Keeping track

Hi, all -- Seems that organization is key and that keeping track of payments is key. I would like to share what I do and solicit your comments and suggestions. Perhaps there could be a place on this forum for forms submitted. (?)

I set up an Excel spread sheet, and have column heading of: Job #,Shop Name, TargetPerson, Location, Date Sched, Assigned by Co, To be Paid, Mileage/Reimb?, Completed/Submitted, Paid, RT Mileage.

Under Mileage/Reimbursement, I record the amount of if relevant. I like the Excel spreadsheet so I can sort by company and hope to make less than $599/company. This spreadsheet will let me do that.

Any ideas? Suggestions? Comments?

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I use Excel as well, but with date of shop, company, business shopped, base pay, total reimbursement/pay due and a column for any notes, I put down new shops in bold, and unbold them when they're completed. I also insert shops I've applied for in red, modifying or deleting them, depending on whether they're assigned.

When I'm paid for a job, I move it a duplicate section lower on the page. I do like using auto-sum for both sections, seeing not only what's been paid, but what's to come.

Whatever system works to keep track for each of us but yes, we must keep track!

It sounds like you are on track! Unfortunately the software of this forum does not seem to allow forms or other attachments, but maybe some day

One of the niceties of Excel is that you can so easily add columns when there is additional information you decide may be worthwhile to keep track of and delete columns that you find are just not that useful.

As for the $599, I would not worry about it. You will or won't get 1099s from the companies you work with but that doesn't change at all the requirement of reporting income from them on your Schedule C as a business. Of course only the fees are taxable, the reimbursements under current law are not. But you are required to report all fees whether the company pays you $3 during the year or $5000. And chances are good that your records will never exactly match a 1099 anyway whether you are a cash or accrual taxpayer. You will find that by the time you deduct mileage (50 cents per mile for 2010 unless there is a change for the second half of the year), a large portion of your fees are offset.

What is considered "taxable income". Do the fees only show up for a 1099? Or do all the reimbursements count toward the 1099? I'm setting up a database to track infor for 2101 and want to include everything I might need.

Thanks!

Edited 1 time(s). Last edit at 03/31/2010 11:40AM by iblessyah@yahoo.com.

Taxable income is the fees and bonuses. Reimbursements are not taxable. You are required to claim your fees and bonuses on your Schedule C of your tax return whether you receive a 1099 for them or not. Rarely is a 1099 going to match your records, not from any mistake on anyone's part, but simply from how the accounting is done.

Lets say you worked a lot for a company during the year and did 4 jobs at $20 each for them in December--12/1, 12/5, 12/15 and 12/30.

The company issues you a check on 12/16 for the first two jobs which you receive on 12/20 and a check on 12/30 for the third job that you receive 1/5 and a check on 1/20 for the fourth job, which obviously you will receive in late January.

The 1099 will include the first 3 jobs because the company sent checks out the door to pay them before the end of December.

As a cash taxpayer you would only claim 2 of the jobs because that was what YOU had received payment for by the end of December.

As an accrual taxpayer you would claim all 4 of the jobs because it was what you had EARNED prior to the end of December.

iblessyah@yahoo.com Wrote:
-------------------------------------------------------
> What is considered "taxable income". Do the fees
> only show up for a 1099? Or do all the
> reimbursements count toward the 1099? I'm setting
> up a database to track infor for 2101 and want to
> include everything I might need.
>
> Thanks!

The third sticky in the New Mystery Shopper section has excellent information regarding taxes.

I had a heck of a time with keeping track of just my shops let alone pay. My first solution was a big calender with multicolored dry erase. I find I am spending too much time scheduling. I have a file in my email title accepted/unfinished shops but that isn't working as well as it first seemed too. Any suggestions to help with scheduling organization? I don't have Excel yet but will look into it. I tend to forget and lose track of which companies gave me what jobs and I need to find a better way than using my emails alone that isn't so time consuming!! My boyfriend is always yelling to get off the computer!!

My method is a shop log that I keep in a 3 ring binder. It has columns for Company, Assignment Date, Location, Mileage, Fee/Reimbursement, Expenses, Payment/Date/Method and Notes. I also keep a month-at-a-glance type calendar on which I note shop name and location. It has room for 7 shops a day if needed.

I made both the shop log and calendar using Word templates, edited for my needs. I take my binder with me on shops. If schedulers call me when I'm out doing shops, I can check my calendar for availability. Or, if questions arise, I have contact numbers for the scheduler.

Excel is part of the Microsoft Office suite of software and that suite is expensive. The free version from OpenOffice.org as a download I understand is almost equivalent. I haven't used the OpenOffice version recently because of a computer change, but when I have in the past it was fine.

I use a spreadsheet for recording keeping and I use iCal for scheduling. I like iCal a lot as I can sync it with MobileMe so it is duplicated in the "cloud", and I can sync it with my iPhone and both my laptop and desktop computers. I can link urls, shop docs and emails to the event, add notes, add invitees (if it is a dinner, for example, use it to notify my husband), and have the calendar remind me of events, for example, it can send me emails etc.

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Keeping track

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