Money
It's safe to say that everyone want's to make money one way or another. But are you keeping track of your money? Are you being a being a responsible accountant for yourself? Well, you should be. It helps. A lot.
This thread is a miniature guide on how to manage and account your money. I will guide you through how to keep track of income and expenditures using Excel, a popular tool used by businesses of all sizes. Even Goggle.
Who am I?
My name is urbanized. I prefer not to disclose my real name online. I'm a business guru, entrepreneur, business consultant, and oh my the list goes on. I'm currently in the midst of my final year of high school, pursuing economics and business in the near future realm of college.
What are the advantages to accounting?
Keeping track of your money flow is more significant than you think. It helps you recognize the state of your company's value, what your spending budget can be, and many legal reasons that you reasonably don't realize. And, it doesn't hurt to do some accounting for fun, it feels good to have all your money organized.
For small businesses, it can prevent theft, leaking, and help you understand the flow of how money goes in and out of your business, providing valuable insight on your expenses and revenue. Oh, and its a lot easier to view your profit, what you have a room open for, and many more things.
Also, your f***ing chargebacks that you guys always end up in, accounting plays a big role in refunding, chargeback, etc.
How to start?
Getting started isn't really too difficult. If you own a Microsoft 360 license, Excel should be arranged onto your computer. Google's app sheets will work just as well, as we won't be needing too many features. The only time purchasing excel is worth it is if you become a legal business and need to produce stats and insights for analysts to help determine what changes can be set in place.
Setting Up
Once you've got excel/sheets all figured out and booted up, it's pretty and click and go operation from here. You're going to want to create two sheet's, one for income/revenue, the other for expenses/expenditures.
Now, let's set em up.
Expenses/Expenditures:
On the top column going across, you'll want to input these things into a column: Name, Good/Service, Price, Email of users PayPal account, type of payment, and date. You would fill out each line vertically for every purchase or expense that happens.
Income/Revenue:
On the top column going across, you'll want to put these things into a column, Name, what the payment was for if it was manual or automated (through a site, button, etc), their PayPal email, the amount of money received, and the date.
Constant Updating
Constant updating is required. And there is no special trick, it's simply a habit of inputting data. Though it may seem a struggle at first, once you get to running a little operation or business, it's quite needed to account. I'm sure there are plugins for it, but as long as you aren't getting constant payments always, just doing 30 minutes of accounting every night is worth it.
Legal
There are different legal reasons why a personnel should be accounting, especially if it's not just personal payments to a family member. If you receive more than a $1000, it's required to send your income and expenses to the government. If you pay an individual or business more than $500, you most report it and your income and expenses to the government. It's also useful for PayPal issues, trying to find a user's info if they request a refund, etc.
Conclusion
Just to wrap things up, I'll summarize everything here. You should be using excel to account your income and expenses, as it provides useful uses from taxes and government reporting to simple refunding and managing profit.
Thanks for reading.
I'm always active on this site, so feel free to PM me any business/entrepreneurship related questions if you're in the field.
I'll be updating the post EVERY DAY with more information when I can spare time to sit down and do some solid writing. Pictures should be added eventually.
It's safe to say that everyone want's to make money one way or another. But are you keeping track of your money? Are you being a being a responsible accountant for yourself? Well, you should be. It helps. A lot.
This thread is a miniature guide on how to manage and account your money. I will guide you through how to keep track of income and expenditures using Excel, a popular tool used by businesses of all sizes. Even Goggle.
Who am I?
My name is urbanized. I prefer not to disclose my real name online. I'm a business guru, entrepreneur, business consultant, and oh my the list goes on. I'm currently in the midst of my final year of high school, pursuing economics and business in the near future realm of college.
What are the advantages to accounting?
Keeping track of your money flow is more significant than you think. It helps you recognize the state of your company's value, what your spending budget can be, and many legal reasons that you reasonably don't realize. And, it doesn't hurt to do some accounting for fun, it feels good to have all your money organized.
For small businesses, it can prevent theft, leaking, and help you understand the flow of how money goes in and out of your business, providing valuable insight on your expenses and revenue. Oh, and its a lot easier to view your profit, what you have a room open for, and many more things.
Also, your f***ing chargebacks that you guys always end up in, accounting plays a big role in refunding, chargeback, etc.
How to start?
Getting started isn't really too difficult. If you own a Microsoft 360 license, Excel should be arranged onto your computer. Google's app sheets will work just as well, as we won't be needing too many features. The only time purchasing excel is worth it is if you become a legal business and need to produce stats and insights for analysts to help determine what changes can be set in place.
Setting Up
Once you've got excel/sheets all figured out and booted up, it's pretty and click and go operation from here. You're going to want to create two sheet's, one for income/revenue, the other for expenses/expenditures.
Now, let's set em up.
Expenses/Expenditures:
On the top column going across, you'll want to input these things into a column: Name, Good/Service, Price, Email of users PayPal account, type of payment, and date. You would fill out each line vertically for every purchase or expense that happens.
Income/Revenue:
On the top column going across, you'll want to put these things into a column, Name, what the payment was for if it was manual or automated (through a site, button, etc), their PayPal email, the amount of money received, and the date.
Constant Updating
Constant updating is required. And there is no special trick, it's simply a habit of inputting data. Though it may seem a struggle at first, once you get to running a little operation or business, it's quite needed to account. I'm sure there are plugins for it, but as long as you aren't getting constant payments always, just doing 30 minutes of accounting every night is worth it.
Legal
There are different legal reasons why a personnel should be accounting, especially if it's not just personal payments to a family member. If you receive more than a $1000, it's required to send your income and expenses to the government. If you pay an individual or business more than $500, you most report it and your income and expenses to the government. It's also useful for PayPal issues, trying to find a user's info if they request a refund, etc.
Conclusion
Just to wrap things up, I'll summarize everything here. You should be using excel to account your income and expenses, as it provides useful uses from taxes and government reporting to simple refunding and managing profit.
Thanks for reading.
I'm always active on this site, so feel free to PM me any business/entrepreneurship related questions if you're in the field.
I'll be updating the post EVERY DAY with more information when I can spare time to sit down and do some solid writing. Pictures should be added eventually.
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