In 2008, I didn’t really use anything to track my online income and expenses. I didn’t have much online income so it wasn’t hard to file tax returns for that year. In 2009 I used Excel sheets to track the income and expenses (different Excel sheets for different websites and accounts). I now have to file that tax return which shouldn’t be too bad either.
This year, I have decided to use QuickBooks Pro for my book keeping. It might be a little tricky to use QuickBooks for online business since a lot of the profit is from affiliate accounts and non-tangible services from very wide range of customers. I will post whatever I learn in the process on this blog.
Following are the original steps:
- Start a new business on QuickBooks
- Choose the Interview process so QuickBooks walks you through the procedure
- For Industry, choose “Retail Shop or Online Commerce “
- Choose your company’s organization type. Mine is a “Single Member LLC”.
- The following steps are pretty self explanatory.
Once you are done setting up the account, create your regular vendors. For me this included vendors such as hosting companies, my coder(s), designer(s), email marketing company, etc. You can do this by simply clicking on the Vendor icon and choosing “New Vendor” option.
In future posts I will show you how to setup your hosting company and other monthly subscription bills on QuickBooks.
