![]() ![]() 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. Your net income lets you know whether you have gone under or over your budget.In this article, we are going to look at how to organize Expense Tracking in Microsoft Excel Tracking Expenses with Excel It should have details for your total income, total expenses, and net income. Once amount for each expense is entered, the template will auto-calculate your total expenses.Ĭheck the topmost part of this template to review your expense tracker. Categorize and list down your expenses according to your needs.įor each expense listed, enter its corresponding amount on the same row. Different expense areas such as housing, transportation, personal spending, recreation, and others are listed as examples of essential and non-essential expenses, but you can modify them as you see fit. The categories listed in this template are divided into two groups – essentials and non-essentials. List down your expenses according to its category. ![]() Once earnings for each income is entered, the template will auto-calculate your total income. Your income source may be from your salary/wage, business, pension, investment, or others.įor each income source listed, enter its corresponding amount on the same row. A summary table is featured at the topmost part of the bills tracker so you can easily view your total income, total expenses, and net income.Įnter your sources of income under the designated column. The spending tracker has built-in formulas therefore all sections needing calculations are autogenerated. It’s downloadable and customizable in Excel format. ![]() With this in mind, we were able to design a monthly bill tracker which is perfect for tracking your monthly expenses. It also allows you to decide which expenses you can cut back to save more. Tracking your expenses gives you the information of what and how much you’re spending on a specific item. If you want to better manage your finances, the first step is to make sure you track your expenses in a regular basis, be it daily, weekly, or monthly. ![]()
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