you can set them up as simple, or as complex, as you choose. Me, I like simple. There are a lot of features I never used. Hope that helps! BroJer
Okay, lets stir it up a little more.......
1) How many have a separate bank account for scrapping
2) How many just combine the money in the personal account?????
I know first you need to make money to have anything to put in a bank.... Ok so
3) 3rd selection.... put it all in coffee cans and keep it at home..
Oops....Quote:
Originally Posted by twmart
I am using Quicken.... But am looking at "Quicken Home Business" or "Quickbooks" I am not sure which to use I am thinking Quickbooks....
The issue I have is I don't know how well either one is set up at doing a scrap business
The basic of ANY "business"... is to track what comes in, and what goes out. Does not matter if it is scrapping, trucking, or whateverrrrrrr You can customize either one to fit your needs!Quote:
Originally Posted by twmart
I always kept a separate account for personal and business. It takes a lot of discipline, for anyone who is self employed, to NOT spend business funds, on personal wants. By keeping separate accounts, it can make that, and accounting, a little easier.
Quicken is more than sufficient to get organized and track, both personal, and business, if you are just getting started. my 2, no charge ;-) BroJer
I visited the Quickbooks site and they offer a 30 day free trial and then $13.00 per month after that for Simple Start. I didn't delve into it too deeply, but it looks like an online service. I'd rather have a program I can purchase outright and install on my computer.Quote:
Originally Posted by Mick
Quicken does offer a free version of financial software called Mint, but I'm not comfortable with that since it requires using their cloud. I don't want to take a chance of it being hacked.
Look on fleabay. you can get one that is a few years outdated, to get started, cheap. I did not spend to upgrade every year. It worked and I didn't fix it! I would every 3-4 years. Is worth a look. BroJerQuote:
Originally Posted by billygoat
Quote:
Originally Posted by billygoat
Maybe it's not "free" anymore, then. I downloaded the program four years ago and just keep extending the same forms each year. Works fine.Quote:
Originally Posted by BroJer
I keep all my money in a saftey deposit box.......If there is more in the box than last month I made a profit....LOL
I am impressed!Quote:
Originally Posted by mikeinreco
and
Not all of my mason jars...have canned greens. jus sayin ;)
Perhaps someone can answer this question.
I am trying out both Quickbooks and Quicken. Trying to see which one will be easier and quicker to utilize.
In quicken, I added a customer payment, but instead of showing green/black it is showing in red with a negative sign. But if I click on cash account that I deposited the money into, it shows a positive balance.
Is there a reason why in one area it is negative, and the next, it is positive? Right now, It is a bit confusing.
Thanks was looking at quicken or some sort of program along those lines. Just wanted to see how many people track it and what they were using.
I use excel, as well as, Quickbooks. Our business also has an accountant who helps us file our taxes and keep track of profit vs. taxes we need to pay.
old school paper pen and receipts lol
profits ? PROfits? PROFITS ? IDON'T GET NO STINKIN PROFITS!!
If you look for the 2010 and older Quickbooks Simple Start you can find it to download and use.Quote:
Originally Posted by billygoat
Hey all,
Im a linux geek at heart! I love software that I dont have to pay for. For all those who said that you have quicken or quickbooks, I wanted to offer another alternative that is out there for FREE! Yes I said free.
It is called GNUcash. It is a free (open source = General Public Licence). It is able to be ran on Window, Mac, and Linux. It is what I use to trac my spending for scrapping and for my personal finaces. It can do everything from simple checkbook to double entry Business Accounting.
I hope that you will give it a try. You can even import quicken files and quickbooks files.
Why pay for something when you can get it for free!
James
I'm still in the pencil, paper and coffee cans mode.
I would love to see an example of someones excel template....ive recently been trying to remember the excel stuff from high school.
Mines a generic tablet I got out of a bunch from my Aunt's. Free pens too to keep track. No calculator, just free scratch pads for adding up the figures.Quote:
Originally Posted by KzScrapper
Screw any kind of computer program, I barely remember to make time to do the tracking manually let alone sit at the computer and do it.
Oh, and a stapler to staple receipts at the back of the tablet into.
This all goes into a zippered notebook type thingy I picked up scrapping.