LUMP SUM RECORDKEEPING METHOD

OVERVIEW

This simple approach to recordkeeping lumps all of your product purchases and sales for the year into single dollar amounts. This eliminates the need to enter data each time you buy or sell an item, while still producing tax-ready reports at the end of the year.

SPECIFICS

In order to create business records using this approach you will need to:

1. Enter your total income for the year as shown on the 1099 you receive from your company.
2. Import or enter your individual expenses for the year. MLM Easy Money Express can import bank and credit card statements in either Microsoft Money (OFX) or Quicken (QFX / QIF) format.
3. Enter the total value of your inventory at the beginning and ending of each tax year.
4. Enter the total cost of all of your product purchases (this amount will typically be available from your company).
5. Enter the total amount you received in payments from your customers.
6. Enter the total cost of any items you purchased for your own personal use.

PROGRAM SELECTION

This approach is best implemented using the Express Edition of the program.

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