Excel Sheet For Daily Expenses - Business - Contractor Talk

Excel Sheet For Daily Expenses

 
Thread Tools Search this Thread Display Modes
Old 01-10-2017, 10:24 AM   #1
Registered User
 
Fishing4Life's Avatar
 
Trade: Electrical Contractor
Join Date: Jan 2017
Location: Northern Ontario
Posts: 10
Rewards Points: 28

Excel Sheet For Daily Expenses


Hey I am fairly new to Excel but am getting very good at using it, however I am still very new to running a small business and keeping track of things.
Someone I used to work with said something about when running his own handyman business he would get home at the end of the day and enter his business expenses into an excel spread sheet. He would then take this monthly spreadsheet and put it into an enveloper with all of his receipts.
At the end of the year he had 12 envelopes to hand over to his accountant.
I am wondering what a spreadsheet like this would look like exactly?
I am thinking it would look like something like this sheet http://myexceltemplates.com/monthly-budget-spreadsheet/ but only geared towards the business?
I am thinking my expenses should separate total before and after HST (sales tax)
Any input would be greatly appreciated
Fishing4Life is offline  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   

Advertisement

 

Old 01-10-2017, 01:46 PM   #2
Pro
 
hdavis's Avatar
 
Trade: remodeling
Join Date: Feb 2012
Location: CoastalME
Posts: 25,665
Rewards Points: 2,734

Re: Excel Sheet For Daily Expenses


IMO, this is easiest done by just having a single sheet that you enter everything in on. Sales tax is a separate column. Data is entered at the bottom of the list as it grows longer. You can have multiple years if you want. The key to this is having codes in a column which designates what the expense (or income) is. It can be simple, or pretty complicated, depending on your needs.

Most people then need a summary sheet for the year, and one for each of the 4 quarters. That's where the expense codes come in. Use the "SUMIF" function to summarize each expense category for each quarter and for the year.

Advertisement

hdavis is online now  
Old 01-10-2017, 03:41 PM   #3
Pro
 
Philament's Avatar
 
Trade: Whatever the customer wants
Join Date: Dec 2014
Location: Ottawa, ON
Posts: 1,192
Rewards Points: 2,238

Re: Excel Sheet For Daily Expenses


I do all of my accounting in excel, I got tired how inflexible Quickbooks is.
Though mine is pretty complicated involving scanning receipts and some dynamic linking, you can do it simplified as hdavis mentioned.

As for HST, I only enter the pre-tax values in the spreadsheet and derive the HST and total costs through formulas. You do need to categorize your expenses in terms of how CRA expects them.
  • Sub Contractor
  • Project Supplies
  • Company Supplies
  • Equipment (tools >= $500)
  • Small tools (tools < $500)
  • Building Addition
  • Vehicle gas
  • Equipment Maintenance
  • Vehicle Insurance
  • Vehicle Interest
  • Vehicle License and registration
  • Vehicle maintenance and repairs
  • Vehicle cost
  • Insurance
  • Interest
  • Busness tax, fees, licences, dues, membership, and subscriptions
  • Office expense
  • Legal, accounting, and other professional fees
  • Management and repairs
  • Travel (including transportation fees, accomodations, and allowable part of meals)
  • Telephone and utilities
  • Fuel cost (non-Vehicle)
  • Delivery, freight, and express
  • Motor vehicle expenses (not including CCA)
  • Allowance on eligible capital property
  • Capital cost allowance
  • Meals and entertainment
  • Advertising
  • Other

Here is a detailed explaination of those categories:
http://www.cra-arc.gc.ca/tx/bsnss/tp.../menu-eng.html

Capital cost allowances classes http://www.cra-arc.gc.ca/tx/bsnss/tp...prcbl-eng.html

If you're just starting out, remember that you can claim the tools that you're bringing into the business (http://www.cra-arc.gc.ca/selfemployed/)

If you're using subcontractors, make sure to keep them categorized so that you can send your T5018's come tax time.
Philament is offline  
The Following User Says Thank You to Philament For This Useful Post:
hdavis (01-10-2017)
Sponsored Links
Advertisement
 
Old 01-10-2017, 08:40 PM   #4
Contributor
 
tcollins's Avatar
 
Trade: Vendor
Join Date: May 2014
Location: Tennessee
Posts: 42
Rewards Points: 114

Re: Excel Sheet For Daily Expenses


Coming from a bookkeeping background I don't recommend using Excel spreadsheets to keep track of your expenses.It is so easy to miss things, accidentally mess up the spreadsheet losing valuable information, and not to mention costing you tons of money to have an accountant get it in order for your taxes but I get it, investing in QuickBooks or some other bookkeeping software is expensive not to mention the learning curve so it's not for everybody. With that being said, I found a couple of links of premade Excel sheets that might be what you need. The first one says there is no fee for them but I can not quarantee that and I have never used this company so I can not give any additional input on it, I am just providing a resource for your.

http://www.constructionofficeonline....ith-excel.html

https://www.smartsheet.com/excel-con...ment-templates

Hope these help

Tracy Collins
tcollins is offline  
The Following 2 Users Say Thank You to tcollins For This Useful Post:
hdavis (01-10-2017), Ohio painter (01-10-2017)


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Estimating with Excel for the Small Contractor YouTube cargin2 Business 127 12-09-2019 12:06 PM
New home cost estimator spread sheet? Joasis Technology 1 12-30-2012 01:29 PM
MA Sheet Metal License RenaissanceR Contractor Licensing 6 08-31-2011 04:52 PM
Florida Roofing and Sheet Metal Expo/Annual Convention June 22-25, 2011 in Orlando Grumpy Roofing 0 04-27-2011 10:03 PM
Rate Sheet How-to LinksFenceJeff Decks & Fencing 10 12-02-2009 01:48 PM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?