When tax time comes around, it’s helpful to see a list of all of your expenses, broken down into categories. Music Teacher’s Helper makes it very easy to do this, totaling up the amounts you’ve spent in each category over a period of time.
When you have an expense, such as office equipment, you can record it Music Teacher’s Helper with just a few clicks, and the report will be generated for you automatically. To record an expense, click on the “Billing” -> “Expenses & Other Income” menu.
This screen will show you a list of all of the expenses you have incurred. Click on “New Transaction”, choose “Expense”, and complete the other fields, such as date, category, amount, payee and detail. By clicking on “New category”, you can add any expense or income category, such as “Office Equipment” or “Sheet music”.
Then, when you’re ready to view the report, simply go to the Reports tab at the top and click “Income & Expense Report”. Choose a date range that includes the transaction you’ve recorded, and you will see the separate categorized totals for your expenses.
I also set up an expense category to keep track of the credit card fee that PayPal charges for a credit card transaction. This works quite well when I am doing my taxes.
by Rachel Little — Sat Apr 12, 2008 @ 9:01 am