InCharge-Home edition Samples ICH is the result of years of practical situations
Obviously, not all that is provided by ICH applies to everyone
Expenses / Bills: • Everyone has recurring bills
• Everyone has variety of personally specific expenses
• Most people use Credit Cards
• Credit card charges are usually left unrecorded (trouble brewing)
• Credit Card charges usually bring a surprise when the statement arrives
• Written Checks are recorded in a check register
• Debit payments are (should be) recorded in the same check register
• Majority of people are employed and receive a W2 at year end
• Some people work as Independent Contractors (may or may not get a 1099)
• Some people own rental Property
• Some people maintain one checkbook while others track multiple checkbooks
The Samples: • The reports shown are created automatically as the result of:
- • Recording Deposits (as you do now)
- • Recording Payments (as you do now)
- • Recording Credit Card charges (as you should be doing; they are payments)
• A unique feature of ICH is that when a deposit is recorded, it is internally
allocated to each expense that you defined
(money is set aside for when the Bill / Expense is due)
Business Activity: • Schedule "C" tax reporting (Independent Contractor; Side Business) -Track income & expenses of new ventures without having to open multiple separate checking
accounts and credit cards (be careful, you can't always do that; like LLC) But you can track
separate checking accounts. Full fledged businesses should use Business Accounting software. • Schedule 'E' tax reporting (Rental Property) -Track multiple rental properties without having to open multiple checking accounts
Other: • Gather information for 'Special' reporting -(ever have to fill out Court papers with information on expenses?)
Just like you do now... (or should be doing)
• Record the deposits • Record the payments
All these Reports (and more) are produced
automatically at the click of the mouse