Realtor
Situations |
Credit Co. Summary |
Bill Payment Provider |
IC-Home
Edition |
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This is not Business
Accounting But, it tracks Rental Properties and side
business
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Need to separate and, group expenses
according to IRS tax reporting requirements Year end requires
tabulation |
Knows nothing about Real Estate agents
tax reporting Can group some expenses if a separate Credit Card
is used only for RE expenses |
Seldom used by Real Estate
agents Expenses are reactionary usually based on need to
advertise or renew License |
Individual tracking provides for
the distinction of each item paid; items carried to the appropriate report and
the corresponding line for tax preparation reports |
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Keep
separate checking account
for Real Estate expenses according to IRS tax reporting
requirements
Year end requires tabulation |
Knows nothing about checking
accounts |
Seldom used by Real Estate agents
Expenses are reactionary usually based on need to advertise or
renew License |
Manages multiple checking accounts |
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Use
same checking account for both
personal and RE expenses keep RE receipts separate Year
end requires tabulation |
Knows nothing about checking account
usage |
May be used to pay some personal
bills Not applicable for most RE agent expenses |
Individual tracking provides for
the distinction of each item paid; items carried to the appropriate report and
the corresponding line for tax preparation reports |
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Have a
separate Credit Card for RE
expenses but have only one checking account and pay the card from
that checking account Year end requires tabulation |
As long as the card is used diligently
only for RE, it can show year end summary by store type when it
knows. Can't tell if office supply store purchase was for advertising or office supply
or training or licensing |
Office expenses, advertising
expenses and Licensing expenses may be paid online but
can't be scheduled |
Individual tracking provides for
the distinction of each item charged; items carried to
the appropriate report and the corresponding line for tax
preparation reports |
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Use same Credit Card
for Personal and RE expenses Need to separate Personal from
Business?
Year end requires tabulation |
All Restaurants
grouped together All Office Supply stores grouped
together Can't tell which are business and which are
personal Can't tell the business category |
Show that Credit Card was
paid; some show
total Restaurant expenses some
show total Office Supply expenses Can't tell which are
business and which are personal Can't tell the business
category
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Individual
tracking provides for the distinction of each item charged;
items carried to the appropriate report and the corresponding
line for tax preparation reports
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Cash
payments... Ever Pay Tolls or
Parking; tipped a Bellman or Luggage Handler;
buy
gasoline;
pay for temporary help with Cash?
Need to separate
Personal from Business or Home Improvement?
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Nothing, they don't know about it |
Nothing, they don't know about it |
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, Educational requirements , License renewals ,
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. Banks suggest you have separate saving
accounts for each
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When a deposit is made, funds are factored
based on the target date and allocated to each expense;
this is true whether it is a bill or a future
expense wish
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Want
to Ease checkbook
balancing ?
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Nothing |
Nothing; payments still need to be recorded in the checkbook
and Checking account
balanced manually
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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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Accumulate money to
pay taxes
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Nothing |
Nothing Banks
suggest you have separate saving account to save for taxes |
When a deposit is
made, funds are factored based on the target date and allocated to
each expense;
this is true whether it is a bill or a future expense wish
Establish a "Tax to be paid" expense item and money will be
allocated to it with each
deposit
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