managing money

1a1a
1a1a Posts: 761 Member
edited November 2024 in Chit-Chat
I've recently started a small business under something called the NEIS agreement and part of this agreement is that I submit quarterly yearly income statements, which means I need to know how much the business has made, and how much it has spent, and what the profit is....

my brain is starting to melt though because I get money coming in from several sources.

Attached to my ABN (and so very relevant for paying tax at the end of the year) is any income the business makes, and any income I make as a freelance sound tech (with the exception of jobs that pay cash in hand). Additionally, I get an allowance for being on the NEIS program and rent from my two housemates passes through my hands.

I want to be able to say at the end of the quarter, how much my business made (how much I have made for tax purposes) and how much I have made practically (cash in hand and allowance inclusive).

I keep making spread sheets in excel trying to figure out different ways to track this but they all suck, can anyone help me out here please?

Replies

  • BlackBeltJourney
    BlackBeltJourney Posts: 2
    Sorry I cant answer any of your fiscal questions, but your job as "freelance sound tech" sounds really glamorous and sexy! :happy:
  • esmecgg
    esmecgg Posts: 38
    While I know that you're from Australia and I'm from the US so there may be different laws about how to record this information, an easy way to track everything might be in your spreadsheet, have several pages; on the first, your gross income, expenses, and then your net income. On sheet 2, list with dates what money you have coming in; the rent you mentioned, and everything else you want to record. Tally this up, and have the cell reference on sheet 1 linked to this sum. On sheet 3, show all your expenses. Within these later 2 sheets, you could break everything up by rent, month, job, etc. However you like.

    Hope this suggestion helps, and if you'd like me to create an Excel spreadsheet showing what I mean, just let me know. I'd be happy to help!

    (Hope that wasn't too technical/confusing; I'm a 2nd year accounting major)

    Good luck with your business!
  • 1a1a
    1a1a Posts: 761 Member
    Oh yes please an example would be fantabulous

    hehe yes, glamorous and sexy, not very profitable though (unless I become absolutely ruthless).
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