I am on my second year with my side business. I want to know how to enter expenses? rather then having to upload a reciept?? example, website, domain name. business cards and signage. where does that go?
There are a few ways you enter expenses. You can connect your bank and have transactions imported. You can download from the bank into one of several file types and then upload using the More/Upload a bank statement on Transactions page. You can also enter transactions manually, go to Accounting/Transactions, then add expense., complete necessary detail.
How you classify expenses is up to you in terms of how much segregation you want in expenses. You can split the above that you mentioned between office expense, advertising, and license fees. Alternatively, they can be called Office Expense or General and Administrative. It's going to depend on how much you want to know where you are spending your $. The important thing is to remain consistent.
For my clients, I stress that it is important to segregate items that have a different treatment such as meals or gifts.
Mike G, CPA
Better Service - Better Pricing
thanks MIke!! i was pretty close there as I lingered in that. It is a direct sales business so i am not hooking up my bank or anything to it. just a way to keep track of expenses and inventory throughout the year. usually my expenses are what you mentioned, advertising, office expenses.