I'm a photographer not an accountant so i need a little help getting started

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  • Updated 3 years ago
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I have a very basic business, i do a job, I send an invoice and I get paid so mainly i use Reckon as an invoicing software. However, if I buy equipment for my business or pay insurance where should I be adding these items. At the end of the year I'd like to be able to see for example I spent 30 grand on equipment and I spent 10 grand on bills (insurance, repairs, internet etc) Is equipment such as computers and cameras an expense claim or a bill?? what would you do to keep track of these items properly?? Thanks for your help
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david swift

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Posted 3 years ago

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Shane, Employee

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Hi David,

I assume you are using Reckon One since its the only application we have with expense claims.  I believe that the expense claims are for when an employee has paid expenses out of their own pocket in the process of doing their job and expecting to be reimbursed by the employee.  

So it would seem Bills and Payments would be the way to track your expenses.  If you received a bill from a supplier - as in you received a service or goods up front but you dont pay for until later, then it would go in as a bill.  If the expense was a cash transaction - as in you paid right away for the goods or service(whether by cash, credit card, eftpos, ect we still call it a cash transaction - cash as opposed to accrual) then this will go in as a payment.  You can setup separate expense accounts for your different expenses, such as photography-equipment, mobile phone, land-line phone, rent, internet, etc.  And you could then break them down into subgroups such as photography-equipment:camaras, photography-equipment:lenses, photography-equipment:storage and so on.

Hope this helps.