Anita Smith
anitatiedemann at gmail.com
Thu Oct 4 23:50:04 CDT 2007
John, We at DDI Solultions use our own custom made database. It does everything that your spreadsheet does and also keeps track of who billed what and who incurred the expense as we are 4 partners. We can click a button to produce the tax figures for our accountant and we have an executive summary screen where we can see where we are at regarding invoicing, expected payments, tax saved up etc etc. We each do our own billing and enter our own expenses in the database. We don't spend much time on administration at all. Probably less than 1 hour each per month. Anita 1. How much money we each have 2. How much tax we have each saved up 3. The total $ eachHow much we have under process how much tax we owe On 10/5/07, jwcolby <jwcolby at colbyconsulting.com> wrote: > > I have developed a really cool and useful spreadsheet to allow me to track > my actual expenses, income, taxes etc. It has so far been a work in > progress, leaving last month's sheet locked and copying it to a new sheet > for this month, then to new sheets for "out into the future". It allows > me > to input my actual billing (from the previous month) or projected billing > which will be the "income". > > I have columns for Expense name, Expense amount, "will pay this someday", > paid but not cleared and cleared checkboxes (actually little Xs). > > Putting an x in those columns copies the expense amount over to a "paid > but > not cleared" and "Paid and cleared" column. The Expense Amount, Billed > Not > Paid and Billed and Paid columns get summed at the bottom. Thus these > three > columns show what my expenses are, what expenses have been paid but the > money has not been deducted from my account, and bills paid and deducted > from my account. > > I use internet banking and can see my bills clear and my account balance > at > any given instant in time which I copy into the spreadsheet as I update > the > Xs that mark bills paid not cleared and paid and cleared. > > Off to the right side I have a pair of columns to track the bank account, > Billing not received, Paid not Cleared etc. > > Also in the same column I have a small section for tax deductible items - > medical insurance, mortgage interest, SEP IRA, FICA (self insurance > actually) etc. > > Way off out of sight I have a section to compute the FICA using the rules > for Sole Proprietor. Another area calculates the Progressive tax on the > actual (annualized) taxable amount. > > And finally a section that computes my taxes (roughly) and feeds it back > in > to the expense column. > > Doing all of this allows all of my totals to change as I enter any bill > over > in the left hand "expense amount" column. Also as I change my billing it > updates my taxes owed and subtracts all expenses (taxes are fed into the > expense column) to give me a "net after expenses" (truly sad). > > But... The good news is that for the first time EVER I know my financial > state given my bills and a billing amount. And it WORKS! I can see what > my > FICA is so I can save that in a tax account, and what my state and federal > taxes will be after legitimate deductions so I can save that in a tax > account. In future months I can play with how much I pay to credit cards > (I'm paying them off), how much I pay into my various tax deductions such > as > medical and SEP Ira and have that instantly feed back to tell me how much > has to go into the tax account (again, roughly) as my deductions > change. Or > how much I have to work (bill) to pay all the bills and have X dollars > left > over. It can be depressing but at least I know where I stand or where I > could stand if I worked 20 hours every day. > > Would anyone care to comment on what you use to know your financial > position. > > John W. Colby > Colby Consulting > www.ColbyConsulting.com > -----Original Message----- > From: accessd-bounces at databaseadvisors.com > [mailto:accessd-bounces at databaseadvisors.com] On Behalf Of Jim Dettman > Sent: Thursday, October 04, 2007 11:43 AM > To: 'Access Developers discussion and problem solving' > Subject: Re: [AccessD] consulting fees > > John, > > You make an excellent point. There are some other things that do go up as > a result as well, like workmen's comp and disability insurance, but those > are minor when compared to the government's take<g>. > > Jim. > > -- > AccessD mailing list > AccessD at databaseadvisors.com > http://databaseadvisors.com/mailman/listinfo/accessd > Website: http://www.databaseadvisors.com >