Keeping your balance sheet... well, balanced

Yesterday I talked a bit about some of the stuff you need to have prepared before you get into investment property. That was a bit of a lie. I didn't bother trying to set up any accounting system until we had already closed on our first house. But that doesn't mean that you can just blow it off. Here's a screenshot of the google spreadsheet that I use to track our expenses.


OK, this unfortunately didn't come out nearly as well as I had hoped, so if you click on the photo it will take you to my Picasa site where the screenshot is actually readable. I kinda felt like the Pentagon as I censored all the references to actual people or locations. Bear in mind as you view this that thes are actual transactions that have occured in our company over the last month and a half. All of the numbers are real.

But now let's discuss what information I include in my Accounting Sheet and why. Each one of these columns has a very specific purpose.

Type - This declares the type of transaction that occurred. An expense is something that we paid money for that is tax deductible. Transfers are when we deposit or withdraw cash in a manner that the IRS doesn't care about (such as putting our own money in the account). Income is something that the IRS wants to tax us for. (You'll notice that mortgage payments get their own category apart from expense. That's because they are handled in a very different way than regular deductions).

Date - for obvious reasons.

Then I have three categories for cash amounts; Expenses, Income, and Transfers. Each of these needs to be kept separate come tax-time and I find prefer to keep them in separate columns soley for aesthetic purposes. As explained above, Expenses is for anything we intend to claim some sort of tax write-off for. Income is for anything we expect the IRS to tax. And Transfers are for events that the IRS doesn't care about

We count our deposits as a transfer, we don't claim income when they are paid, but we don't claim a deduction when we return them. I'm fairly certain that is a legal way to handle those transactions. Of course any interest we pay upon the return would go down as a deduction. Does any one know if this is correct?

Paid By - this category is for determining who paid for what. Usually all expenses are paid by the company with the company credit card. However sometime Biff or I have to pay for something with our own cash or credit. In that situation I mark that expense so that whoever paid it can be compensated.

Description - Again with the obvious. Don't slack on this field. You'll be surprised when, 6 months later, you look back at this sheet and have no idea what you spent your money on.

Property - The IRS, when filling out your taxes, asks that you break up your expenses by unit. This field allows you to more easily assign your expenses and your income according to each property. If you have only one property, this is obviously a moot column. But if you ever expand your business, then you'll find this column can save you a lot of time.

Well, there it is. My entire accounting system. It's awfully simple and anyone could fill out those columns if they had any idea of what was going on. Yet it still contains all the data, easily organized, that the IRS will want from you in April. The hardest part of the spreadsheet is simply the discipline to record data on it on a regular basis.

Thus, one of Biff's more crucial roles in the company. Keeping me honest. This weekend I will unfortunately be out of town and unable to blog. But next week I think I'll start by discussing partners in real estate ventures. Advantages and pit falls.

3 comments:

Anonymous said...

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梁爵 said...

2020.05.17酒店小姐的基本介紹跟工作內容因應新冠肺炎疫情,為了確保我在酒店上班的日子能在出現確診者後快速聯絡到接觸者,部分縣市政府開始要求八大行業酒店小姐一定有S?須採實名制,中央是否也有硬性要求 八大行業是哪八種行業呢?對此今天中央流行疫期指揮中心記者會上,指揮官陳時中表示,中央職場須知 【酒店PT 】不是強制規定一定要實名制,只要能確保可以快速聯絡到人就可。另外對於高雄市政府詢問,酒店打工、舞廳是由中央統一宣布復業,還是地方政府自行規劃復業期程?陳時中表示,只要能保持社交距離、梅花座,或有隔板,並落實個人健康衛生防護,戴口罩,量體溫,入口提供洗手清潔用品,確保能聯絡到人,地方能做到就可以開放,請大家配合規定,讓員工與出入人員都能安全。
陳時中還強調,所有場所都要符合防疫新生活規定,夜店也要符合這些個人防護,如果太擁擠沒有做到,會請各地方主管單位加強輔導。

梁爵 said...

2020.06.06酒店小姐的基本介紹跟工作內容有YouTube頻道是以辛辣話題做為主題,其中一集他們跟酒店幹部預約小姐「框到底」(包整晚),訪談了我在酒店上班的日子從事八大行業的酒店紅牌小姐的不敢來酒店上班-酒店打工的原因生態,並且大公開要工作技巧。
YouTube頻道「酒店上班-酒店兼職-兼差如何達成人生的第一桶金」親自前往酒店帶人出場,回到家中做了酒店兼差不是一個複雜的工作環境?訪談,一開始就談及職場須知 【酒店PT 】「薪資」話題,這名「酒妹」(未透露姓名,以此做為代替)的月薪居然高達30幾萬,她甚至還吃驚做為工程師的蔗糖男月薪5到6萬「好低」。
「酒妹」透露有把禮服店當制服店在玩的客人,竟然就直接把小姐的衣服扯掉,或是摟人之後就把手直接伸進裙底的客人。「酒妹」說遇到這種變態客人,他們會先擋,但如果擋不住的話,只能藉口說要去上廁所,然後打電話跟行政求救。
酒妹還透露許多工作內幕,她們如果遇到好的客人,會使出手段來留住對方。「Owen蔗糖男」問說,傳說中「買框送S」(酒店術語中所謂的「S」就是有對價關係的性交易)的服務,「酒妹」爆出她個人的工作眉角是看對眼的話,「我就會跟他出去,送他這個(S)。」