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Common
Situations
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Credit
Co. Summary
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Bill
Payment Provider
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IC-Home Edition
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This is not Business
Accounting
But, it tracks Rental Properties and Home business expenses
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Lunch paid with a Credit
Card?
* Need
to separate Personal from Business? |
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All Restaurants grouped together |
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Show that Credit Card was paid;
* some show total Restaurant expenses |
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Individual tracking provides for the distinction of each item charged;
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items carried to the appropriate report and the corresponding line for
tax preparation reports |
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Ever purchase Office Supplies with a Credit Card?
* Need
to separate Personal from Business? |
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All Office Supply stores grouped together |
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Show that Credit Card was paid;
* some show total Office Supply expenses |
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Individual tracking provides for the distinction of each item charged;
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items carried to the appropriate report and the corresponding line for
tax preparation reports |
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Ever Pay Tolls or Parking;
* tipped a Bellman or
* Luggage Handler;
* buy gasoline;
* pay for temporary help with Cash?
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Need to separate Personal from Business or Home Improvement? |
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Nothing,
* they don't know about it |
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Nothing,
* they don't know about it |
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Having a Cash Allowance item established, cash paid expenses are
recorded and
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the allowance is replenished;
* items carried to the
appropriate report and the corresponding line for tax preparation
reports |
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Ever purchase
Office Supplies with Cash?
* Need
to separate Personal from
Business? |
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Nothing,
* they don't know about it until an item is paid with a credit card |
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Nothing,
* they don't know about it |
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Having a Cash Allowance item established, cash paid expenses are
recorded and the allowance is replenished; items carried to the
appropriate report and the corresponding line for tax preparation
reports |
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Want to save money
* for Gifts,
* a new PC,
* non-monthly expenses,
* eyeglasses,
* yearly insurance premiums? |
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Nothing,
* they don't know about it until an item is paid with a credit card |
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Nothing,
* they don't know about it.
* Suggest you have separate saving accounts for each |
When a deposit is made, funds are
factored based on the target date and allocated to each expense;
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this is true whether it is a bill or a future expense wish
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Want monthly expenses "smoothed out"? |
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Nothing,
* they don't know about it |
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Nothing,
* bills are not in their control |
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Since deposits are factored,
* an even amount is allocated to each expense and
* remaining funds become the allowance or 'spending money'
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Want to Ease checkbook
balancing? |
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Nothing |
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Nothing;
* payments still need to be recorded in the checkbook and
* balanced manually |
* Recording of
payments generates an automatic check register and
* balancing is just a few clicks;
* checkbook balancing report printed with a click of the mouse |
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Have one or more rental
properties and
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need to track expenses for
Schedule-E tax reporting |
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Nothing;
* the closest is groupings by store type if a separate card is used but
* can't distinguish to which
property the expense belongs |
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Nothing;
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and most expenses are reactionary with rental properties
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* All expenses are
user defined with predefined guidance regarding the Tax form and line
it belongs to;
* the expenses would be defined for each property so that reports can
show income and expense activity by rental unit as well as combined |
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Need to accumulate like expenses for Tax
filing?
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Separate for unreimbursed job expenses, contractor (1099),
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or rental property? |
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Nothing |
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Nothing |
* All expenses are
user defined with predefined guidance regarding the Tax form and line
it belongs to.
* The software already knows how to accumulate payments according to
tax filing requirements |
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Need to accumulate and
* average expenses for
Divorce
court ?
*And, the numbers
need to be updated every time there is a new court hearing! |
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Nothing |
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Nothing |
* A User Defined view function
provides for matching the desired expenses to a User Defined
description.
* Then, the User Defined view gathers the expenses related for that
view along with totals for Last Month, and averages for 3,6 and, 12
months. |
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