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Excel Sheet For Daily Expenses

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Old 01-10-2017, 10:24 AM   #1
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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
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Old 01-10-2017, 01:46 PM   #2
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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.


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Old 01-10-2017, 03:41 PM   #3
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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:

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.
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Old 01-10-2017, 08:40 PM   #4
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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.



Hope these help

Tracy Collins
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