Expense Tracking
- Thread starter nickreal
- Start date
Ummm, yep in the financial roadmap I do have auto insurance listed under "Insurance - Automobile & Vehicle (all vehicles)" That was pretty self explanatory. Not so much in quickbooks. There was no auto insurance account listed so I created an automobile insurance sub-account under insurance (it already had liability, disability and workmans comp)but when my accountant did my taxes she moved it to under the automobile expense account. :?:
Yes I have the BRC Financial Roadmap and I like it a lot, but unless I'm using it totally wrong its purpose is to build a selling price. I'm just trying to get my expenses entered into quickbooks and I wanted to make sure it was in the right place for tracking.
I really appreciate everyone's support with my ignorant questions. Our companies have tripled monthly income in the past 6 months and I'm having a hard time keeping up with everything. I know, I know, build systems. Easier said than done. Don't get me wrong I'm not giving up just getting a little frustrated. And don't be surprised if come up with several more ignorant questions in the near future.
I really appreciate everyone's support with my ignorant questions. Our companies have tripled monthly income in the past 6 months and I'm having a hard time keeping up with everything. I know, I know, build systems. Easier said than done. Don't get me wrong I'm not giving up just getting a little frustrated. And don't be surprised if come up with several more ignorant questions in the near future.
nickreal said:
OOps, sorry to come off as a smart aleck. My wife was breathing down my neck to go to dinner and my response was rushed to say the least. Mea culpa.
If I may say, now that I have a few more minutes, the Roadmap is also used as a checks and balances against your financial accounting program and P&L. The Running Totals on the Budget Worksheet provide an easy way to view your Total and Net Income from month-to-month. Simply print your P&L and bounce the Running Totals categories against your P&L. If they're close or slightly out of whack - no worries - you're near meeting your goals for the month.
But if you're way off (10%+ or -) it's time to do a little bit of investigation in your monthly statement to see what happened. The whole purpose of the Roadmap is to ensure that you correct the ship before it hits the iceberg. At times it's even necessary to start a new one because the assumptions of the old one are way off. (tripling gross in 6 months means it's time for a new Roadmap!
)All the best and if you or anyone needs help with the Financial Roadmap and how to integrate it into your accounting system, feel free to email or call me.
By the way Rick, that's GREAT news that your income has tripled over the last 6 months! I don't believe there's such a thing as a dumb question and again sorry if I appeared to come off terse in my pithy (and pressured!) reply. Sunny was REALLY hungry.
Scott
J Scott W
Member
For tax purposes, your accountant is correct. It must be included as a vehicle expense.
Scott Warrington
Scott Warrington
Brian R
Member
scottw said:
Not if you lease both the vehicle and the equipment inside.
Business Insurance.
