Just a quick question when tracking expenses and purchases, I keep all my receipts but when you track them do you itemize every purchase for just log the entire purchase and amount? For example I just bought $250.00 for fitting and supplies would you just keep the receipt and track the date and amount or would you actually track every fitting you purchased? Hopefully that makes sense
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To elaborate for example I spent $250 on 12-28-21
Do I just save receipt and record on 12-28-21 I bought $250 dollars worth of misc supplies and fittings? Or do I have to itemize for example
12-28-21- 2x 3/8 Fpt qc for $ 20.00
12-28-21. 2x. 3/8 mpt qc for $22.00
12-28-21 1x. 3/8 ball vale for $45.00
And keep going until I total the $250 ? Also do you record tax / shipping that you pay for supplies?
$250 spent on equipment
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Jesus no, don’t go that deep lol. Enter the total of the purchase into QB and designate the correct category. Then take a picture of the receipt and upload it (or just let small scraps of paper pile up around you for 3 years)
I record the entire total that it cost for the thing to be in my hands, so shipping/customs/etc included in total.
One total price with everything will suffice including tax / shipping. So whatever the bottom of the receipt says or what the credit/debit card shows.
Yeah, definitly don’t track itemized stuff at all. If you buy from a bunch of different places, maybe keep a database of your receipts where you can type in the items you bought, so you can search where to get stuff or part #s later. From an accounting perspective, no need whatsoever.
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