How to financials

Categorizing

• Log into quickbooks at [1]
• In the upper right hand corner, there are 4 accounts: Savings, Checking, PayPal, and PEX. Select Checking
• select Recognized, and sort by date.

Category

• Bank Charges
  • Paypal fees, chase fees.
• Disposal fees
  • Trash pickup.
• Freight & Delivery
• Insurance
• Legal & Professional Fees
  • Lawyers, accountants, etc.
• Meals and Entertainment
  • Food for events, party supplies.
• Office Expenses
  • Things that would be used to maintain an office building. Examples: cleaning supplies, toner, paper, toilet paper.
  • Also, software licenses.
• Promotional
  • Banners, stickers, t-shirts, mugs, hats, buttons. Kitschy crap with our logo on it.
• Regs, licenses, and fees
  • Government fees and business licenses.
• Rent or lease
• Repair and Maintenance - The costs incurred to bring an asset back to an earlier condition or to keep the asset operating at its present condition (as opposed to improving the asset). Fixing non-consumable things in the machine. These things are less frequently replaced.
  • Example: cleaning fluid, belts.
• Supplies - Things consumed by the process of using or running the machine. Will not improve or maintain condition.
  • These are going to be things that are directly worn down in its normal use. Example: grinding wheels, bandsaw blades, end mills, and lathe tooling.
• Tools - Tools or permanent improvement to tools or area.
  • These include things like shelving.
• Utilities
  • Electricity
  • Gas
  • Internet

How we are categorizing specific things

• Software licenses
  • Going to categorize these as office expenses. The "Regs, licenses, and fees" account will be used for government dealings.