Bookwork/accounting programs

[Alan1001]

looking for the best way to keep all my accounting record for end of the year profit loss and taxes. 

[Rebecca]

Hey @Alan1001,

It's great to be organised and there's lots of advice on this thread about accounting solutions! 

What do you use @Mike-And-Jane0, @John5097, @Pat271, & @Kitty-and-Creek0,? 

[John5097]

@Alan1001 @Rebecca 

Good question. I've been researching for an app to keep track of receipts. I don't have that many receipts so don't need most of the features of the more pricy subscription ones. I need to reach out to my accountant to see what's easiest for him. Ideally I would enter all the data that would integrate with his software. 

[Mike-And-Jane0]

@John5097 we have a spreadsheet where we enter all receipt values and a file for each tax year where we store the actual receipt. The former feeds our tax return (I think with 2 figures) and the latter is only needed HMRC (in our case) ever audits us.

[John5097]

@Mike-And-Jane0 

Thanks! I have been keeping receipts in a folder and taking pics and converting to a PDF and saving those in a computer file for documents and print the PDF to save with each receipt in a real folder. 

I also screen shot of the earnings report sent by ABB, convert that to a PDF, and upload that to a tax organization website with the rest of my documents each year for my accountant and tax preparers. 

Last year I researched receipts apps. Some just take a pic of the receipt and it automatically fills out the name, date, and price, which can then be exported to various programs. I had one narrowed down that was very basic and didn't have the auto fill but will need to check with accountant. Here is a random list of 9 best receipt apps for 2024. 

https://www.keepertax.com/posts/best-receipt-app 

Incidentally, this year insurance, registration, and accounting fees have gone up quite a bit. The application fee almost doubled. And so far Airbnb fee is the only one that hasn't gone up. But I''ll try and deduct a few more of these expenses. Over here I already pay quarterly estimated taxes.

The forms and tax prep for the Airbnb is very basic. This year I'll also need to submit an earnings report from another booking site, V. but as it dind't generate many bookings, I snoozed that one for 2024 as it's not worth the extra accounting expense. 

Thanks again for the spread sheet suggestion. That may be all I need to fill out as I don't plan to deduct many receipts and just ones directly for my listing, taxes, insurance, materials. Hopefully the basic mac spread sheet will be compatible. 

[John5097]

This was the list of recipe apps I already researched in 2023.

https://www.forbes.com/advisor/business/best-receipt-scanner-apps/

[Letty27]

@John5097 Which is the app you most liked?

[John5097]

@Letty27 I didn't end up using one yet. I keep files for everything: taxes, permitting, supplies, utilities, etc,  and buy almost everything on line anyway that has purchase history, so keep all those bookmarked in their own bookmarks file, screen shot, and just add them to their file. For things I buy locally save the receipt and take a pic. Then save all of that and keep a backup. Adding them all up does take time though so would be willing to pay for a subscription that can read the receipt and add them all up.

As mentioned the utilities were the most tedious, so keeping a bookmarks folder helped, and would want an app to be able to screen shot each bill, put it in a the right folder, and add it up automatically.

  

[Kitty-and-Creek0]

@Alan  @Rebecca 

I do it all by hand. A file folder holds a year's worth of receipts and the "money in" page off the platform are sufficient to do the schedule C. It is not at all complicated, takes only a few minutes. We do this for all our businesses, an accountant does the final return. Super easy

[Debbie1192]

I just use Excel to track guests' bookings, arrival/check out dates, their payment, what AirBnB receives, what I'm paid and when, etc. I can run a report or pivot table off that to compare to AirBnB's transaction report. 

[Post merged by Community Manager to keep relevant  and similar discussions in one place]