Stampin’ Up! Demonstrators- Get ready for taxes: Part 2 of 6


Today we'll be continuing the steps to organize your finances and get ready for tax time with your stampin up business. Congrats to all of you who completed Part 1!!

This weeks goals are more information gathering:

Step 1: Gather all the information about income you earned through classes, sale of finished products, retired products or any other income NOT processed through Stampin' Up and sort it by month into your file folders.

It can be as simple as a piece of paper that says:
CLASSES IN January 2010. Birthday Card class; $35 per person; 10 participants Total $350. Don't worry about how much this class cost you, what treats you bought or other costs. You're just gathering income information right now. Create a separate piece of paper for every type of income (classes, catalogues, sales of finished product, miscellaneous) you made and make sure the total is clear.

Step 2: Are you ready?
 

  • Open your January Folder and open Stamper Profit Pal to the INCOME tab (NOTE: if you want to change the year in Stampers Profit Pal, open the Summary Tab and change it there. It'll change the year everywhere).
  • Take a look at your Activity Statement Summary. See the number under the Personal Commisionable Sales for January? Enter that number into the Personal Sales field (D6) in stamper profit pal.
     
  • If you earned a volume rebate, enter than number next (D8).
  • Then enter the Downline Sales & Downline Commissions (D19-28) if you have any.
     
  • If you earned a bonus payout, enter that one too (D11).
  • DBWS Shared pool income or other things can go into the miscellaneous income field

STEP 3: Now enter your other sources of income in the appropriate fields in Stampers Profit pal:
 

  • Classes (TIP: If you have several things to total up, type    =1.11+2.22+3.33 and then hit enter ),
  • Catalogs
     
  • Sale of Finished Products
     
  • Miscellaneous
  • There are two blank lines that you can customize for types of income that are important for you to track.

Staple all the January Income Receipts together and put them back in your folder.

Step 4: Repeat for February – December. You'll see, it's gets faster & faster to do them as you go!

That's it! Next week we'll tackle expenses!
 

Comments

  1. Il y a un petit prix pour toi sur mon blog si jamais ça te dit! 😉 Bonne journée super Josée!

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