![]() And therefore, you’ll find several very useful templates to choose from when you choose New from the File tab and search for “ Expenses” in the Search for Online Templates box. Microsoft, being a company with over 180,000 employees working on thousands of projects, knows a thing or two about expenses. You can approach the process of building a workbook for your expenses in one of two ways – through the use of a template or by building the workbook from scratch. The expenses you add to a worksheet are sortable by date, type of expense, amount, related event/activity, anything that you choose to keep track of about the things you pay for in the process of doing your job or running your business. So – whether you’re an employee or an entrepreneur, that’s a lot to store, and it probably seems like it might be way too complex to store in Excel, but Excel is actually the perfect place to keep all of it. Even your wardrobe and home maintenance expenses can be applied to the “cost of doing business,” especially in the case of home repairs, if your office is in your house. ![]() This includes everything from lunches with clients to gas for your car to get to appointments to your computers and software, all the tools required to do whatever it is you do. ![]() Of course, if you’re self-employed, you’re the one devising and sticking to a budget, even if it’s an informal one, and it’s wise to keep track of the money you spend doing business. There’s typically a Description field, and you’ll be able to populate that with the notes you store in your worksheet. These can be good for your own recollections in the future, but they can also be copied and pasted into that third-party application your employer uses for processing reimbursement requests. ![]() Additionally, you’ll probably have to provide some kind of context for the expense, beyond choosing the budget code for each expense – so you also need to store notes as to the nature and purpose of each expense. You also have to provide a copy of your expenses, and as all transactions are now processed virtually, you’ll need to have scanned copies, downloads, and photos of your receipts. This helps your employer’s financial team keep track of expenses accrued against specific events, clients, projects, and so forth, and helps them keep an accurate accounting and stick to established budgets. ![]() Setting Up Your Expense WorkbookĬhances are, if you’re an employee, you have to enter your receipts into a third-party software application, provided by your employer, which requires you to enter information that links your expenses to one or more billing/expense codes. If you’re an employee, you need to track them so you can be reimbursed by your employer, and if you’re self-employed, you need to track expenses in order to take advantage of the many tax deductions they can offer, saving you potentially thousands of dollars on your yearly federal and state income tax.įind out more about what you can and can’t declare as business expenses, according to the IRS, here. Whether you’re an employee or self-employed, you need to keep track of the expenses you incur in the process of doing business. In this article, we are going to look at how to organize Expense Tracking in Microsoft Excel Tracking Expenses with Excel ![]()
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