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IC-Home Edition

     

This is not Business Accounting
But, it tracks Rental Properties and side business

• 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
• 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
• 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
• 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
• 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
• Individual tracking provides for the distinction of each item charged;
• items carried to the appropriate report and the corresponding line for tax preparation reports
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?
• 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
• Want to save money
• for Gifts ,
• a new PC,
• non-monthly expenses,
• Educational requirements ,
• License renewals
,
• yearly insurance premiums?
• Nothing,
• they don't know about it until an item is paid with a credit card
• Nothing,
• they don't know about it. 
• Banks 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;
• this is true whether it is a bill or a future expense wish 
• Want to Ease checkbook balancing ? • Nothing • Nothing;
• payments still need to be recorded in the checkbook and 
• Checking account 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
• Accumulate money to pay taxes
• 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