Recordkeeping

Accounts Receivable Log Keep track of your invoices and payments received with this sheet.

Client Time Sheet Keep track of all the time you and your employees spend on each client, as well as outside expenses.

Employee Time Sheet Keep track of time spent on each client as well as your employees’ total hours worked.

Log of Payments Received Keep track of payments received each day, and code them accordingly.

Message Log Don’t write calls on scraps of paper. Keep track of your phone messages, and check them off as you return the calls. File them when done. They are a valuable source of information when you must track a number, or look up the date a conversation took place.

Auto Mileage Log & Expense Record Auto Expense Record explains how to document each business trip as well as actual vehicle expenses. Use this handy sheet to keep track of these expenses. We have included a sample to show you how to fill out our sheet. (4 pages).

Local Transportation Expenses are those expenses that are ordinary and necessary in your trade or business. Use our expense sheet which has been designed for recording cash expenses with or without a receipt. The IRS permits keeping a log in lieu of receipts for meals and local transportation up to $75 per occurrence. Please note you cannot deduct your daily transportation to and from work, but you can deduct travel from your office to a client, or from one client to another. (One page).

Misc. Expenses Paid by Cash Use these sheets to record all expenses paid by cash other than local transportation and meals and entertainment which should be listed on their own sheets and are governed by different rules. IRS regulations require receipts for all expenses, ordinary and necessary for conducting your business. Page 1 is straight listing, page 2 has a summary of categories (2 pages).

Local Transportation/Medical For expenses incurred for travel to and from Doctor’s and Medical appointments. (One page).

Meals & Entertainment Business Meals & Entertainment Expenses are deductible if they are ordinary and necessary in your trade or business. If a business discussion took place before, after, or during the meal or entertainment, then it is deductible. Use our expense sheet for recording expenses under $75 per occurrence. The IRS permits keeping a log in lieu of receipts. For items over $75 you must have receipts. (One page).

Record Retention Guideline While files and documents should you hold on to and for how long? Find out by reading this list describing which important papers you should keep.